Global Care Services Market is Expected to Foresee Significant Growth During the Forecast Period. North America to Witness the Significant Growth

The global care services market is expected to grow significantly by 2027 expanding at a reasonable CAGR of around 9% during the forecast period (2021-2027F). The increasing geriatric population, rising prevalence of chronic conditions, and cost-effective care services are some of the major factors driving the care services market growth.

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Over the years, the old age population has increased globally, and the trend is likely to continue mainly in European and North American economies. For instance, according to World Health Organization, between 2015 and 2050, the proportion of the world’s population over 60 years will nearly double from 12% to 22%. The rising geriatric population would result in the requirement of care services as this group of population is more prone to diseases. Further, changing people lifestyles and increasing the percentage of the working population has reduced their family time, therefore, to provide better care to them, people prefer to outsource care services. Owing to such factors, the care services market is likely to showcase significant growth over the forecast period. Further, for treatment purposes,old age people face problems to go hospitals or doctor’s clinics, so they prefer care services in their home settings. In addition, in the light of COVID-19, change in consumer spending patterns, has resulted in increased spending on essential things including health and the trend is likely to continue for a couple of years, eventually aiding in fueling the market of care services.

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Based on the service provider, the market is categorized into public and private. Of both, private care services held a significant share in the market in 2020. To support care services, many private care services have taken the initiative to develop a diagnostic and treatment center for the patients present in their center. Such diagnostic services play a vital role in the case of chronically ill patients, such as patients with Alzheimer’s disease, patients in coma, and other similar situations.

Based on end-users, the market is categorized into nursing care facilities and home healthcare services. Among both, home healthcare held a significant share in the market in 2020. The patient-centric approach of the home healthcare market along with other benefits such as enhanced patient results, long-term care, cost proficiency, end of superfluous hospitalization, and the rising trend to use home health care is estimated to show positive market growth

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Additionally, the report provides detailed report also provides insights into the global care service market according to the regions such as North America (the United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, the United Kingdom, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea and Rest of Asia-Pacific), Rest of World has been conducted. North America constitutes a major market for the care services market industry in 2020 owing to the presence of well-established market players in the region, large and growing geriatric population, and frequent service launches.

Genesis HealthCare Corp., Benesse Style Care Co., Ltd., Econ Healthcare Group, GoldenCare Group Pvt. Ltd., Carewell-Service Co., St Luke’s ElderCare Ltd., Pacific Healthcare Nursing Home, NTUC Health Co-Operative Ltd., ABM Industries, Bayada Home Health Care. Several M&As along with partnerships have been undertaken by these players to facilitate customers with new and advanced services.

Global Care Service Market Segmentation

MARKET INSIGHTS BY SERVICE TYPE

• Institutional care
• Adult day-care
• Home-base care

MARKET INSIGHTS BY SERVICE PROVIDER

• Public
• Private

MARKET INSIGHTS BY END USERS

• Nursing care facilities
• Home healthcare service

MARKET INSIGHTS BY REGION

North America Care Service Market

• The United States
• Canada
• Rest of North America

Europe Care Service Market

• Germany
• France
• The United Kingdom
• Italy
• Spain
• Rest of Europe

Asia-Pacific Care Service Market

• China
• Japan
• India
• South Korea
• Rest of Asia-Pacific

Rest of World Care Service Market

Top Company Profiles

• Genesis HealthCare Corp.
• Benesse Style Care Co., Ltd.
• Econ Healthcare Group
• GoldenCare Group Pvt. Ltd.
• Carewell-Service Co.
• St Luke’s ElderCare Ltd.
• Pacific Healthcare Nursing Home
• NTUC Health Co-Operative Ltd.
• ABM Industries
• Bayada Home Health Care