The need for caregivers is rising as age-related disabilities become more commonplace.
The global health caregiving market is estimated to be valued at US$ 213.24 Mn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the health caregiving market include 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, Bourns Inc., Lelon Electronics Corp., and United Chemi-Con.
The demand for Health Caregiving Market Size and home healthcare services is growing rapidly owing to the expansion of the global geriatric population. According to estimates, over 1.5 billion people will be aged 65 years and older by 2050. This vast demographic shift will significantly increase the demand for assisted living and home care products and services over the coming decades.
Healthcare companies are also expanding their operations globally to tap new markets. TheAsia Pacific region in particular is witnessing strong investments as countries experience a steep rise in aging populations. Japanand China already have some of the largest elderly populations worldwide, propelling growth of the local caregiving sector.
Market Drivers
The global rise in life expectancy is a major driver propelling the health caregiving market. People now live significantly longer which in turn raises the risk of age-related disabilities and diseases that require long-term care. Improvements in medical technologies, nutrition, and standards of living have boosted longevity worldwide. This driver will remain highly influential over the foreseeable future as populations continue graying rapidly across all global regions.
The current geopolitical uncertainties are significantly impacting the growth of the health caregiving market. With rising geopolitical tensions and conflicts between major countries, international trade and partnerships in the healthcare sector have become challenging. This is negatively affecting collaboration on research and development of new healthcare technologies. Cross-border movement of caregivers, medical supplies and equipment has also become difficult in certain regions due to diplomatic issues, hindering timely healthcare delivery.
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