According to the report titled ‘Global Health Caregiving Market Size study, by Product Type (Physical and Psychological), By Care Type (Daily Essential Activities, Health and Safety Awareness, Care Coordination, Social Well-Being, Transition Support, Caregiver Quality of Life ) and Regional Forecasts 2021-2027’ available with Market Study Report, global health caregiving market was appraised at USD 111.2 billion in 2020 and is projected to record 11.2% CAGR over 2021-2027 to accumulate USD 234.6 billion by the end of forecast period.
 

Rising trend of nuclear families, isolated lifestyles, and increasing prevalence of chronic obstructive pulmonary disease (COPD) are impelling the growth of global health caregiving market.
 

For the unversed, caregiving is basically a service aiding someone in taking care of oneself. There is no specific age group or gender who seek this service. This service is opted by individuals in case of injury, disability, or chronic illness.
 

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With surge in smartphone user base, health-related alerts and applications are just a tap away. Medical professionals can share data, enhance the assistance being offered, and train the clinical staff through smartphones, which along with acceptance of online home delivery services are augmenting the market outlook.
 

On the downside, lack of skilled professionals is the key challenge which needs to be addressed in the worldwide health caregiving industry scenario.
 

Based on product terrain, the market is bifurcated into physical, and psychological. Speaking of care type, the industry is segmented as health & safety awareness, caregiver quality of life, care coordination, social wellbeing, transition support, and daily essential activities.
 

Geographically, Asia Pacific, North America, Europe, Latin America, and rest of the world are studied thoroughly in the report. North America is touted to account for considerable share in global health caregiving market in the coming years, keeping in consideration the rising geriatric population, and advanced medical services network.
 

Meanwhile, Asia Pacific market is anticipated to record decent revenues during the forecast period, due to rising healthcare expenditure, upgradation of medical services, and awareness regarding wellbeing.
 

The competitive scenario of worldwide health caregiving industry is decorated by companies namely Vesta Healthcare, Honor Technology Inc., Seniorlink Inc., Home Hero Inc., Cariloop, GreatCall, UnaliWear Inc., Room2Care, CareLinx Inc., and Care.com among others.