Future Outlook of the Care Services Market: Growth, Trends, and Emerging Opportunities Explored
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What key factors are powering the surge in the care services market right now?
The care services market has expanded rapidly in recent years. It will increase from $472.88 billion in 2024 to $502 billion in 2025, at a compound annual growth rate (CAGR) of 6.2%. Factors contributing to this growth include an aging population, population growth, rising income levels, government funding, and urbanization.
How fast Is the care services market expected to grow, and what’s its future value?
The care services market is forecasted to reach $628.84 billion by 2029, with a CAGR of 5.8%. Growth is driven by the increasing incidence of chronic diseases, a focus on preventive care, expanded insurance coverage, health crises, and the preference for home-based and personalized care services. Key trends include the use of technology, data analytics, digital therapeutics, health equity initiatives, and increased patient engagement.
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What are the leading drivers of growth in the care services market?
The increasing prevalence of chronic health conditions is expected to boost the growth of the care services market. These conditions are rising due to aging populations and unhealthy lifestyle factors like poor diet, lack of physical activity, and high stress. Chronic health care services provide ongoing medical support and treatment management to improve the quality of life and manage symptoms. For example, in June 2024, the Australian Institute of Health and Welfare reported a slight rise in deaths from chronic conditions, from 459 per 100,000 in 2021 to 490 per 100,000 in 2022. In September 2022, the WHO noted that chronic diseases caused 74% of global deaths, with cardiovascular diseases alone responsible for 17.9 million deaths annually. Therefore, the growing number of chronic health conditions is driving the care services market.
What are the key segments defining the care services market?
The care services market covered in this report is segmented –
1) By Components: Software, Services
2) By Delivery Mode: On Premise, Cloud Based
3) By Application: Disease Management, Case Management, Utilization Management, Other Applications
4) By End-User: Nursing Care Facilities, Home Healthcare Services, Other End Users
Subsegments
1) By Software: Electronic Health Records (Ehr) Systems, Care Management Software, Patient Scheduling Software, Telemedicine Software
2) By Services: Home Care Services, Hospice Care Services, Nursing Services, Telehealth Services, Rehabilitation Services
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Who are the key players steering the development of the care services market?
Major companies operating in the care services market are Korian Group, Nichiigakkan Co. Ltd, BrightStar Care, ComForCare Home Care, RIEI Co. Ltd., Benesse Style Care Co. Ltd, NTUC Health Co-Operative Ltd, NMC ProVita International Medical Centre, Home Instead Inc, Econ Healthcare Group, Caring Senior Service, Living Assistance Services Inc., Orange Valley Healthcare, Cascade Living Group, Rosewood Care Group Inc., St Luke’s Elder Care Ltd, FirstLight Home Care, ApnaCare India Pvt, Epoch Elder Care, United Medicare Centre, SASCO Integrated Eldercare Centre, Samvedna Senior Care, Carewell-Service Co. Ltd., Always Best Care
What emerging trends are influencing the growth of the care services market?
In the care services market, companies are adopting real-time monitoring solutions to enhance patient safety and operational efficiency. Real-time monitoring tracks patient data as it is generated, providing immediate insights. For example, in September 2023, Apollo Hospitals Enterprise Ltd. launched a connected care service program that gives clinical teams a real-time view of patient conditions. The program has significantly improved patient safety, reducing readmissions and saving nursing time while ensuring critical events are detected and addressed promptly.
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Which regions are most influential in expanding the care services market?
North America was the largest region in the care services market in 2024. The regions covered in the care services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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