Europe Elderly Care Market, By 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, Respiratory, and Others) - Industry Trends and Forecast to 2029.
Market Analysis and Insights
Elderly care is referred to as senior care, which includes meeting all the requirements of senior citizens at different stages. It includes products and services that make the daily activities of aged people simple and easy. The need for elderly care increases with the growing age as aged people require physical as well as emotional assistance to lead a productive, healthy, and independent life. Eldercare services include assisted living, adult day care, long-term care, short-term care, hospice, and home care.
In developed nations, elderly care services are in high demand, and with growing medical science technology, the developing nations are also opting for these services. Elderly care services are divided into medical and non-medical services. After surgeries or any injuries, the services offered to the elders are mainly medical, while emotional problems or neurodegenerative disease include both medical and non-medical services.
Europe elderly care market is expected to gain market growth in the forecast period of 2022 to 2029. Data Bridge Market Research analyses that the market is growing with a CAGR of 6.8% in the forecast period of 2022 to 2029 and is expected to reach USD 493,988.80 Million by 2029.
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Report Metric |
Details |
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Forecast Period |
2022 to 2029 |
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Base Year |
2021 |
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Historic Years |
2020 (Customizable to 2019 - 2014) |
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Quantitative Units |
Revenue in USD Million, Pricing in USD |
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Segments Covered |
By 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 |
Germany, France, U.K., Italy, Spain, Russia, Switzerland, Netherlands, Turkey, Belgium and rest of Europe |
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Market Players Covered |
Koninklijke Philips N.V., Medtronic, ORPEA GROUPE, Right at Home, LLC, Home Instead, Inc., BAYADA Home Health Care among others |
Europe Elderly Care Market Dynamics
Drivers
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Increasing geriatric population
The proportion of aged people (people aged 60 and over) is increasing worldwide. The geriatric population has more health issues where home healthcare provides services to provide better treatment among patients. Thus, the increase in the geriatric population globally is helping the elderly care market to grow.
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Increasing cases of chronic disease
The burden of chronic diseases such as diabetes, cardiovascular diseases, obesity, cancer, osteoporosis, and dental diseases has increased worldwide. These diseases can be prevented with proper treatment, diet, and nutrition, along with proper suggestions from doctors. But in recent times, the treatment can also be taken by sitting at home with the help of home healthcare services in which one does not need to visit hospitals.
Opportunities
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Increasing market trend towards elderly care services
The increasing elderly population acts as a driving force for elderly care services. Change in the economy and social environment has increased the demand for care business. A growing number of the elderly population puts pressure on the young generation to take care of elderly family members along with work. This as a result, creates the need for elderly care services. It is divided into short-term services and long-term services. Short-term services help in performing the daily basic activities, while long-term services focus on the residential facilities. Long-term service requires medical assistance and daycare.
Restraints/Challenges
- High cost of elderly care services
People prefer long-term elderly care services over short-term services. The high cost of services and products makes it difficult for the family to avail themselves. Expenditure of elder care is rising with an increase in age.
This Europe elderly care market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on Europe elderly care market, contact Data Bridge Market Research for an Analyst Brief. Our team will help you take an informed market decision to achieve market growth.
Post-COVID-19 Impact on Europe Elderly Care Market
The COVID-19 has affected the market to some extent as Europe was the most affected region due to the old aged and elderly population as they possess low immunity to fight against the virus. Due to lockdown, the admission of the elderly was halted as well as the demand from the health care services also decreased, which had affected the market. Post-COVID-19, the demand for elderly care has increased due to changes in rising preventive measures and changes in the regulations and others.
Recent Development
- In May 2020, The Leapfrog Group recognized 13 Trinity Health hospitals with "A" grades, the highest score possible for patient safety in its spring 2020 Hospital Safety Grades report. This award will enhance the organization's reputation in the market and provide an increase of revenue income and boost the elderly care market
Europe Elderly Care Market Scope
Europe elderly care market is segmented into product type, service, and application. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to make strategic decisions to identify core market applications.
Product Type
- Pharmaceuticals
- Housing
- Assistive devices
Based on product type, the Europe elderly care market is segmented into pharmaceuticals, and housing and assistive devices.
Service
- Institutional Care
- Homecare
- Adult Day Care
Based on service, the Europe elderly care market is segmented into institutional care, homecare, and adult day care.
Application
- Heart Diseases
- Cancer
- Kidney Diseases
- Diabetes
- Arthritis
- Osteoporosis
- Neurological
- Respiratory
- Others
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.
Europe Elderly Care Market Regional Analysis/Insights
Europe elderly care market is analyzed, and market size insights and trends are provided by country, product type, service, and application.
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.
Germany is expected to dominate the Europe elderly care market during the forecast period owing to the growing personal care services as the elderly population is greater and growing in the region. Thus, many elderly care centers and service providers are increasing in the region.
The country section of the report also provides individual market impacting factors and changes in regulations in the market that impact the current and future trends of the market. Data points, such as new and replacement sales, country demographics, disease epidemiology, and import-export tariffs, are some of the major pointers used to forecast the market scenario for individual countries. In addition, the presence and availability of global brands and their challenges faced due to high competition from local and domestic brands, and the impact of sales channels are considered while providing forecast analysis of the country data.
Competitive Landscape and Europe Elderly Care Market Share Analysis
The Europe elderly care market competitive landscape provides details by the competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Europe presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus on Europe elderly care market.
Some of the major players operating in the elderly care market are Koninklijke Philips N.V., Medtronic, ORPEA GROUPE, Right at Home, LLC, Home Instead, Inc., BAYADA Home Health Care, among others.
Research Methodology
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 the 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, Europe vs. Regional, and Vendor Share Analysis. Please request an analyst call in case of further inquiry.
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