Global Health Care and Social Assistance Market – Industry Trends and Forecast to 2029

Health Care and Social Assistance Market Analysis and Size

According to the World Health Organization (WHO), the COVID-19 virus causes mild to moderate respiratory illness in the majority of people who contract it. Coronavirus disease is an infectious disease. Screenings are crucial to preventing future health issues or spotting them early when they may be treated. In the commercial and public sector industries covered by the NIOSH healthcare and social assistance (HCSA) programme, about 20 million individuals work. Hospitals, nursing homes, home care facilities, social assistance, and ambulatory and home healthcare services are some of these sectors. The HCSA programme also covers veterinary medicine/animal care (VM/AC) businesses and businesses that employ people to care for laboratory animals, including zoos and botanical gardens, academic institutions, pharmaceutical and biotechnology firms, and others, due to the many similarities between human and animal healthcare.

Data Bridge Market Research analyses that the health care and social assistance market which was USD 1431.43 million in 2021, would rocket up to USD 2487.18 million by 2029, and is expected to undergo a CAGR of 7.15% during the forecast period 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Health Care and Social Assistance Market Scope and Segmentation      

Market Definition

Health care and social assistance means an establishment or agency providing health care or social assistance. The goal of the healthcare and social assistance program is to eliminate occupational illnesses, injuries, and mortalities while also enhancing the health and wellbeing of those who work in the human and veterinary healthcare sectors and who deliver social assistance services in a variety of situations, including clinics, nursing and private homes, child day care centres, and hospitals.

Health Care and Social Assistance Market Dynamics

Drivers

• Rise in geriatric population

Rising funding levels for Medicare and Medicaid from both public and private organisations, the prevalence of favourable insurance company reimbursement policies, an increase in the world's geriatric population, and rising consumer healthcare spending are some of the factors that will boost the growth of the health care and social assistance market in the forecast period of 2022–2029.

• Investments in healthcare

In the forecast period of 2022-2029, digitalisation, telehealth, and private equity investment will further raise a number of prospects that will lead to improved efficiency while assisting in market expansion for health care and social assistance.

• Rise in chronic diseases

The rising prevalence of chronic diseases, growing geriatric population, expanding R&D efforts, technological advancements in preventive healthcare, rising product releases, and strategic initiatives taken by major market players are the factors driving the analysed industry's expansion.

Opportunities

The market is predicted to be driven by an anticipated rise in the employment rate of women during the forecast period. For instance, the demand for corporate on-site childcare services is predicted to increase by 47.2% in 2024 as the proportion of women in the US labour force rises. Government attempts to encourage women to work, which will directly contribute to the expansion of the market throughout the forecast period and drive the social assistance market, are also strongly supporting the emergence of the on-site market.

Restraints/Challenges

Lack of awareness among the people regarding these services which will hamper the growth of the health care and social assistance market in the forecast period of 2022-2029.

This health care and social assistance market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the health care and social assistance market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Health Care and Social Assistance Market

In 2020, the COVID-19 outbreak restrained the market for social assistance as governments around the world implemented lockdowns that prohibited crowding in public places like schools, colleges, child care facilities, and community centres. A viral illness called COVID 19 causes flu-like symptoms like fever, coughing, and breathing difficulties. Countries have entered a condition of "lock down" due to national governments' efforts to stop the spread, and the outbreak is anticipated to severely impact businesses during 2020 and into 2021. However, some of the social service markets were largely unaffected by the pandemic since it did not affect how they operated. Since the shock was a "black swan" incident and not connected to enduring or fundamental deficiencies in the market or the global economy, it is anticipated that the health care and social assistance market will recover from the shock over the course of the forecast period.

Recent Development

• In February 2022I, in order to assist people in improving their health outcomes while managing numerous chronic conditions, Teladoc Health, Inc. introduced Chronic Care Complete, a first-of-its-kind chronic condition management solution.

Global Health Care and Social Assistance Market Scope

The health care and social assistance market is segmented on the basis of product and services, type, mode and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product and Services

• Ambulatory Healthcare Services
• Hospitals
• Nursing Homes and Residential Facilities
• Social Assistance
• Others

 Application

• Yield Monitoring
• Soil Monitoring
• Scouting
• Others

Mode

• Online
• Offline

Type

• Private
• Public

Health Care and Social Assistance Market Regional Analysis/Insights

The health care and social assistance market is analysed and market size insights and trends are provided by country, product and services, type, mode and application as referenced above.

The countries covered in the health care and social assistance market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the health care and social assistance market due to the prevalence of majority of market players along with rising funds from government sector in the region.

Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2022 to 2029 due to the rising health awareness among the people and growing demand of advanced medical technology.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Health Care and Social Assistance Market Share Analysis

The health care and social assistance market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to health care and social assistance market.

Some of the major players operating in the health care and social assistance market are:

• HCA Healthcare Inc. (U.S.)
• CoxHealth (U.S.)
• CommonSpirit Health (U.S.)
• Trinity Health (U.S.)
• TH Medical (U.S.)
• HM Health Solutions Inc. (U.S.)
• UPMC (U.S.)
• Sutter Health (U.S.)
• Providence (U.S.)
• Mayo Foundation for Medical Education and Research (MFMER) (U.S.)
• Quest Diagnostics Incorporated (U.S.)
• Brookdale Senior Living Inc. (U.S.)
• Feeding America West Michigan (U.S.)
• Trapollo (India)
•  Practice Fusion, Inc. (U.S.)

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