Global Care Services Market – Industry Trends and Forecast to 2029

Care Services Market Analysis and Size

According to World Health Organization (WHO), it estimates there were more than 524 million older people worldwide in 2010 and that number will increase by 2 billion by the year 2050. Many significant factors are driving global market expansion, including an ageing population, an increase in chronic health conditions, and higher reimbursement benefits for in-home care services in developed countries.

Data Bridge Market Research analyses that the care services market which was USD 127.00 billion in 2021, would rocket up to USD 249.36 billion by 2029, and is expected to undergo a CAGR of 8.80% during the forecast period 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Report Scope and Market Segmentation      

Market Definition

Elder care services include daycare, long-term care, home care, nursing homes, assisted living facilities, adult day programmes, dementia care facilities, hospice care, skilled care, and custodial care, among other things.

Global Care Services Market Dynamics

Drivers

• Technical advancements

Technological advancements have also adopted some of the advancement for developing healthcare infrastructure due to increasing demand for more convenient, reliant and cost effective solutions in the market. Healthcare sector is moving towards information technology and getting itself digital which is driving the market growth.

• Rise in chronic diseases

Global demand for skilled nursing care services has increased as a result of a significant rise in the geriatric population. One of the major drivers of the expansion of the global market for care services is the rise in the number of Alzheimer's patients as well as the high incidence of dementia, a frequent form of the disease. According to the World Health Organization, around 47.5 million dementia sufferers worldwide, and 7.7 million new cases are diagnosed yearly (WHO). The market for care services is being driven by the rise in illnesses including diabetes, stroke, high blood pressure, and other lifestyle factors as well as the incidence of Alzheimer's disease.

• Rise in ageing population

The financial burden on our health care system is rising as the ageing population continues to rise. People over the age of 65 are expected to increase, particularly in developing countries, from an estimated 524 million in 2010 to roughly 1.5 billion in 2050, according to the World Health Organization's Global Health and Aging study. As the older population grows, geriatric care services will be used more frequently, driving up demand and fuelling market expansion.

Opportunities

• Rising diseases

The aged population is also frequently affected by comorbid conditions such diabetes, renal insufficiency, arthritis, and metabolic abnormalities, which increases their susceptibility to infection. The market for care services is also driven by rising comorbid illnesses and the elderly population's declining immune system function. The market for care services will develop in the next years because of recent technology advancements.

Restraints/Challenges

• Lack of control

On the other hand, digitization of patient’s data has made the risk of data break due to lack of internal control, and outdated policies to protect data. Many of cases have already been reported in past few years which will obstruct the market's growth rate.

This care services market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the care services market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Care Services Market

The COVID-19 pandemic has significantly impacted the global care services. The availability of necessary medical equipment has been inadequate despite the rising demand. Countries cannot meet the increased demand due to the rise of COVID-19-related hospitalizations. Governments and business leaders throughout the world are investing in the purchase of medical equipment. Healthcare providers' profit margins are expected to significantly decline. In response to the COVID-19 epidemic, various governments from around the world are taking action to support the healthcare sector.

Global Care Services Market Scope

The care services market is segmented on the basis of components, delivery mode, application and end-use. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Components

• Software
• Services

 Delivery Mode

• On Premise
• Cloud Based

 Application

• Disease Management
• Case Management
• Utilization Management
• Others

End Use

• Payers
• Providers
• Others

Care Services Market Regional Analysis/Insights

The care services market is analysed and market size insights and trends are provided by country, components, delivery mode, application and end-use as referenced above.

The countries covered in the care services market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the care services market due to advancement in technology and increasing number of patients.

Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2022 to 2029 due to increasing geriatric population and lack of proper healthcare infrastructure.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Care Services Market Share Analysis

The care services market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to care services market.

Some of the major players operating in the care services market are:

• ExlService Holdings, Inc. (U.S.)
• Casenet, LLC (U.S.)
• Medecision (U.S.)
• ZeOmega (U.S.)
• Cognizant (U.S.)
• Oracle (U.S.)
• Allscripts Healthcare, LLC (U.S.)
• Tata Consultancy Services Limited (India)
• Koninklijke Philips N.V (Netherlands)
• Axispoint, Inc. (U.S.)
• McKesson Corporation (U.S.)
• i2i Systems (U.S.)
• Epic Systems Corporation (U.S.)
• IBM Corporation (U.S.)
• Health Catalyst (U.S.)
• Pegasystems Inc. (U.S.)
• A&D Company Limited (Japan)

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