Care Services Market Report 2024

This Care Services industry report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

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 observed in the historic period can be attributed to several factors such as the aging population, overall population growth, higher income levels, increased 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 anticipated growth in the forecast period can be attributed to several factors such as the rising incidence of chronic diseases, a greater emphasis on preventive care, expanding insurance coverage, ongoing health crises such as pandemics, and a growing preference for home-based and personalized care services. Key trends expected during this period include increased use of technology, advancements in data analytics and health informatics, the proliferation of digital therapeutics and apps, health equity initiatives, and enhanced patient engagement and education.

The growing prevalence of chronic health conditions is expected to drive the expansion of the care services market. Chronic conditions are on the rise due to aging populations and lifestyle factors such as poor diet, lack of physical activity, and increased stress, leading to higher incidences of diseases such as diabetes, heart disease, and obesity. Care services for these conditions involve ongoing medical support, treatment management, and lifestyle assistance to enhance patient quality of life and manage symptoms. For example, the National Center for Biotechnology Information (NCBI) projected in January 2023 that the number of individuals aged 50 and older with at least one chronic illness would rise by 99.5%, from 71.522 million in 2020 to 142.66 million by 2050. Additionally, the World Health Organization (WHO) reported in September 2022 that chronic diseases were responsible for 74% of all global deaths, totaling 41 million annually. These conditions include cardiovascular diseases (17.9 million deaths), cancer (9.3 million), chronic respiratory diseases (4.1 million), and diabetes (2 million). Consequently, the increase in chronic health conditions is propelling the growth of the care services market.

Leading companies in the care services market are focusing on developing innovative solutions, such as real-time monitoring, to maintain a competitive edge. Real-time monitoring involves continuously tracking and analyzing data as it is generated, enabling immediate insights and responses to changing conditions. For instance, in September 2023, Apollo Hospitals Enterprise Ltd., an India-based healthcare company, introduced comprehensive connected care services. This program provides clinical teams and nursing staff with a holistic, real-time view of patients across various care touchpoints, from emergency to home care. It significantly enhances patient safety and experience, saving one hour of nursing time per shift, reducing intensive care unit readmissions by 30%, detecting 8-10 early critical alerts per 100 beds, and nearly eliminating code blue calls.

In August 2021, Honor Technology Inc., a US-based company specializing in home care technology solutions, acquired Home Instead Inc. for an undisclosed amount. This acquisition combines the largest and most personalized home care network with a leading technology and operations platform, aiming to improve the caregiver and client experience and revolutionize care for older adults. Home Instead Inc. is a US-based provider of personalized in-home care services for seniors.

Major companies operating in the care services 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.

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.

The countries covered in the care services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Care services encompass a range of support provided to individuals who require assistance due to age, illness, disability, or other personal circumstances. These services are delivered by trained professionals, caregivers, or family members and can be offered in various settings such as homes, hospitals, and care facilities. The primary objective is to improve the quality of life and well-being of those receiving care. Services can be customized to meet individual needs and may range from temporary to long-term care.

The primary components of care services include software and services. Software refers to programs and applications designed to perform specific functions on computers or devices. Delivery methods vary between on-premise and cloud-based solutions. Key applications include disease management, case management, utilization management, and others, and are utilized by different end-users such as nursing care facilities, home healthcare services, and other organizations.

The care services market research report is one of a series of new reports that provides care services market statistics, including care services industry global market size, regional shares, competitors with an care services market share, detailed care services market segments, market trends, and opportunities, and any further data you may need to thrive in the care services industry. This care services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The care services market includes revenues earned by entities by providing services such as long-term care, palliative and hospice care, respite care, and telemedicine. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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