Asia-Pacific 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), Country (China, Japan, India, South Korea, Australia, Singapore, Thailand, Indonesia, Malaysia, Philippines, Rest of Asia-Pacific) Market Trends and Forecast to 2027
Market Analysis and Insights: Asia-Pacific Elderly Care Market
Elderly care market is expected to gain market growth in the forecast period of 2020 to 2027. Data Bridge Market Research analyses that the market is growing with a CAGR of 6.2% in the forecast period of 2020 to 2027 and expected to reach USD 341,854.33 million by 2027. Increasing ageing population and increasing use of social media on home healthcare are the major factors enhancing the market growth.
Due to multiple benefits of home healthcare such as nursing home, home care for geriatric population increases the growth of the market. The geriatric population growth rate is increasing in Asia where home healthcare may play an important role as it provides services to people at home; hence people are getting more inclined towards it.
For instance, in February 2018, an article published by World Health Organization, it has been estimated that around 125 million of people were aged 80 years or older. Further by 2050, approximately 120 million of aged people will live in China alone. So increasing population in countries of Asia Pacific may grow the market of Asia-Pacific elderly care market.
This elderly care market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario contact us for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Asia-Pacific Elderly Care Market Scope and Market Size
Asia-Pacific elderly care market is segmented on the basis of product type, service and application. The growth among these segments helps you to analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of product type, the market is segmented into pharmaceuticals and housing and assistive devices. In 2020, housing and assistive devices is expected to dominate the growth of the elderly care market as the need for assistive devices is higher in homecare of elderly patients and growing geriatric population which are not capable of self-assistance hence, fuels the growth of the market in the forecast period of 2020 to 2027.
- On the basis of service, the market is segmented into homecare, institutional care and adult day care. In 2020, homecare segment is expected to dominate elderly care market as homecare provides its services and solution to aged patients at doorstep and one does not need to visit hospital hence, geriatric population is getting dependent and finding comfort with this facility, which ultimately leads to growth of the market in forecast period of 2020 to 2027.
- On the basis of application, the market is segmented into heart diseases, respiratory, diabetes, osteoporosis, cancer, neurological, kidney diseases, arthritis and others. In 2020, heart diseases segment is expected to dominate the growth of the market due to the growing incidences of blood pressure, cardiovascular diseases, hyper tension amongst elderly patients, leading the growth of the market in the coming year.
Elderly Care Market Country Level Analysis
Europe elderly care market is analysed and market size information is provided by country, by product type, service and application as referenced above.
The countries covered in elderly care market report are China, Japan, India, South Korea, Australia, Singapore, Thailand, Indonesia, Malaysia, Philippines and rest of Asia-Pacific.
China dominates the Asia-Pacific elderly care market due to increasing geriatric population associated with the diseases among elderly population. The rapidly increase in ageing population and ageing-associated disease strongly suggest the need for home healthcare to address the treatment of older people in China.
For instance, According to an article published by World Health Organization in 2015, China in Asia-Pacific region has high aging people than middle-income or low income countries. They have also estimated that the population aged 60 years or older will increase from 12.4% in 2010 to 28.0% in 2040. Increasing aged population associated with diseases will require better care and home healthcare hence, china is dominating the Asia-Pacific elderly care market.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Strong Investment in Research and Development Activities and New Technology Penetration
Asia-Pacific elderly care market also provides you with detailed market analysis for every country growth in medical device industry with elderly care sales, components sales, impact of technological development in elderly care services and changes in regulatory scenarios with their support for elderly care market. The data is available for historic period 2010 to 2018.
Competitive Landscape and Elderly Care Market Share Analysis
Asia-Pacific elderly care market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Asia-Pacific elderly care market.
The major players covered in the report are Right at Home, LLC, Koninklijke Philips N.V, Bayada Home Health Care, Econ Healthcare Group, Home Instead, Inc., Econ Healthcare Group, Orpea Groupe, St Luke’s Eldercare Ltd., Rosewood Care Group, Medtronic, Interim HealthCare Inc, United Medicare Pte Ltd among other players in Europe. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
- In September 2019, Orpea Groupe has acquired Sinoué. Sinoué is a France based psychiatric hospitals group and provides 7 facilities and 592 beds for patients. This psychiatric hospital manages different types of services including psychiatric disorders such as depression, mental health care, bipolar disorder, sleeping disorder, addiction and various others. This acquisition has helped the company to enhance their business in psychiatric care offering both in France and globally.
- In January 2019, Home Instead, Inc. has entered into a partnership with GrandPad to offer an integrated care solution. This partnership has created an opportunity to the company to deliver technology based home care services across rural geographies.
Partnership, expansion and other strategies enhances the company market share with increased coverage and presence. It also provides the benefit for organisation to improve their offering for elderly care through expanded model range.
Customization Available : Asia-Pacific Elderly Care Market
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