Life Care Solution Services Market size was valued at USD 1.07 Billion in 2023 and is set to cross USD 2.48 Billion by the end of 2036, registering more than 6.7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of life care solution services is estimated at USD 1.13 Billion. The growth of the market can be attributed to the increasing number of deaths caused by chronic diseases worldwide. Chronic diseases are being extremely prevalent and considered to be the major cause of death across the globe and it is expected to hike the demand for life care solution services for the better diagnosis and treatment over the forecast period. As per recent estimates, in 2020, around 2 million deaths were caused by lung cancer globally, accounting for the highest number of cancer deaths. Furthermore, it is observed that by 2045, there will be 700 million people living with diabetes across the globe.
Life care solution services enhances the level of care in the hospitals and clinics, thus allowing patients across the world to receive upgraded care. The quick boost in the global market for life care solution services is projected to the significant changes in the competitive landscape and the shift toward value-added service offerings. Further, the rising acute and chronic diseases among the population and escalation in deaths is anticipated to bolster the need of life care solution services. As per statistics shared by the World Health Organization in 2021, it is revealed that non-communicable diseases (NCDs) kill 41 million people each year, which is equivalent to 71% of all deaths globally.
Growth Drivers
The escalation in the health expenditure results in the better health opportunities which increases the overall quality of life care solution services. Health expenditure supports one of the major indicators of human development that is health. It includes almost every expenditure including emergency aid, health services, family planning, and nutrition activities. Hence, the growth of the health expenditure is interlinked with the growth of life care solutions services.
Challenges
In developing countries, people are not much aware of life care solution services and apart from that, not everyone can pay the amount leverage the plan. Hence, this factor can be a major restraint to the growth of the market over the forecast period.
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
6.7% |
|
Base Year Market Size (2023) |
USD 1.07 Billion |
|
Forecast Year Market Size (2036) |
USD 2.48 Billion |
|
Regional Scope |
|
End-user (Hospitals, Diagnostic Centers)
The global life care solution services market is segmented and analyzed for demand and supply by end-user into hospitals, diagnostic centers, and others. Out of the three types of end-users, the hospitals segment is estimated to gain the largest market share over the projected time frame. The growth of the segment can be attributed to the increasing number of hospitals across the globe baked by the heavy government funding to construct hospitals to provide better medical care for people. Growing number of hospitals along with the enhanced and automated equipment are projected to fuel the growth of the global life care solution services market over the forecast period. For instance, in 2020, Colombia was estimated to have the highest number of hospitals i.e., 10,900. In comparison, Japan had approximately 8,000 and United States had nearly 6,000 hospitals in the same period.
Product Type (Patient Monitoring, Maternal & Infant Care, Consumables, Diagnostic Cardiology, Anesthesia/Respiratory)
The global life care solution services market is also segmented and analyzed for demand and supply by product type into patient monitoring, maternal & infant care, consumables, diagnostic cardiology, and anesthesia/respiratory. Amongst these segments, the consumables segment is expected to garner a significant share by 2036. Consumables segment is projected to grow on the back of rising awareness towards the hygiene and safety of both patients and healthcare providers backed by their heavy utilization in the medical facilities such as, labs, hospitals, clinics, and others. The example of these consumables includes masks, gowns, tubing, needles, syringes, adhesives, catheters, gloves, and others. The medical consumables are the vital part of the medical fields. Consumables such as, kidney dishes, body wipes, gauze swabs, ear thermometer probe covers, adult diapers, cotton wool balls, and others can be seen in the public hospitals. Owing to modern rules and regulations for hospitals, a significant surge in the utilization of medical consumables can be observed. Hence, such requirement is expected to drive the segment growth over the forecast period.
Our in-depth analysis of the global market includes the following segments:
|
By Product Type |
|
|
By Service Provider |
|
|
By End-Users |
|
North American Market Forecast
The North American life care solution services market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2036. The growth of the market can be attributed majorly to the hike in the health expenditure in the region for medical services backed by the presence of robust healthcare infrastructure. The Centers for Medicare & Medicaid Services stated that the spending on health in the United States grew by 9.7% in 2020 reaching to USD 4.1 trillion or USD 12,530 per person. This accounted for 19.7% of Gross Domestic Product (GDP). Furthermore, the burden of chronic diseases and the deaths occurred by it is another factor for the expansion of life care solution services in the region boosting the market growth during the forecast period. As of 2022, it was noticed thar every 6 in 10 adults in the U.S. have at least one chronic disease.
APAC Market Statistics
Furthermore, the global life care solution services market in Asia pacific is also expected to obtain a significant share over the forecast period. Rising cases of chronic diseases coupled with growing number of geriatrics in the region is expected to propel the market growth throughout the forecast period. For instance, the geriatric population in the Asia Pacific region is anticipated to hit approximately 1 billion by 2050. Additionally, boom in the regional population has also spurred the demand for enhanced life care solution services which results in the higher funding to improve healthcare infrastructure in the region. Hence, all these factors are expected to propel the market growth over the forecast period.
Europe Market Forecast
Moreover, the Europe region is further projected to provide lucrative growth opportunities where the market is expected to hold a share in the projected timeframe. The higher demand for better medical facilities backed by the technological advancement and growing awareness of early diagnosis is anticipated to expand the market size in the region over the forecast period.
General Electric Company and Medtronic has entered into a partnership that focuses on the needs for care at Ambulatory Surgery Centers (ASCs) and Office Based Labs (OBLs). Through this collaboration, customers can access extensive product portfolios, financial solutions, and exceptional service. This initiative is quite beneficial for clinicians and patients looking for more option.
Abbott Laboratories and WW International, Inc. announced a strategic partnership that will help people living with diabetes to better understand and manage their diabetes and weight. The collaboration took place to enable seamless and integrated experience to present deep insights on improving glucose control and improve weight loss.
Author Credits: Radhika Pawar
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?