by The health caregiving market provides a variety of supportive services and medical assistance for individuals who require help with daily tasks. Services include assistance with activities of daily living such as dressing, bathing, using the bathroom, eating, and transportation. Caregivers may also help manage medications, provide home healthcare, and offer companionship. This growing industry has become increasingly important as populations age worldwide and more individuals require long-term or palliative care.
The global health caregiving market is estimated to be valued at US$ 213.24 million in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period of 2024 to 2031.
Key players operating in the health caregiving market are Honeywell International Inc., KEMET Corporation, Arcol UK Limited, Panasonic Corporation, Susumu Co. Ltd., TDK Corporation, Ohmite Manufacturing Company, Vishay Intertechnology Inc., TE Connectivity Ltd., Murata Manufacturing Co. Ltd., KOA Speer Electronics Inc., AVX Corporation, TT Electronics PLC, Taiyo Yuden Co. Ltd., Coilcraft Inc., Sagami Elec Co. Ltd., Eaton Corporation, WIMA GmbH & Co. KG, API Delevan, Cornell Dubilier Electronics Inc., Wurth Elektronik Group, Yageo Corporation, and Bourns Inc.
Key Takeaways
Key players: The major players in the market like Honeywell International Inc., KEMET Corporation, Arcol UK Limited, Panasonic Corporation are focusing on expanding their service offerings and enhancing technology to provide better homecare services.
Growing demand: With rising geriatric populations worldwide, the demand for Health Caregiving Market Demand and home healthcare services is growing substantially. Consumers increasingly prefer to receive care at home rather than facilities.
Global expansion: Leading caregiving companies are expanding globally to capture demand from international markets and establish operations near customers in new regions. Acquisitions and partnerships help accelerate this international expansion.
Market Key Trends
One of the primary trends in the health caregiving market is the shift towards home-based and remote care. As patients show a strong preference for receiving medical assistance and living independently at home, the market is transitioning away from institutional facilities. Telehealth technology, remote patient monitoring solutions, and smart home devices are enabling higher quality care to be delivered in residential settings. This trend allows for greater convenience, comfort, and accessibility of care services for individuals.
Porter’s Analysis
Threat of new entrants: Low as significant investments are required in R&D and operations to enter this market. Bargaining power of buyers: Moderate as few large buyers like government and private players purchase health caregiving services. Bargaining power of suppliers: Low since there are many substitutable suppliers in this market. Threat of new substitutes: Low as there is no close substitute for health caregiving services at present. Competitive rivalry: High as major players compete on parameters like service quality, technology, geographic footprint and price.
Geographical regions:
North America accounts for the largest share of the global health caregiving market in terms of value as countries like United States and Canada spend heavily on elder care. The availability of nursing homes, assisted living facilities and home healthcare services has increased demand in the region.
Asia Pacific region is expected to grow at the fastest pace during the forecast period driven by rapidly aging populations in countries like China, Japan and India. Rising incomes have increased affordability for healthcare services in emerging countries of the region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
