In the elderly care market, innovations are transforming the landscape. Telehealth solutions, wearable devices, and smart home technologies enhance seniors' safety and well-being while reducing healthcare costs. Home-based care is the dominating segment, driven by the desire to age in place. It offers a more cost-effective and comfortable alternative to institutional care. Innovations in telemedicine and remote monitoring further bolster this segment, empowering seniors to maintain their independence while receiving necessary medical attention and support in the familiar surroundings of their homes.
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Data Bridge Market Research analyses that the Asia-Pacific Elderly Care Market is expected to grow at a CAGR of 5.40% in the forecast period of 2022 to 2029 and is expected to reach USD 1,268.43 billion by 2029 from USD 832.8 billion in 2021. Increasing global awareness of elderly care is leading to a heightened demand for home care, adult care, and related services. The rapid growth of the elderly population is driving the expansion of the elderly care market, with growing demand for its services and products acting as a significant catalyst for market growth.
Key Findings of the Study
Technological advancements are expected to drive the market's growth rate
Technological advancements are revolutionizing the elderly care industry by introducing innovative solutions that significantly enhance efficiency and overall quality of care. These advancements include wearable health monitoring devices, telehealth platforms, and smart home automation systems designed to monitor seniors' well-being, track vital health metrics, and provide real-time support. Furthermore, these technologies improve care delivery and offer seniors a sense of independence and safety, allowing them to age in place while receiving the necessary assistance, thereby transforming the elderly care landscape.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014-2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Product Type (Pharmaceuticals, Housing, Assistive Devices), Service (Institutional Care, Homecare, Adult Day Care), Application (Heart Diseases, Cancer, Kidney Diseases, Diabetes, Arthritis, Osteoporosis, Neurological, Respiratory, Others)
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Countries Covered
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China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC).
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Market Players Covered
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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)
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Segment Analysis:
The Asia-Pacific elderly care market is segmented on the basis of type, service, and application.
- On the basis of type, the Asia-Pacific elderly care market is segmented into pharmaceuticals, housing, and assistive devices.
- On the basis of service, the Asia-Pacific elderly care market is segmented into institutional care, homecare, and adult day care.
- On the basis of application, the Asia-Pacific elderly care market is segmented into heart diseases, cancer, kidney diseases, diabetes, arthritis, osteoporosis, neurological, respiratory, and others.
Major Players
Data Bridge Market Research recognizes the following companies as the major Asia-Pacific elderly care market players in Asia-Pacific elderly care market are 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.).
Market Developments
- In September 2023, Tokyo-based ElderCare Solutions announced a strategic collaboration with Singapore's SeniorLiving Innovations to enhance elderly care in the Asia-Pacific region. This partnership aims to leverage technology and expertise to improve patient outcomes, bolster market presence, and foster innovation in the elderly care sector, benefiting seniors and their families across the region.
- In September 2023, Japan's senior care leader, SeniorsCareAsia, announced its acquisition of Australia's ElderlyWell, expanding their footprint in the Asia-Pacific market. This strategic move reinforces SeniorsCareAsia's commitment to providing top-notch elderly care services across the region, enhancing its market presence, and facilitating innovative collaborations to serve the aging population effectively.
- In July 2021, prominent Asia-Pacific elderly care provider ElderCare Solutions announced a strategic collaboration with HealthTech Innovators, a leader in healthcare technology solutions. This partnership aims to enhance elderly care by implementing cutting-edge digital health tools and innovative care management systems. The synergy between the two
- In June 2021, According to TechCrunch, Webrock Ventures and Helathforce will collaborate to deliver telehealth goods in South Africa. The new company has yet to be named, but its major goal is to provide patients with on-demand and planned consultations with nurses, mental health specialists, and practitioners.
Regional Analysis
Geographically, the countries covered in the Asia-Pacific elderly care market report are China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC).
As per Data Bridge Market Research analysis:
China is expected to dominate the Asia-Pacific elderly care market during the forecast period 2022-2029
China is expected to dominate the Asia-Pacific elderly care market during the forecast period 2022-2029. The substantial rise in China's senior population has resulted in a surging demand for elderly care products and services. This demographic shift positions China to lead the Asia-Pacific elderly care market in the foreseeable future. As the country responds to the needs of its aging population, it is poised to drive market growth, offering a wide array of services and solutions to cater to this expanding demographic.
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