Key Medical-Social Working Services Market Trend 2024-2033: Technological Advancement
Medical-Social Working Services Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The global market for medical-social working services is projected to witness robust growth, increasing from $6.98 billion in 2023 to $7.56 billion in 2024, registering a compound annual growth rate CAGR of 8.3%. Factors contributing to this growth include increasing awareness of mental health issues, the implementation of integrated care models, the person in the environment PIE assessment system's development, growing demand for social-medical care, and rising cases of autism.
What are the growth prospects for the Medical-Social Working Services market?
The market size for medical-social working services is anticipated to grow significantly in the approaching years, escalating to $10.43 billion in 2028 at a compound annual growth rate CAGR of 8.4%. This forecasted growth can be attributed to healthcare policy and reform, increasing awareness about mental health, the advent of telehealth, health insurance coverage expansion, and a stronger focus on preventive and proactive care. Technological advancements, mobile health applications MHealth, digital therapeutic solutions development, blockchain technology adoption, and environmental and social determinants' integration are set to be the major trends in the forecast period.
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What are the key drivers of the Medical-Social Working Services market?
The surge in patient volume is expected to fuel the medical-social working services market's growth. An aging population, increasing prevalence of chronic diseases, and advancements in medical technology improving diagnosis and treatment all contribute to a greater volume of patients. This leads to heightened awareness of and access to healthcare services. Medical-social working services improve patient well-being by integrating medical care with social support, providing access to resources, and addressing healthcare and social needs. For instance, a report published by the Australia Institute of Health and Welfare in August 2023 indicated that hospitalizations increased to 12.1 million during 2022-2023, a 4.6% rise from the previous year.
Who are the influential players in the Medical-Social Working Services market?
Top companies operating in the medical-social working services market include UnitedHealth Group Incorporated, Cigna Corporation, Kaiser Foundation Health Plan Inc., Providence Health & Services Inc., Trinity Health Corporation, Fresenius Medical Care AG, Mayo Clinic Health System, Sutter Health, Universal Health Services Inc., Cleveland Clinic Foundation, DaVita Inc., Johns Hopkins University, Kindred Healthcare LLC, Memorial Sloan Kettering Cancer Center, Genesis HealthCare LLC, BrightStar Care Inc., VITAS Healthcare Corporation, LHC Group Inc., Amedisys Inc., Magellan Health Inc., and CareMore Health
What are the emerging trends in the Medical-Social Working Services market?
Main players in the medical-social working services market are working on expanding their presence by launching innovative solutions, such as home healthcare initiatives, to provide comprehensive care management integrating medical and social services. For example, in July 2024, Star Health and Allied Insurance, an India-based health insurance company, launched a Home Healthcare Initiative to provide medical services directly to patients' homes across 50 Indian cities and towns. This initiative aims to enhance patient convenience and accessibility, reflecting the growing trend towards home-based healthcare solutions.
How is the market for Medical-Social Working Services segmented?
The market is segmented as follows:
1 By Service Type: Patient Intake Screening, Patient Counselling And Education, Discharge Planning, Patient Advocacy, Other Service Types
2 By Type Of Expenditure: Public, Private
3 By Application: Hospitals, Nursing Homes, Assisted Care Facilities, Residential Treatment Centers, Other Applications
4 By End-User: Female, Male, Other End-Users
How is the Medical-Social Working Services market distributed regionally?
In 2023, North America was the largest region in the medical-social working services market. On the other hand, Asia-Pacific is projected to be the fastest-growing region in the forecast period. Areas included in this market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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