Global Life Care Solution Services Market Definition
Life care solution services are a great medium to enhance the quality of medical care in the clinics and hospitals. It further facilitates patients to obtain enhanced medical care across the globe. Life care solutions includes home nurse & blood bank facility (on demand), medical and accidents insurance coverages, compensation for fatal accidents, disablement, and others, health tour packages, and many more. Life care solutions are beneficial to prevent bills for health care and helpful in affording expensive services.
Life care solution services include specific plans for the members to obtain better quality care. With the help of coordinated health plan, everyone can get enhanced health care facility without being concerned about the cost. The money offered by the life care solution services is much valuable at the time when a person is sick.
Other services included in the plans are sleep apnea products, respiratory therapy & drugs, oxygen therapy, nutrients products and others. Benefits provided by the life care solutions are better family and parenting planning, health & wellness, vacations, and others. Other advantages of these services are education assistance, transport and work from home policy and others.
Global Life Care Solution Services Market: Key Insights
Base Year |
2022 |
Forecast Year |
2023-2035 |
CAGR |
~7% |
Base Year Market Size (2022) |
~ USD 1 Billion |
Forecast Year Market Size (2035) |
~ USD 3 Billion |
Regional Scope |
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Global Life Care Solution Services Market Size, Forecast, and Trend Highlights Over 2023 - 2035
The global life care solution services market is estimated to garner a revenue of ~USD 3 Billion by the end of 2035 by growing at a CAGR of ~7% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of ~USD 1 Billion in the year 2022. 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.
Global Life Care Solution Services Market: Growth Drivers and Challenges
Growth Drivers
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Escalation in Health Expenditure across the Globe – The World Bank released the health expenditure of the world in the year 2019, which accounted to be 9.83% of the total GDP. This is a rise from 2017, where global health expenditure was 9.77% of total GDP.
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.
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Surge in the Number of Hospitals Beds and Supporting Equipment – For instance, the number of federal government and nonfederal psychiatric hospitals in the United States was expected to be around 200 and 600 respectively while the number of staffed beds in every hospital was estimated to be approximately 900,000 in 2022. In modern times, the availability of automated hospital beds in the hospitals has also increase the quality-of-life care solutions services.
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Growth in the Hospital Visits – In recent estimates of 2019, it was found that there were approximately 900 million outpatient visited hospitals in the U.S. Additionally, in 2021 around 80% of the USA population saw health care professional along with approximately 90% of the children in the similar year enriching the hospital visitor management that is projected to hike the growth of the market over the forecast period.
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Increasing Initiatives to Reduce the Risk of Surgical Procedures – the percentage of people at risk owing to poor expenditure for surgical care has been observed to decrease drastically in the recent decades. For instance, data released by the World Bank revealed that there were only 17% of the people at surgical risk decreased from 40% in 2003 and 27% in 2011.
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Higher Prevalence of Noncommunicable Disease – a significant number of people are living with noncommunicable disease across the globe. For instance, World Heath Organization has stated that 17.9 million people die on account of noncommunicable diseases every year globally.
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Surge in the Medical Studies – currently, more than 440,000 medical studies were conducted in nearly 220 countries while the percentage of registered studies as of February 2023 in the United States was estimated to be around 30%.
Challenges
- Lack of Implementation Procedure in Developing Countries
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.
- Low Adoption Rate
- Increment in the Additional Expenses
Global Life Care Solution Services Market Segmentation
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.
The global life care solution services market is also segmented and analyzed for demand and supply by end-user 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 2035. 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 life care solution services market includes the following segments:
By Product Type |
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By Service Provider |
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By End-Users |
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Global Life Care Solution Services Market Regional Synopsis
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 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.
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.
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.
Top Featured Companies Dominating the Global Life Care Solution Services Market
- Abbott Laboratories
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Becton, Dickinson and Company
- Nihon Kohden Corporation
- General Electric Company
- Hill-Rom Co., Inc.
- Masimo Österreich GmbH
- Medtronic plc
- Drägerwerk AG & Co. KGaA
- Getinge AB.
- Natus Medical Incorporated
- Report ID: 4238
- Published Date: Feb 20, 2023
- Report Format: PDF, PPT