What is Health Caregiving?
Health caregiving is the service offered by the professional (medical) or non-medical (family) caregivers for health issues related to physical as well as mental. The caregivers are responsible for the physical caregiving and emotional support for those who can no longer care for themselves due to illness injuries, disability, and any mental stress. The reason behind the sad outcome can be various like accident, trauma or any other mishappening. The health caregiving service is widely used for the old age people who can no longer care for themselves whether a home, hospital or any medical center. The prevalence of home caregiving that is the family member becomes a caregiver is on the rise.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | GreatCall (United States), Pfizer Inc. (United States), Seniorlink, Inc. (United States), Homewatch International, Inc. (United States), Cariloop, Inc. (United States), Caregiver Asia Pte Ltd. (Singapore), Cigna Healthcare of Arizona Inc. (United States), Hometeam (United States), Honor Technology, Inc. (United States) and CareGuardian Inc (United States) |
The study covers a detailed analysis segmented by key business segments i.e. , by application (Home, Hospital, Wellness Centers and Other) and major geographies.
The competition is expected to become even more intense in the years to come due to the entry of several new players in the market. To help clients improve their revenue shares in the market, this research study provides an in-depth analysis of the markets competitive landscape and offers information on the products offered by various leading companies. Additionally, this Health Caregiving market report suggests strategies that Players can follow and highlights key areas they should focus on, in order to take maximum benefits of growth opportunities.
The report offers several leading Players, some of them are GreatCall (United States), Pfizer Inc. (United States), Seniorlink, Inc. (United States), Homewatch International, Inc. (United States), Cariloop, Inc. (United States), Caregiver Asia Pte Ltd. (Singapore), Cigna Healthcare of Arizona Inc. (United States), Hometeam (United States), Honor Technology, Inc. (United States) and CareGuardian Inc (United States).
Market Overview:
In May 2021, Connect America.com, LLC, a nationally recognized leading innovator in connected health solutions, acquired the Aging and Caregiving (ACG) business from Royal Philips. The ACG business offers the Lifeline Personal Emergency Response System (PERS) and senior living solutions with 24/7 access to trained care specialists, and digital solutions that help caregivers stay connected and coordinate their loved one's needs.
"MOH (Ministry of Health) has expanded the capacity of aged care services and deepened the range of care options available for their loved ones so that caregivers can have peace of mind. MOH has put in place long-term care financing measures to ensure affordable and sustainable healthcare. and Since September 2018, MOH has engaged over 200 caregivers and stakeholders such as aged care service providers and tripartite partners to directly address the needs of caregivers. Drawing on these views, MOH, together with partner agencies have developed a Caregiver Support Action Plan to strengthen support for senior caregiving."
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
Influencing Trend:
Growing Prevalence of Psychological Health Problems and its Caregiving Services and Surging Demand for Health Caregiving in Home Especially for Elderly People
Market Growth Drivers:
Growing Old Age Population Across the World and Increasing Need for Caregiving for People with Chronic Medical Conditions
Challenges:
Less Awareness About Health Caregiving
Restraints:
Risk Associated with Health Problems of Caregiver Might be the Hindrance for Health Caregiving Market and Less Qualified Caregivers
Opportunities:
Development of the Caregiver Program, Policy, and its Awareness will Boost the Market
Key highlights of the Global Health Caregiving market Study:
CAGR of the market during the forecast period 2023-2030
In-depth information on growth factors that will accelerate the Health Caregiving market in next few years.
Detailed Insights on futuristic trends and changing consumer behavior
Forecast of the Global Health Caregiving market size and its contribution to the parent market by type, application and by country.
A broad view of customer demand
Uncover markets competitive landscape and in-depth information on various Players
Comprehensive information about factors that will challenge the growth of Health Caregiving Players
Transformation and Important Triggers:
Business transformation has taken hold across the broad corporate landscape due to the confluence of several important triggers, including:
A tipping point in globalization
A major slowdown in Western economies
Significant shifts in technology and cost structure
The challenges of regulatory compliance
New forms of competition developing
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Health Caregiving market.
In order to reach an exhaustive list of functional and relevant players, various industry classification standards are closely followed such as NAICS, ICB, and SIC to penetrate deep into important geographies by players, and a thorough validation test is conducted to reach the most relevant players for survey in Health Caregiving market.
In order to make a priority list sorting is done based on revenue generated based on the latest reporting, using paid databases such as Factiva, Bloomberg, etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment> by targeting key target audience that includes Health Caregiving Providers, Health Caregiving Products Manufacturers, Research and Development Institutes, Potential Investors, Regulatory Bodies, Hospitals and Others.
This helps us to gather the data for the players revenue, operating cycle and expense, profit along with product or service growth, etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that include Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, Annual reports, press releases, etc.