Elderly care is the accumulation of service offerings that are designed to cater the needs of aging population. This accumulation is given to individuals that are not equipped to handle independent living and therefore, avail assisted living services for the improvement of their health. The services that consist of elderly care are defined as nursing care, assistance in home-care living and various other services. Although the broad term may be defined for the services that are majorly provided to patients living under assisted living, which is not the case as the adoption of this solution also ensures that the patient pool can be put under observation in the comfort of their own homes without bothering about their healthcare.
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Elderly Care Market is growing due to increasing patient pool, rising awareness of home care services the effect of these factors are mentioned below:
Innovative product launches by the manufacturers:
The market is segmented on the basis of product type as housing & assistive devices, pharmaceuticals; service is segmented into institutional care, homecare, adult day care; application is segmented into heart diseases, cancer, kidney diseases, diabetes, arthritis, osteoporosis, neurological, respiratory, others.
“According to Data Bridge Market Research, global elderly care market is growing at a healthy CAGR during the forecast period of 2018 to 2025”
Some of the major players operating in market are Koninklijke Philips N.V.; Right at Home, LLC; BAYADA Home Health Care; LHC Group, Inc.; Amedisys; Brookdale Senior Living Solutions; Compassus; ECON Healthcare Group; Encompass Health Corporation; Exceptional Living Centers; Genesis HealthCare; EXTENDICARE; Hanami Residencial; Interim HealthCare Inc.; Rosewood Care Group; ST LUKE’S ELDERCARE LTD.; Trinity Health and United Medicare Pte Ltd among others.
The market is undergoing this healthy growth rate attributing to the advancements of various technological offerings by the various manufacturers which involve adopting AI-powered solutions to ensure that rapid and effective healthcare solutions can be provided to the patients. The combined offerings help in improving the overall health of the aged population, while also reducing the concerns by their loved ones.