Global Care Services Market Scope 2024, Forecast To 2033

10 Oct, 2024

The care services market has seen strong growth, expanding from $447.09 billion in 2023 to $472.88 billion in 2024, with a CAGR of 5.8%. This growth has been propelled by factors such as an aging population, rising income levels, government funding, and increased urbanization. By 2028, the care services market is expected to grow to $594.59 billion at a CAGR of 5.9%. This expansion will be supported by the rising incidence of chronic diseases, a growing focus on preventive care, insurance coverage, and increasing demand for home-based and personalized care services. The market will be shaped by trends such as technology adoption, data analytics, health informatics, digital therapeutics, health equity initiatives, and improved patient engagement.

Major Driver In The Care Services Market

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, contributing to the prevalence of diseases like 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. According to the National Center for Biotechnology Information, 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, chronic diseases accounted for 74% of all deaths globally, with cardiovascular diseases causing 17.9 million deaths, cancer causing 9.3 million, chronic respiratory diseases causing 4.1 million, and diabetes causing 2.0 million deaths, according to the World Health Organization. Therefore, the increasing chronic health conditions are driving the growth of the care services market, which is projected to reach a market size of $X billion in 2023, $Y billion in 2024, and $Z billion in 2028.

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Care Services Market Competitive Landscape

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

Key Care Services Market Trend

Major companies in the care services market are dedicated to creating innovative solutions, such as real-time monitoring, to secure a competitive edge. Real-time monitoring entails the continuous tracking and analysis of data as it is generated, enabling immediate insights and responses to evolving conditions or events. For instance, in September 2023, Apollo Hospitals Enterprise Ltd., an India-based healthcare provider, unveiled comprehensive connected care services that furnish clinical teams and nursing staff with a holistic, real-time overview of patients. This connected care program significantly enhances patient safety and experience, saving 1 hour of nursing time per shift and reducing intensive care unit readmissions by 30%. It detects 8-10 early critical alerts per 100 beds and has nearly eradicated code blue calls, ensuring that no critical event goes unnoticed. This initiative improves patient safety at every stage of the care journey.

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Global Care Services Market Segmentation

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.

The Care Services Global Market Report 2024 furnishes information about the global care services market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.