The Europe elderly care market is experiencing a significant transformation as the region's aging population grows. As per the World Health Organization (WHO), emerging nations are projected to have nearly 1 billion seniors by 2050, driving a significant surge in the demand for elder care services. As a result, both public and private sector organizations have expanded their offerings to meet this demand, creating a competitive and evolving marketplace. Various stakeholders, including caregivers, healthcare providers, and technology companies, play vital roles in delivering comprehensive care solutions for elderly individuals.
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Data Bridge Market Research analyses that the Europe Elderly Care Market is expected to grow at a CAGR of 6.8% in the forecast period of 2022 to 2029 and is expected to reach USD 4,93,988.80 million by 2029 from USD 2,91,841.5 million in the year 2021. Advancements in healthcare have extended life expectancy in Europe, resulting in a growing elderly population. This demographic shift necessitates prolonged care and support services to meet the diverse healthcare and social needs of aging individuals, driving the expansion of the elderly care market.
Key Findings of the Study
Cost-effective elderly care services are expected to drive the market's growth rate
The escalating healthcare costs have steered a significant shift towards elderly care services as a more cost-effective alternative to hospitalization and institutional care. With aging populations, elderly care services offer a practical and economical means to ensure quality care for seniors while managing healthcare expenses. This cost-efficiency factor has become a pivotal driver in the growth of the Europe elderly care market, encouraging individuals and healthcare systems to opt for community and home-based care solutions.
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 Million, Volumes in Units, Pricing in USD
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Segments Covered
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Product Type (Pharmaceuticals, and Housing and Assistive Devices), Service (Institutional Care, Homecare, and Adult Day Care), Application (Heart Diseases, Cancer, Kidney Diseases, Diabetes, Arthritis, Osteoporosis, Neurological, and Respiratory)
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Countries Covered
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Germany, France, U.K., Italy, Spain, Russia, Switzerland, Netherlands, Turkey, Belgium and rest of Europe
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Market Players Covered
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Koninklijke Philips N.V. (Royal Philips (Netherlands), Medtronic (Ireland), ORPEA GROUPE (France), Right at Home, LLC (U.S.), Home Instead, Inc. (U.S.), BAYADA Home Health Care (U.S.) among others
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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 Europe elderly care market is segmented into 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.
Major Players
Data Bridge Market Research recognizes the following companies as the major Europe elderly care market players in Europe elderly care market are Koninklijke Philips N.V. (Royal Philips (Netherlands), Medtronic (Ireland), ORPEA GROUPE (France), Right at Home, LLC (U.S.), Home Instead, Inc. (U.S.), BAYADA Home Health Care (U.S.).
Market Developments
- In January 2022, Koninklijke Philips N.V. revealed its partnership with ORPEA GROUPE, a prominent European elderly care provider. This partnership aims to integrate advanced healthcare technologies into ORPEA's facilities, enhancing elderly care services and improving overall patient outcomes, marking a significant advancement in the European elderly care market.
- In January 2022, Medtronic plc unveiled a definitive agreement to acquire Affera, Inc., a pioneer in cardiac mapping and catheter-based ablation technologies. This strategic move is set to enhance Medtronic's global presence and bolster future revenue by offering advanced solutions for cardiac arrhythmias, including Atrial Fibrillation (AF).
- In February 2022, ORPEA GROUPE revealed a strategic collaboration with Home Instead, Inc. to enhance elderly care services across Europe. This collaboration aims to provide more comprehensive and personalized in-home care solutions for seniors, further enriching the elderly care market's offerings and promoting enhanced well-being for the elderly population.
- In September 2023, 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 their market presence, and facilitating innovative collaborations to serve the aging population effectively.
Regional Analysis
Geographically, the countries covered in the Europe elderly care market report are Germany, France, U.K., Italy, Spain, Russia, Switzerland, Netherlands, Turkey, Belgium, and rest of Europe.
As per Data Bridge Market Research analysis:
Germany is expected to dominate the Europe elderly care market during the forecast period 2022-2029
Germany is poised to take the lead in the European elderly care market in the coming years due to the increasing demand for personal care services. With a substantial and growing elderly population in the region, numerous elderly care centers and service providers are emerging to meet these needs. This trend is expected to drive the dominance of the German market as it continues to expand and offer a wide range of services tailored to the aging demographic.
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