Health Caregiving Market to Surpass US$ 311,850.3 Million by 2027

Primary caregivers, secondary caregivers, working caregivers, long distance caregivers, occasional caregivers, community caregivers, and future caregivers are some of the types of caregivers

The global health caregiving market is estimated to account for US$ 117,813.0 Mn in terms of value in 2019 and is expected to reach US$ 311,850.3 Mn by the end of 2027.

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Increasing geriatric population is expected to boost growth of the global health caregiving market over the forecast period. For instance, according to the World Health Organization, geriatric population is expected to reach 2 billion by 2050, up from 900 million in 2015.

Several studies have demonstrated that caregiving adversely impacts mental and physical health. For instance, in November 2019, researchers from University of Alicante, Spain, reported that anxiety and depression is most evident in caregivers of patients under palliative care.

In Asia Pacific, geriatric population is expected to increase significantly in the near future, which is expected to create conducive environment for market growth. For instance, according to The United Nations Economic and Social Commission for Asia and the Pacific, over a third of the population in Asia Pacific is expected to be 60 years or older by 2050.

Major players operating in the global health caregiving market include, Honor Technology, Inc., Vesta Healthcare (Hometeam Care, Inc.), HomeHero, Inc., Seniorlink, Inc., GreatCall, Inc., Cariloop, Inc., Room2Care, Ltd., UnaliWear, Inc., Care.com, Inc., and CareLinx, Inc.

Major players in the market are focused on R&D to expand their product portfolio. For instance, in October 2019, Seniorlink, Inc. shared results of its dementia care program pilot that demonstrated improved outcomes and satisfaction for family caregivers for persons diagnosed with dementia at the Leading Age conference in the U.S.

Major players in the market are also focused on adopting partnership and collaboration strategies to expand their product portfolio. For instance, in November 2018, GreatCall partnered with Lyft, a ridesharing company, to offer GreatCall Rides, a service that offers easy access to Lyft rides

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This release was published on openPR.