Life Care Solution Services Market - Regional Analysis
North American Market Insights
North America industry is predicted to hold largest revenue share of 57% by 2035. 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 Insights
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 Insights
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.
