Growing regional health caregiving markets spread across APAC and North America to fuel the expansion of the global health caregiving market
The global health caregiving market is likely to witness a massive growth in the next few years. The global health caregiving market was pegged at more than US$ 70 Bn in 2015 and is estimated to cross US$ 200 Bn by the end of 2024, registering a CAGR of 12.6% over the forecast period. Rising inflation rate leading to larger out-of–pocket expenses, growing trend of nuclear families, significant growth in the use of smartphones and tablets are some of the factors that are anticipated to expedite the expansion of the global health caregiving market.
Owing to an increase in the number of people suffering from chronic diseases such as coronary heart disease and diabetes, the North America health caregiving market followed by Europe is expected to be the largest market by the end of 2024. The Asia Pacific health caregiving market is anticipated to project continuous growth due to an increase in the prevalence of chronic diseases. The global health caregiving market is projected to represent absolute dollar opportunity of more than US$ 8 Bn by the end of 2017.
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- Honor Technology, Inc.
- Hometeam Care, Inc.
- HomeHero, Inc.
- Seniorlink, Inc.
- GreatCall, Inc.
- Cariloop, Inc.
- Room2Care, Ltd.
- UnaliWear, Inc.
- Care.com, Inc.
- CareLinx, Inc.
Emerging trends that are likely to influence the expansion of the global health caregiving market
Growing online home delivery services are expected to create positive disruption in the global health caregiving market. The primary stakeholders, present in the global health caregiving market will change their advertisement strategies to expand their customer outreach in the forthcoming years. Technology will play a crucial role and the demand for user-friendly apps will soar in the global health caregiving market.
The dependency on social media tools is likely to change the fabric of this market in the years to come. Every day more and more healthcare professionals are utilizing diverse social media platforms to share relevant information and compare and improve the quality of services being offered to patients, and also to train medical personnel.
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North America and APAC regions to play a crucial role in the overall development of the global health caregiving market
The U.S is likely to play a significant role in the North America health caregiving market and is estimated to cross more than US$ 115 Bn by expanding at a CAGR of 16.2% by the end of the assessment period. Canada is the second fastest growing health caregiving market in the North America region.
The Canada health caregiving market will mint more than US$ 20 Bn by the end 2024. The U.S is expected to be a lucrative market for health caregiving owing to the development of novel technologies to assist the care receiving population.
The APAC health caregiving market is also projected to showcase significant growth during the forecast period. Japan is anticipated to emerge as the biggest health caregiving market in the Asia Pacific region by reaching a market value of more than US$ 2.5 Bn by the end of the foreseen period. Japan’s health caregiving market will record a CAGR of 6.5% through the assessment period. China will compete hard with other growing markets spread across the APAC region.
China is anticipated to reach over US$ 2.1 Bn by the end of the forecast period. India’s booming healthcare economy will contribute greatly to the development of the APAC health caregiving market. The ASEAN market will expand at a CAGR of 7% over the forecast period. Australia and New Zealand markets are anticipated to be valued close to US$ 2.5 Bn by the end of 2024.
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Mobile service producers are rapidly innovating new products to cater to the needs of the elderly population. Key players operating in the global health caregiving market will depend more on social media platforms to publicize their products. Among the regional markets, APAC is projected to emerge as the fastest growing market in the global health caregiving market owing to a rising number of elderly people in countries such as India and China.
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