Market Trends of Global Health Caregiving Industry
Geriatric Population Segment is Expected to Hold a Significant Market Share Over the Forecast Period
The geriatric population is prone to diseases and other medical conditions due to low immunity. Hence, the geriatric population requires better care. Hence, the increasing geriatric population is expected to fuel demand for health caregiving facilities and increase market growth. According to the WHO data updated in October 2022, by 2030, one out of every six people will be 60 years of age or older. The number of people aged 60 and up is expected to rise from 1 billion in 2020 to 1.4 billion by 2050. By 2050, the global population of people aged 60 and above will reach 2.1 billion. Between 2020 and 2050, the number of people aged 80 and above is expected to triple, reaching 426 million.
According to the same source, while population aging-the shift in a country's population distribution towards older ages-began in high-income countries (for example, 30% of the population in Japan is already over 60 years old), it is now low- and middle-income countries that are experiencing the most change.Two-thirds of the world's population over 60 will live in low- and middle-income countries by 2050. As a result, this will increase the demand for healthcare, thereby boosting market growth. According to a United Nations World Ageing report, in 2020, there were around 12.499 million people aged 65 or over in the United Kingdom. This number is projected to double to 18.775 million in 2050. The population aged 65 or over in the country is expected to increase by 25.3% in 2050. There has been a shift in the leading chronic diseases over the last century, resulting in a significant increase in life expectancy. Noncommunicable diseases, primarily affecting adults and the elderly, pose the greatest threat to global health.
Hence, the growing geriatric population, increasing life expectancy, and associated diseases are projected to boost market growth.
North America is Expected to Dominate the Market Over the Forecast Period
North America is expected to hold a major share of the market during the forecast period. North America has a big share of the global market because of how many people use advanced technology, how common chronic and lifestyle diseases are, how much money is spent on healthcare, how few doctors there are, and how many people want better healthcare services.
Factors such as funding, key partnerships, and investments are likely to increase the market's growth in the region. Initiatives by the public sector are one of the key factors for growth. For instance, in July 2021, the state of Indiana expanded its Structured Family Caregiving (SFC) program to allow legal guardians to receive much-needed support to continue caring for older adults in the comfort of their homes. Such initiatives would provide a suitable environment for the market to grow.
According to an estimate from the Canadian Imperial Bank of Commerce (CIBC) for 2021, the cost of caring for aging parents alone in this country is more than USD 33 billion. With an aging population and growing life expectancy, these issues are becoming more integral to the Canadian policy discussion each year. Investments and increased funding are key factors in the growth of the market. For instance, in August 2021, Honor Technology, Inc. acquired Home Instead for more than USD 2.1 billion to become the "default" provider of services for seniors in the United States.
Hence, due to the abovementioned factors, the market is likely to grow in the future.
