Market Size of Global Health Caregiving Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 12.20 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Health Caregiving Market Analysis
During the time frame of the forecast, the health caregiving market is expected to grow at a CAGR of 12.2%.
The health caregiving market was adversely affected by the pandemic. For instance, in November 2021, a report published by the Blue Cross and Blue Shield Association stated that the elevated rate of COVID-related deaths in long-term care facilities exposed inadequacies in the current system and would refocus attention on in-home care. Due to increased regulatory standards and demand, 30% of long-term care facilities could face bankruptcy in the coming years, forcing even more caregiving impact at home and onto unpaid family and friends. Data on the commercially insured population is supplemented with information on the Medicare fee-for-service population to capture caregiving demand among those 65 and older. The result of this analysis was an estimate that nearly 51 million Americans require some form of caregiving. However, there is wide geographic variation in this population, ranging from 11.1% to 20.7% of the total population at the state level. In addition, the market growth is stabilizing in the current scenario after COVID-19 as the worldwide restrictions have eased and various services have been resumed.
The market for health caregiving is being driven by the increase in disposable income, the prevalence of surgery, and technological developments in the field. For instance, according to the PETERSON-KFF Health System Tracker data published in February 2022, the United States' health care spending increased 9.7% to reach USD 4.1 trillion in 2020, a much faster rate than the 4.3% increase seen compared to the previous year. The acceleration in 2020 was due to a 36.0% increase in federal expenditures for health care that occurred largely in response to the COVID-19 pandemic. The private business share of health spending accounted for 16.7% of total health care spending, state and local governments accounted for 14.3%, and other private revenues accounted for 6.5%.
Moreover, in February 2022, Malta became the first country to introduce iSupport, the WHO online training for caregivers of people with dementia. The training that started in Malta is the result of a two-year effort by the Ministry for Senior Citizens and Active Aging, clinicians, academics, civil society organizations, and caregivers of people with dementia to adapt the original WHO version to the Maltese context.
As a result, all of the aforementioned factors are expected to drive market growth during the forecast period. However, the overall fragmented market weakens the service's adoption potential.
