Global Elderly Care Market is expected to reach USD 1,692,117.41 million by 2025 and is projected to register a CAGR of healthy rate in the forecast period 2018 to 2025. The new market report contains data for historic years 2016, the base year of calculation is 2017 and the forecast period is 2018 to 2025.
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Global Elderly Care Market, By Product Type (Pharmaceuticals, Housing and Assistive Devices), Service (Institutional Care, Homecare, Adult Day Care), Application (Heart Diseases, Cancer, Kidney Diseases, Diabetes, Arthritis, Osteoporosis, Neurological, Respiratory and Others), Geography (North America, Europe, Asia-Pacific, South America, Middle East and Africa) – Industry Trends and Forecast to 2025
Prominent factors driving the growth of this market consist of rising patient pool for chronic illness in ageing population, rising awareness of home care services, increasing geriatric population, Insurance coverage and government initiatives to provide cost-effective medical treatment for ageing population.
Rising patient pool for chronic illness in ageing population
High prevalence of chronic diseases and morbidity in the elder patient affects quality of life of elder patient. Communicable disease is another type of chronic diseases in elder patients. According to CVS health, around 46.0 % of total population is suffering from hypertension, 42.0% from arthritis and 20.0% from diabetes. Around 13.0% of senior aged population is suffering from depression and 20.0% from chronic pain.
According to Eurostats, It was estimated that in January 2016 around 510.3 Million aged people are living in Europe and among them 98 million were aged 65 years, in which and 57.1% were women elders. Multimorbidity leads to the poor body function which lastly leads to mortality.
Mentally impaired elder patients generally prefer long-term care facilities that boost the hospice service market of the elder care market. There are many long term services available for certain symptoms at lower cost. Due to this, nursing specific to elder people are preferred more over the general nursing home or hospitals.
The main advantage of the elderly home care is that it provides services of both nursing homes and home care facilities. In home care services, the services are increased or decreased according to the intensity of the disease and proper assessment of patient.
According to IDF Diabetes Atlas, it was estimated that in 2017, 82 million adults aged between 20-79 years were living with diabetes in the South-East Asia region.
According to National Council of Ageing, around 80.0% of older adults have at least one chronic disease and 77.0% have at least two. Few chronic disease from which the elder patient suffers include heart disease, cancer, stroke, and diabetes.
As elder population are highly prone to chronic disease and they suffer from the diseases for a longer period of time, they need proper care and proper services for chronic disease.
Chronic diseases like chronic obstructive pulmonary disease (COPD), arthritis, cardiac disease, neurodegenerative disease are highly prevalent in elder population. These diseases cannot be treated in the short span of time and require care services. Therefore, increasing numbers of chronic diseases in elderly population is boosting the growth of the market
RISING AWARENESS OF HOME CARE Services
In the elder care services, socio-psychological factors increase the awareness regarding health of elders.
For instance, Community Care City of Kawartha Lakes (U.S.) organized Elder Abuse Awareness & Education program to create awareness, prevent and assist seniors who are at risk.
The State of Iowa (U.S.) started adult/elder abuse prevention and awareness program, which helps elders/adults with disabilities, their families, and caregivers with information on services that are available to at-risk-individuals.
To create more awareness around the world the U.N organized world elder abuse awareness day in 2017.
Elder people receive more psychological support from nursing care and supervision. As elder care centers have more specialized and trained staff to take care of elders. The services provided in the care centers include health planning, problem-solving, health assessment and monitoring, home-care services, and personal care assistance.
Hospitals stay is shorter due to availability of more special care and services at home. The service providers offer wide variety of services from personal assistance to medication.
U.N had declared 15th June as World’s elder day to create more awareness among people regarding elder’s health. Several campaigns and programs are organized in time to time to aware them about the services and their benefits.
As the government bodies and NGO’s are taking initiatives in creating the awareness about the various elderly services. Therefore, all these awareness programs are expected to raise demand of these services, which in turn is driving the market for elderly care worldwide.
Some of the major players operating in this market are Right at Home, LLC, Koninklijke Philips N.V, Hanami Residential, EXTENDICARE, Amedisy, Brookdale Senior Living Solutions, Almost Family, BAYADA Home Health Care, Encompass Health Corporation, Kindred Healthcare, Inc., LHC Group, Inc., Genesis HealthCare, Compassus, Econ Healthcare Group, Trinity Health, St Luke’s Eldercare Ltd., Rosewood Care Group, Interim HealthCare, United Medicare Pte Ltd, Exceptional Living Centers and among others.