Elderly care encompasses various applications and features to meet the diverse needs of aging populations. It includes home care services, assisted living facilities, nursing homes, and memory care centres. The features involve personalized care plans, medical supervision, social activities, and specialized care for conditions such as dementia. Elderly care enables older adults to maintain independence, receive necessary medical attention, and enjoy a comfortable living environment. Its crucial role in supporting the well-being and quality of life of the elderly makes it a vital aspect of modern healthcare services.
According to Data Bridge Market Research, the Sri Lanka Elderly Care Market is USD 832.8 billion in 2021, is expected to reach USD 1268.43 billion by 2029 expected to grow with a CAGR of 4.50% in the forecast period of 2029 to 2029.
“Growing geriatric population boosts the market’s growth”
The growing geriatric population is a significant driver for the expansion of the elderly care market. As the number of elderly individuals increases, there is a rising demand for specialized care services, including assisted living, home care, and nursing homes. Healthcare providers and facilities catering to the elderly are experiencing increased demand, resulting in market growth. Moreover, advancements in healthcare technologies and a focus on improving the quality of life for the elderly are further contributing to the market's development and expansion.
What restraints the growth of the Sri Lanka Elderly Care Market?
“High cost of elderly care services restraints the market’s growth”
The high cost of elderly care services presents a significant constraint on the growth of the elderly care market. As the demand for specialized care increases with the aging population, the cost of providing comprehensive care rises substantially. Many individuals and families face financial challenges in affording such services, leading to limited access and utilization. Moreover, the high cost can deter potential investors and providers from entering the market, hindering its overall expansion and accessibility to those in need of elderly care support.
Segmentation: Sri Lanka Elderly Care Market
The Sri Lanka elderly care market is segmented on the basis of type, service, and application.
- On the basis of type, the elderly care market is segmented into pharmaceuticals, housing, and assistive devices.
- On the basis of service, the elderly care market is bifurcated into institutional care, homecare, and adult day care.
- On the basis of application, the elderly care market is divided into heart diseases, cancer, kidney disease, diabetes, arthritis, osteoporosis, neurological, respiratory, and others.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/srilanka-elderly-care-market
Recent Developments
- In 2020, The Leapfrog Group's Hospital Safety Scores report for spring 2020 awarded 13 Trinity Health hospitals with top grades of "A" for patient safety, which is the best possible rating. This recognition is expected to enhance Trinity Health's market reputation, boost revenue, and contribute to the growth and advancement of the aged care industry.
- In June 2021, TechCrunch, Webrock Ventures and Healthforce have joined forces to launch a telehealth initiative in South Africa. The collaboration aims to offer a wide range of telehealth services to patients, including on-demand and scheduled consultations with nurses, mental health specialists, and medical practitioners.
The Prominent Key Players Operating in the Sri Lanka Elderly Care Market Include:
- Koninklijke Philips N.V. (Netherlands)
- Amedisys (U.S.)
- ECON Healthcare Group (Singapore)
- Encompass Health Corporation (U.S.)
- EXTENDICARE (Canada)
- LHC Group, Inc. (U.S.)
- Medtronic (Ireland)
- ORPEA GROUPE (France)
- Prolifico (U.S.)
- ElderCareCanada (Canada)
- Exceptional Living Centers (U.S.)
- Right at Home, LLC (U.S.)
- BAYADA Home Health Care (U.S.)
- United Medicare Pte Ltd (Singapore)
- Trinity Health (U.S.)
- Rosewood Care Group (U.S.)
- ST LUKE'S ELDERCARE LTD (Singapore)
Above are the key players covered in the report, to know about more and exhaustive list of Sri Lanka elderly care market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Sri Lanka 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, Sri Lanka vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
