Health Caregiving Market Is Expected To Generate Huge Profits by 2024

Health caregiving is a service, which is provided by specialized people to help individuals with an impairment and address their difficulties. Health caregiving includes diet and nutrition planning, mobile and telehealth, safety monitoring and medication management. Due to this, the ownership of smartphone, tablet, and portable medical devices has increased from past few years to track medication, nutrition and health symptoms. According to American Association of Retired Persons (AARP), around 50% of the geriatric population is now using the internet and mobile technology to support their health and daily life activities. A systematic increase has been seen in the number of people providing care for aging parents, family members and even close friends. Currently, around 30 million caregivers provide assistance to people aged between 50 to 80 years, and in many cases, caregivers are certified nurses or home health aides.

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Growing technological development in the healthcare sector, increasing burden of chronic diseases and growing geriatric population prone to life-threatening diseases are the factors responsible for the growth of health caregiving market. There has been a growing need for continuous monitoring and treatment for the geriatric population and neonatal suffering from several diseases such as cancer, HIV-AIDS, tuberculosis and other life-threatening diseases. Currently, in North America, around 117 million people are in need of assistance in different kinds and majority of them needs health conditions related support. Technological advance plays a significant role in the growth of this market. Currently, around 67% of American families using wireless monitors and healthcare apps to manage and monitors theirs loved once care and safety. Moreover, growing geriatric population is one of the key drivers of the market. According to the American Society, the geriatric population in the America would be more than double by the end of 2030. Also, people aged 80 and above is the fastest growing group of the population, which are prone to suffer from chronic conditions such as COPD, diabetes, arthritis, and heart diseases. However, in the current market scenario, few of the offerings are exorbitantly expensive; few are stalled by old technology and regulatory limitations, which negatively impacts the global health caregiving market.

The global market for health caregiving market is segmented on the basis of solution, age group, and geography:

Global Health Caregiving Market Segmentation by Solution
Health and Vital Alerts
Diet and Nutrition
Medication Management
Personal Health & Safety Monitoring
Telehealth/mHealth
Global Health Caregiving Market Segmentation by Age Group
Neonatal and Pediatric population
Adults
Geriatric Population
Global Health Caregiving Market Segmentation by Geography
North America
Latin America
Europe
Asia-Pacific
MEA

On the basis of region presence, health caregiving market is segmented into five key regions: North America, Latin America, Europe, Asia-Pacific, and Middle East & Africa. Presently, North America dominates the global health caregiving market owing to large population base suffering from chronic diseases (including adults and geriatric population), and early adoption of technologically advanced product services. However, due to the growing healthcare expenditure and increasing focus on healthcare services, Asia-Pacific health caregiving market is expected to register CAGR over the forecast period. The U.S. Health caregiving market is expected to dominate in terms of market share with significant share among all the regions.

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Some player exists in this market that falls under the category of NGOs, health monitoring device manufacturers, health apps manufacturers, and nursing service providers. Companies in the health caregiving market are focusing on partnership and agreements in order to provide quality services in the market. For instance, Samsung has partnered with Partners HealthCare to develop next generation digitize mHealth solution for the chronic diseases management.

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