Press release
Top Market Shifts Transforming the Care Services Market Landscape: Key Insights
Care Services Market
What Is the Expected CAGR for the Care Services Market Through 2025?
The size of the care services market has seen a significant increase in recent years. The market is predicted to expand from $472.88 billion in 2024 to approximately $502 billion in 2025, with a compound annual growth rate (CAGR) of 6.2%. Factors such as an increase in the ageing population, advancements in population growth, rising income levels, governmental support and urbanization have all contributed to the growth experienced during the historic period.
What's the Projected Size of the Global Care Services Market by 2029?
Expectations are high for the care services market size to experience substantial growth in the coming years. The projection is for it to expand to $628.84 billion by 2029, with a compound annual growth rate (CAGR) of 5.8%. This growth during the forecast period can be associated with several factors such as an increased prevalence of chronic diseases, a heightened focus on preventive care, insurance coverage, pandemic and health crises, along with an elevated preference for home-based and personalized care services. Key trends during this forecast period are likely to include an uptick in the usage of technology, data analytics, and health informatics, the growth of digital therapeutics and apps, initiatives for health equity, and heightened patient engagement and education.
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Top Growth Drivers in the Care Services Industry: What's Accelerating the Market?
The growing number of chronic health illnesses is anticipated to drive the advancement of the care services market in the future. This surge in chronic illnesses is as a result of an aging population and lifestyle factors, including inadequate diet, insufficient physical exercise, and higher stress levels. These elements play a role in the increasing cases of diseases such as diabetes, heart disease, and obesity. Care services for these conditions offer continuous medical support, management of treatment, and lifestyle guidance to enhance the patient's quality of life and control symptoms. For example, the Australian Institute of Health and Welfare, a government agency based in Australia, noted a slight rise in death rates due to chronic conditions in June 2024, from 459 per 100,000 individuals in 2021 to 490 per 100,000 individuals in 2022. Moreover, the World Health Organization (WHO) 2022 Highlights, a health organization based in Switzerland, reported in September 2022 that chronic diseases were responsible for 74% of worldwide deaths, accounting for 41 million deaths every year. Cardiovascular diseases resulted in the death of 17.9 million individuals, cancer led to 9.3 million deaths, chronic respiratory diseases were responsible for 4.1 million deaths, and diabetes led to 2.0 million deaths. Thus, the surge in chronic health conditions is fueling the expansion of the care services market.
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What Trends Will Shape the Care Services Market Through 2029 and Beyond?
Leading businesses in the care services market are concentrating on the invention of unique solutions, including real-time tracking, to establish a competitive advantage. Such monitoring allows for immediate comprehension and response to shifts or events, based on the continuous evaluation of live data. For example, in September 2023, comprehensive connected care services were introduced by Apollo Hospitals Enterprise Ltd., a healthcare firm based in India. The services ensure that medical teams and nursing staff gain an all-encompassing and immediate perception of the patient. They provide a detailed real-time perspective of patients at various touchpoints of care, from emergencies to home care scenarios. The advanced connected care program has significantly enhanced patient safety and overall experience, cutting back on nursing time by an hour per shift and reducing admittance into intensive care by 30%. The program identifies 8-10 early crucial alerts per 100 beds and has almost completely eradicated code blue calls, making sure no critical incidents are overlooked. This program boosts patient safety throughout the entire span of care provision.
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 Top Companies are Driving Growth in the Care Services Market?
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
Which Regions Will Dominate the Care Services Market Through 2029?
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.
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