Global Care Services Market Scope 2024, Forecast To 2033
8 Oct, 2024
The care services market size has experienced robust growth in recent years, expanding from $447.09 billion in 2023 to $472.88 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The historic growth can be attributed to factors such as an aging population, population growth, rising income levels, government funding, and increased urbanization. In the coming years, the care services market size is projected to grow to $594.59 billion by 2028 at a CAGR of 5.9%. This growth will be driven by the rising incidence of chronic diseases, a growing emphasis on preventive care, insurance coverage, health crises such as pandemics, and an increasing preference for home-based and personalized care services. Key trends shaping the market in the forecast period will include the use of technology, data analytics and health informatics, digital therapeutics and applications, health equity initiatives, and enhanced patient engagement and education.
Global Care Services Market Key Driver
The increasing chronic health conditions are expected to propel the growth of the care services market going forward. Chronic health conditions are rising due to aging populations and lifestyle factors such as poor diet, lack of physical activity, and increased stress levels. These elements contribute to the rising prevalence of diseases such as diabetes, heart disease, and obesity. Care services for chronic health conditions involve ongoing medical support, treatment management, and lifestyle assistance to improve patient quality of life and manage symptoms. For instance, in January 2023, according to the National Center for Biotechnology Information (NCBI), a US-based National Library of Medicine, the number of individuals aged 50 and older with at least one chronic illness is projected to increase by 99.5%, from 71.522 million in 2020 to 142.66 million by 2050. Furthermore, in September 2022, according to the World Health Organization (WHO) 2022 Highlights, a Switzerland-based intergovernmental health organization, chronic diseases accounted for 74% of all deaths globally, with 41 million deaths annually. Cardiovascular diseases cause 17.9 million deaths, cancer causes 9.3 million, chronic respiratory diseases cause 4.1 million, and diabetes causes 2.0 million deaths. Therefore, the increasing chronic health conditions are driving the growth of the care services market.
Get A Free Sample Of The Care Services Market ReportGlobal Care Services Market Segments
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
By Geography:The regions covered in the care services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the care services market in 2023.
Major Care Services Industry Players
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
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Care Services Market Overview
Care services refer to a range of services provided to individuals who need assistance due to age, illness, disability, or other personal circumstances. Care services are often provided by trained professionals, caregivers, or family members in various settings, such as homes, hospitals, and care facilities. The goal is to enhance the quality of life and well-being of those receiving care. Services can be tailored to meet individual needs and may vary from temporary to long-term care.
Care Services Global Market Report 2023 provides data on the global care services market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The care services market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.