Medical-Social Working Services Market Size, Analysis, Trends Report 2024 To 2033

The Business Research Company recently released a comprehensive report on the Global Medical-Social Working Services Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The medical-social working services market size has grown strongly in recent years. It will grow from $6.98 billion in 2023 to $7.56 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to increased recognition of mental health issues, growing adoption of integrated care models, development of the person in the environment (PIE) assessment system, increasing demand for medical-social care, and growing cases of autism.

The medical-social working services market size is expected to see strong growth in the next few years. It will grow to $10.43 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to healthcare policy and reform, growing awareness about mental health, the rise of telehealth, the expansion of health insurance coverage, and a focus on preventive and proactive care. Major trends in the forecast period include technological advancements, mobile health applications (MHealth), the development of digital therapeutic solutions, blockchain technology, and the integration of environmental and social determinants.

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Market Drivers and Trends:

The increasing volume of patients is expected to propel the growth of the medical-social working services market going forward. The volume of patients is increasing due to the aging population, the rising prevalence of chronic diseases, and advancements in medical technology that improve diagnosis and treatment, leading to greater awareness and access to healthcare services. Medical-social working services enhance patient well-being by integrating medical care with social support, facilitating access to resources, and addressing both healthcare and social needs. For instance, in August 2023, according to a report published by the Australia Institute of Health and Welfare, an Australia-based governmental organization, during the period from 2022 to 2023, the number of hospitalizations increased to 12.1 million, reflecting a 4.6% rise compared to the 11.6 million recorded in the previous year, 2021 to 2022. Therefore, the increasing volume of patients is driving the growth of the medical-social working services market.

Major companies operating in the medical-social working services market are focusing on expanding their presence by launching innovative solutions, such as home healthcare initiatives, to provide comprehensive care management that integrates medical and social services. Home healthcare services refer to a range of medical and supportive care provided at home, including skilled nursing, therapy, personal care, and remote monitoring, aimed at improving patient health and independence. For instance, in July 2024, Star Health and Allied Insurance, an India-based health insurance company, launched a Home Healthcare Initiative to provide medical services directly to patients' homes across 50 cities and towns in India. This initiative offers a range of healthcare services, including nursing care and physiotherapy, through partnerships with providers such as Care24 and Portea. Customers can access these services via a toll-free number or the Star Health mobile application. The initiative covers a range of conditions, including fever, acute gastroenteritis, urinary tract infections, and acute gastritis, with costs for a five-day treatment package. This initiative aims to enhance patient convenience and accessibility, reflecting the growing trend towards home-based healthcare solutions.

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Major Key Players of the Market:

UnitedHealth Group Incorporated, Cigna Corporation, Kaiser Foundation Health Plan Inc., Providence Health & Services Inc., Trinity Health Corporation, Fresenius Medical Care AG, Mayo Clinic Health System, Sutter Health, Universal Health Services Inc., Cleveland Clinic Foundation, DaVita Inc., Johns Hopkins University, Kindred Healthcare LLC, Memorial Sloan Kettering Cancer Center, Genesis HealthCare LLC, BrightStar Care Inc., VITAS Healthcare Corporation, LHC Group Inc., Amedisys Inc., Magellan Health Inc., CareMore Health

Medical-Social Working Services Market 2024 Key Insights:

• The medical-social working services market size is expected to see strong growth in the next few years. It will grow to $10.43 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%.
• Increasing Volume Of Patients Is Driving The Growth Of The Medical-Social Working Services Market.
• Technological Advancement To Drive Innovation In The Medical-Social Working Services
• North America was the largest region in the medical-social working services market in 2023

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