Care Services Market: Current Analysis and Forecast (2022-2028)

The global care services market is expected to grow at a significant rate of around 9% during the forecast period. Services that assist with activities of daily living, rehabilitative or therapeutic services, and health care services are all examples of care services that are subject to regulations. Some of the most important factors that have contributed to the expansion of the care services market in the United States include the rising incidence of chronic diseases, government initiatives, the increasing elderly population, and the surge in demand for nursing homes among the younger population. In addition, the demand for technology-based care services like AI-based therapeutic and monitoring devices, app-based teleconsultation, and remote patient monitoring is growing rapidly, which is also having a positive impact on the market's growth during the forecast period.

As per the Department of Health & Human Services, 14% of the residents at nursing homes are between the ages of 31 and 64. In the United States, approximately 40% of adolescents have a chronic illness, and it is anticipated that they will require care services at a younger age. The number of disabled young people in the United States is always on the rise, which is driving the growth of the market in the region.

Genesis HealthCare Corp., Benesse Style Care Co. Ltd., Econ Healthcare Group, GoldenCare Group Private Limited, Carewell-Service Co., St Luke's ElderCare Ltd., Pacific Healthcare Nursing Home, NTUC Health Co-Operative Ltd., GE Healthcare, Apria Healthcare Group are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report:

"Amongst service type, home-based care category to witness fastest CAGR during the forecast period"

Based on service type, the market is segmented into institutional care, adult day care, and home-based care. Among them, the home-based care category is to witness the fastest growth during the forecast period owing to the rising geriatric population and growing incidence of target diseases like dementia & Alzheimer's, as well as orthopedic diseases.

Furthermore, "hospital at home" programs, according to a report by The Commonwealth Fund, enable patients to receive acute care at home with fewer complications and a 30% cost reduction. It is anticipated that this will act as a significant rendering market driver and ensure patient comfort.

"Amongst service providers, the private to hold a significant share in the market in 2020"

On the basis of end-user, the market is categorized into nursing care facilities, home healthcare services, and others. Among these, home healthcare services to hold a significant share of the market in 2020. This is mainly due to the private care providers having more healthcare professionals and lower patients and they also offer better consultations than public facilities. Also, the availability of drugs and the hygiene they provide are contributing factors to this market's expansion.

"North America to hold a significant share in the market"

For a better understanding of the market adoption of the care services treatment industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the increasing rate of digitalization in healthcare in the region, strong IT support combined with agile approaches gives healthcare providers a competitive advantage in terms of improving quality, controlling costs, increasing profitability, and simplifying inventory management.

The significant rise in the number of chronic disorders affecting the elderly population will raise the demand for daily monitoring and assistance at home on a daily basis. For instance, according to a 2021 article published by the National Council of Aging, approximately 80% of adults aged 65 years or more have at least one chronic condition, while 68% have at least two.

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The study includes market sizing and forecasting analysis validated by authenticated key industry experts.

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Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.

The study comprehensively covers the market across different segments.

Deep dive regional level analysis of the industry.

Customization Options:

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