Elderly care encompasses a range of applications and features tailored to support the well-being of senior citizens. This includes assisted living facilities, nursing homes, and in-home care services that provide medical assistance, daily living support, and companionship to the elderly. Key features include healthcare management, medication administration, mobility assistance, and recreational activities. The primary goal is to ensure the physical, mental, and emotional health of older adults, enabling them to maintain a comfortable and dignified quality of life as they age.
According to Data Bridge Market Research, the Europe Elderly Care Market is expected to reach USD 4,93,988.80 million by 2029. The market is expected to grow with a CAGR of 6.8% in the forecast period of 2022 to 2029.
“Growing geriatric population boosts the market’s growth”
The growing geriatric population is a significant driver of the elderly care market's growth. As more individuals reach old age, there is an increased demand for healthcare services, assisted living facilities, and home care services. This demographic shift creates opportunities for providers of elderly care solutions, including nursing homes, senior living communities, and in-home care agencies, to cater to the specific needs of older adults. It also drives innovation in healthcare technologies and solutions tailored to enhance the quality of life for seniors.
What restraints the growth of the Europe elderly care market?
“High cost of elderly care services restraints the market’s growth”
The high cost of elderly care services is a notable constraint on the growth of the elderly care market. As the demand for such services rises with an aging population, the expenses associated with assisted living, nursing homes, and in-home care can become burdensome for families and individuals. Affordability issues can limit access to these services, particularly for those without adequate insurance or financial resources. This financial barrier underscores the need for more affordable and accessible elderly care solutions to ensure the well-being of seniors.
Segmentation: Europe Elderly Care Market
The Europe elderly care market is segmented on the basis of product type, service, and application.
- On the basis of product type, the Europe elderly care market is segmented into pharmaceuticals, and housing, and assistive devices.
- On the basis of service, the Europe elderly care market is segmented into institutional care, homecare, and adult day care.
- On the basis of application, the Europe elderly care market is segmented into heart diseases, cancer, kidney diseases, diabetes, arthritis, osteoporosis, neurological, respiratory, and others.
Regional Insights: Germany is expected to dominate the Europe Elderly Care Market
Germany is expected to dominate the Europe elderly care market during the forecast period due to increase in personal care services in the region is a direct response to the growing elderly population. As the number of seniors in the area rises, the demand for elderly care centers and service providers has also increased. This trend reflects the need to provide specialized care and support to meet the healthcare and daily living requirements of the aging population.
Recent Development
- In May 2020, Thirteen hospitals within Trinity Health have been honored with "A" grades, the highest possible rating for patient safety, in the spring 2020 Hospital Safety Grades report by The Leapfrog Group. This recognition is expected to bolster the organization's market reputation, potentially increasing revenue and contributing to the growth of the elderly care sector.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/europe-elderly-care-market
The Prominent Key Players Operating in the Europe Elderly Care Market Include:
- Koninklijke Philips N.V. (Netherlands)
- Medtronic (U.S.)
- ORPEA GROUPE (France)
- Right at Home, LLC (U.S.)
- Home Instead, Inc. (U.S.)
- BAYADA Home Health Care (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of Europe elderly care market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Europe Elderly Care Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Europe vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
