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Leading Element Driving Change in the Care Services Market in 2025: Chronic Health Conditions Propel Growth Of The Care Services Market Driver
Care Services Market
Advancements in the care services market are anticipated due to the rise in chronic health conditions. A surge in such conditions can be attributed to aging populations and lifestyle habits such as improper diet, inadequate physical exercise, and heightened stress levels. These aspects lead to an increased incidence of diseases including diabetes, heart disease, and obesity. Care services for these conditions include continuous medical aid, treatment regulation, and lifestyle guidance to enhance the patient's quality of life and control symptoms. For instance, as per the Australian Institute of Health and Welfare, a governmental agency in Australia, chronic condition-related death rates underwent a slight increase in June 2024, moving from 459 per 100,000 individuals in 2021 to 490 per 100,000 individuals in 2022. Moreover, as per the 2022 Highlights of the World Health Organization (WHO), a health organization based in Switzerland, chronic conditions were responsible for 74% of all global deaths, i.e., 41 million deaths annually. Of these, cardiovascular ailments caused 17.9 million deaths, cancer caused 9.3 million, chronic respiratory diseases resulted in 4.1 million, and diabetes led to 2.0 million deaths. Consequently, the rise in chronic health conditions is stimulating growth in the care services market.
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How will the growth rate of the care services market shape industry trends by 2034?
In recent times, the care services market has significantly increased in size. It's projected to expand from $472.88 billion in 2024 to a value of $502 billion in 2025, with a compound annual growth rate (CAGR) of 6.2%. This growth trend during the historic period is the result of factors such as an aging population, population expansion, increased income levels, government financial support, and urbanization.
In the coming years, the care services market is projected to experience a robust expansion, culminating to a valuation of $628.84 billion in 2029, representing a compound annual growth rate (CAGR) of 5.8%. Various factors contribute to this growth forecast: an upward trend in chronic disease prevalence, a greater emphasis on preventive care, the role of insurance coverage, health crises such as pandemics, and an increased inclination for home-based and customized care services. In the forecast period, the market will witness new trends such as the incorporation of technology, usage of data analytics and health informatics, the prevalence of digital therapeutics and apps, initiatives towards health equity, and intensified efforts for patient engagement and education.
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What trends are poised to drive the future success of the care services market?
Leading businesses within the care services market are concentrating on emerging innovative solutions, like real-time monitoring, to acquire a competitive advantage. Real-time monitoring encompasses continuous collection and analysis of data as it is created, permitting instant insights and reactions to altering conditions or happenings. For instance, in September 2023, a health care firm based in India, Apollo Hospitals Enterprise Ltd., unveiled extensive connected care services which provide a holistic, real-time perspective of the patient to clinical teams and nursing staff. This encompassing connected care strategy presents a holistic, real-time view of patients spanning several care touchpoints, including emergency and home care. The elevated connected care strategy significantly enhanced patient safety and experience, economizing 1 hour of nursing time per shift and decreasing intensive care unit readmissions by 30%. It recognizes 8-10 early critical alerts per 100 beds and has virtually obliterated code blue calls, guaranteeing no significant incidents are overlooked. This strategy amplifies patient safety throughout each phase of the care journey.
Which primary segments of the care services market are driving growth and industry transformations?
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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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.
Who are the influential players reshaping the care services market landscape?
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
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What Is Covered In The Care Services Global Market Report?
•Market Size Forecast: Examine the care services market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the care services market for a structured understanding.
•Key Players Overview: Analyze major players in the care services market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the care services market.
•Segment Contributions: Evaluate how different segments drive overall growth in the care services market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the care services market.
•Industry Challenges: Identify potential risks and obstacles affecting the care services market.
•Competitive Landscape: Review strategic developments in the care services market, including expansions, agreements, and new product launches.
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