Care Services Market Expansion 2024-2033: Growth Drivers and Dynamics

The care services global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Care Services Market, 2024The care services global market report 2024

Market Size –

The care services market size has grown strongly in recent years. It will grow from $447.09 billion in 2023 to $472.88 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to the aging population, population growth, higher income levels, government funding, and urbanization.
The care services market size is expected to see strong growth in the next few years. It will grow to $594.59 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to the rising incidence of chronic diseases, increasing focus on preventive care, insurance coverage, pandemic and health crises, and growing preference for home-based care and personalized care services. Major trends in the forecast period include increased use of technology, data analytics and health informatics, digital therapeutics and apps, health equity initiatives, and patient engagement and education.

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Scope Of Care Services MarketThe Business Research Company’s reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Care Services Market Overview

Market Drivers –

The increasing chronic health conditions are expected to propel the growth of the care services market going forward. Chronic health conditions are rising due to aging populations and lifestyle factors such as poor diet, lack of physical activity, and increased stress levels. These elements contribute to the rising prevalence of diseases such as diabetes, heart disease, and obesity. Care services for chronic health conditions involve ongoing medical support, treatment management, and lifestyle assistance to improve patient quality of life and manage symptoms. For instance, in January 2023, according to the National Center for Biotechnology Information (NCBI), a US-based National Library of Medicine, the number of individuals aged 50 and older with at least one chronic illness is projected to increase by 99.5%, from 71.522 million in 2020 to 142.66 million by 2050. Furthermore, in September 2022, according to the World Health Organization (WHO) 2022 Highlights, a Switzerland-based intergovernmental health organization, chronic diseases accounted for 74% of all deaths globally, with 41 million deaths annually. Cardiovascular diseases cause 17.9 million deaths, cancer causes 9.3 million, chronic respiratory diseases cause 4.1 million, and diabetes causes 2.0 million deaths. Therefore, the increasing chronic health conditions are driving the growth of the care services market.

Market Trends –

Major companies operating in the care services market are focusing on developing innovative solutions, such as real-time monitoring, to gain a competitive edge. Real-time monitoring involves continuously tracking and analyzing data as it is generated, allowing for immediate insights and responses to changing conditions or events. For instance, in September 2023, Apollo Hospitals Enterprise Ltd., an India-based healthcare company, launched comprehensive connected care services that will offer clinical teams and nursing staff a holistic, real-time view of the patient. A comprehensive connected care program offers clinical teams and nursing staff a holistic, real-time view of patients across multiple care touchpoints, from emergency to home care. The enhanced connected care program significantly improved patient safety and experience, saving 1 hour of nursing time per shift and reducing intensive care unit readmissions by 30%. It detects 8-10 early critical alerts per 100 beds and has nearly eliminated code blue calls, ensuring no critical event is missed. This program enhances patient safety at every step of the care journey.

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

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Regional Insights –

North America was the largest region in the care services market in 2023. The regions covered in the care services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Key Companies –

Major companies in the 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

Table of Contents

1. Executive Summary
2. Care Services Market Characteristics
3. Care Services Market Trends And Strategies
4. Care Services Market – Macro Economic Scenario
5. Global Care Services Market Size and Growth
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32. Global Care Services Market Competitive Benchmarking
33. Global Care Services Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Care Services Market
35. Care Services Market Future Outlook and Potential Analysis
36. Appendix

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