Health Care and Social Assistance Market Report 2024

This Health Care and Social Assistance market 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 health care and social assistance market size has grown strongly in recent years. It will grow from $1.41 billion in 2023 to $1.51 billion in 2024 at a compound annual growth rate (CAGR) of 7%. The growth in the historic period can be attributed to increased demand for healthcare services due to a growing elderly population, a higher prevalence of chronic conditions such as diabetes, heart disease, and obesity, implementation and changes in healthcare policies, growing recognition and demand for mental health services, and continuous increases in healthcare expenditure by both private and public sectors.

The health care and social assistance market size is expected to see strong growth in the next few years. It will grow to $1.99 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to the ongoing increase in the elderly population, further driving demand for geriatric and long-term care services, growth in tailored treatments based on genetic, environmental, and lifestyle factors, potential reforms in healthcare policies affecting insurance coverage, pricing, and access, increased investment in healthcare facilities and digital infrastructure, and an enhanced focus on global health security and pandemic preparedness. Major trends in the forecast period include increased use of AI and ML for diagnostics and personalized treatment plans, personalized healthcare approaches, development of integrated care systems that combine physical, mental, and social health services for holistic patient care, and a shift from fee-for-service models to value-based care models that prioritize patient outcomes and cost efficiency.

The rising prevalence of chronic illnesses is expected to propel the growth of the healthcare and social assistance market going forward. The increase in chronic illnesses is primarily due to an aging population and lifestyle factors such as poor diet, lack of exercise, and a higher prevalence of risk factors such as obesity and smoking. Healthcare and social assistance help manage chronic diseases by providing medical treatment, preventive care, and support services to improve patients' quality of life and reduce disease complications. For instance, in January 2023, a report by the National Library of Medicine, a US-based biomedical library, projected that the population of individuals aged 50 and older in the United States will grow by 61.11%, rising from 137.25 million in 2020 to 221.13 million by 2050. Among this demographic, the number of people with at least one chronic disease is expected to nearly double, increasing by 99.5% from 71.522 million in 2020 to 142.66 million in 2050. Therefore, the rising prevalence of chronic illnesses will drive the growth of the healthcare and social assistance market.

Major companies in the healthcare and social assistance market are focusing on developing advanced technology-enabled virtual specialty care services to enhance patient care and streamline healthcare delivery. Technology-enabled virtual specialty care services involve remote healthcare provided by specialists using digital tools and platforms to diagnose, treat, and manage patient conditions. For instance, in February 2022, Biofourmis, a US-based provider of virtual care and digital therapeutic solutions, launched Biofourmis Care, a technology-enabled service designed to offer virtual specialty care for patients with chronic conditions. This service employs a multidisciplinary team, including trained health navigators and licensed clinicians, to deliver remote care. It integrates seamlessly with patients' existing healthcare providers to ensure comprehensive care. The platform uses AI-driven algorithms to help healthcare teams optimize medication regimens and detect early signs of clinical deterioration for timely interventions.

In February 2023, Amazon.com Inc., a US-based technology company, acquired One Medical for $3.9 billion. This acquisition allows Amazon to significantly expand its healthcare offerings by integrating One Medical's physical clinics with its existing online pharmacy and telemedicine services. One Medical is a US-based hospital and healthcare service company that provides healthcare and social assistance services in the USA.

Major companies operating in the health care and social assistance market are UnitedHealth Group Inc, CVS Health Corporation, Cigna Corp, Elevance Health Inc, Centene Corporation, Kaiser Foundation Health Plan Inc, Humana Inc, Hospital Corporation of America (HCA), CommonSpirit Health, Ascension Health, Providence Health & Services, HM Health Solutions Inc., University of Pittsburgh Medical Center, Tenet Healthcare Corporation, Mayo Foundation for Medical Education and Research (MFMER), Sutter Bay Medical Foundation, Trinity Health Corporation, Quest Diagnostics Incorporated, Cleveland Clinic Foundation, Encompass Health Corp, Brookdale Senior Living Inc., CoxHealth, Practice Fusion Inc., Feeding America West Michigan, Validic Inc.

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

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

Health care and social assistance encompass services aimed at maintaining or improving health, including medical care, diagnostics, and rehabilitation, as well as support services such as counseling, social work, and elder care to enhance overall well-being. This sector includes hospitals, clinics, nursing homes, and various community-based services designed to address both physical and mental health needs.

The main types of health care and social assistance are private and public. Private health care and social assistance refer to non-governmental services provided to individuals for medical care and social support. These products and services include ambulatory healthcare services, hospitals, nursing homes and residential facilities, social assistance, and others, delivered through both online and offline modes. These services are applied in areas such as yield monitoring, soil monitoring, scouting, and others.

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

The health care and social assistance market includes revenues earned by entities by providing services such as specialized care, preventive and wellness services, and support services. 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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