Press release
Key Care Services Market Trend for 2025-2034: Real-Time Monitoring Enhances Patient Safety And Efficiency In Healthcare
Care Services Market Growth
The market size of care services has demonstrated significant growth in the past few years. It is poised to increase from $472.88 billion in 2024 to $502 billion in 2025, representing a compound annual growth rate (CAGR) of 6.2%. This growth during the historic period can be linked to factors including an aging demographic, population escalation, increased income levels, government subsidies, and urbanization.
The market size for care services is predicted to undergo significant expansion in the forthcoming years, with the projections suggesting a valuation of $628.84 billion by 2029, reflecting a compound annual growth rate (CAGR) of 5.8%. The anticipated growth in the forecast period is mainly due to the increasing prevalence of chronic illnesses, a heightened emphasis on preventive care, insurance coverage, health emergencies including pandemics, and a growing inclination towards personalized and home-based care services. The forecast period is also expected to witness emerging trends such as enhanced adoption of technology, usage of data analytics along with health informatics, digital therapeutic tools and applications, health equity initiatives, and increased patient engagement and education.
What Factors Are Fueling Growth in the Care Services Market?
The escalating rates of chronic health disorders are projected to fuel the development of the care services market in the future. The surge in chronic health ailments is a result of an aging populace and lifestyle elements including poor nutrition, insufficient physical exercise, and heightened stress levels. These factors contribute to an increased incidence of illnesses like diabetes, heart disease, and obesity. The care services for such chronic health conditions incorporate consistent medical assistance, treatment regulation, and lifestyle guidance to enhance the patient's quality of life and control symptoms. For example, in June 2024, as per the Australian Institute of Health and Welfare, a government agency based in Australia, the mortality rate associated with chronic conditions saw a slight increase, from 459 per 100,000 people in 2021 to 490 per 100,000 people in 2022. In addition, according to the 2022 Highlights by the World Health Organization (WHO), a health organization based in Switzerland, chronic ailments were responsible for 74% of global deaths, totaling 41 million deaths per year. Cardiovascular ailments lead to 17.9 million deaths, cancer results in 9.3 million, chronic respiratory disorders cause 4.1 million, while diabetes claims 2.0 million lives. Therefore, the rising chronic health disorders are significantly contributing to the expansion of the care services market.
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Which Key Market Leaders Are Driving Care Services Industry Growth?
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
What Are the Emerging Trends in the Care Services Industry?
Leading businesses in the care services industry are strategizing to gain an upper hand by devising innovative ways, including real-time monitoring. By consistently monitoring and scrutinizing data, immediate insight and response can be achieved when conditions change or unforeseen incidents occur. Take for instance, in September 2023, Apollo Hospitals Enterprise Ltd., a prominent healthcare company in India, unveiled its connected care services, aimed at providing medical teams and nurses with a comprehensive and real-time view of a patient. These services give healthcare professionals an inclusive real-time perspective of patients through all stages of care, from emergency to healthcare at home. The expansion of this service has significantly heightened patient safety and User experience, saving an hour of nurse time per shift and a 30% decrease in readmissions to the Intensive Care Unit. It has enabled the detection of 8-10 preliminary warning signs per 100 beds and practically eliminated code blue calls, ascertaining that no serious incident is overlooked. Consequently, patient safety is enhanced at every stage of the care process.
What Are the Main Segments in the Care Services Market?
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
Subsegments
1) By Software: Electronic Health Records (Ehr) Systems, Care Management Software, Patient Scheduling Software, Telemedicine Software
2) By Services: Home Care Services, Hospice Care Services, Nursing Services, Telehealth Services, Rehabilitation Services
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Which Geographic Area Leads the Care Services Market?
North America was the largest region in the care services market in 2024. The regions covered in the care services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Care Services Global Market Report?
- Market Size Analysis: Analyze the Care Services Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Care Services Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Care Services Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Care Services Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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