Care Services Market: Current Analysis and Forecast (2021-2027)

Report Description

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The global care services market is anticipated to grow with an elevated CAGR of around 9% over the forecast period (2021-2027). Care Services Market is designed for every individual and most commonly in the geriatric population. Care services are the services needed by the people such as daycare, long-term care, home care, nursing homes, assisted living facilities, adult day programs, dementia care facilities, hospice care, skilled care, and custodial care. These are needed because old age is a sensitive phase and various medical issues happen like heart failure, diabetes, respiratory disorders, and joint pains. Therefore, regular taking care of these population groups becomes crucial. Further, the last few years have been witnessing a change in demographics, and increasing expectancy of life of the population globally, which has resulted in the increase of the population requiring major medical support. Further, diseases like dementia and Alzheimer’s have provoked a rising demand for residential care services for older people suffering due to chronic illnesses. Owing to the aforementioned factors, the demand for care services is growing.

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.

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Insights Presented in the Report

“Amongst service types, home-based care segment holds the significant share”

Based on service type, the market has been distributed into, institutional care, adult day care, and home-based care. Among these, home-based care services held a significant share in the market in 2020.  This can be attributed because the old aged people are not able to go to hospitals or their children are not able to take care of them properly, so those people took home-based care services.

“Amongst service providers, private segment holds the major share”

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. The quality of medical aid and excellence of service are the primary differentiators that have driven a competitive advantage in private healthcare institutions. The private care centers offer specialized focus on disease treatment and provide services related to that disease, such as cardiovascular diseases, and services for physically or mentally disabled persons

“North America represents one of the largest markets in care services”

For a better understanding of the market dynamics of the care services market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, the United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and Rest of Asia-Pacific) and 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.

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Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

Customization Options:

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Research Methodology

Research Methodology for the Global Care Services Market Analysis (2021-2027)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global care services market were the three major steps undertaken to create and analyze the adoption of care services in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Care Services market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of Care Services through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the care services market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as service type, service provider, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of Care Services across the globe.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis was conducted using dependent and independent variables such as the growing old age population and increasing medical service digitalization. Historical trends and their year-on-year impact on the market size and share in the recent past were analyzed. The demand and supply-side scenarios were also thoroughly studied.

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Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the care services market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of care services across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Care Services market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

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Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the care services market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of service type, service providers, and end-users of the care services market.

The main objective of the Care Services Market Study

The current & future market trends of care services were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of care services in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of service type, service provider, end-users
• Define and analysis of the regulatory framework for the care services industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the care services market for the major region
• Major regions studied in the report include North America, Europe, Asia-Pacific and Rest of the world
• Company profiles of the Care Services market and the growth strategies adopted by the market players to sustain in the fast-growing market

Deep dive regional level analysis of the industry

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