Global Elderly Care Market, By 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).
Global Elderly Care 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.
The global 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 7.0% in the forecast period of 2022 to 2029 and is expected to reach USD 2,357,746.52 million by 2029.
2022 to 2029
2020 (Customizable to 2019 - 2014)
Revenue in USD Million, Pricing in USD
By Product Type (Pharmaceuticals, Housing & Assistive Devices), Service (Institutional Care, Homecare, Adult Day Care), Application (Heart Diseases, Cancer, Kidney Diseases, Diabetes, Arthritis, Osteoporosis, Neurological, Respiratory)
U.S., Canada, Mexico, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, rest of South America, South Africa and rest of the Middle East and Africa
Market Players Covered
Koninklijke Philips N.V., Amedisys, ECON Healthcare Group, Encompass Health Corporation, EXTENDICARE, LHC Group, Inc., Medtronic, ORPEA GROUPE, Prolifico, ElderCareCanada, Exceptional Living Centers, Right at Home, LLC, BAYADA Home Health Care, United Medicare Pte Ltd, Trinity Health, Rosewood Care Group, ST LUKE'S ELDERCARE LTD, FC Compassus LLC, Home Instead, Inc., Interim HealthCare Inc., Living Assistance Services, among others
Global Elderly Care Market Dynamics
- Growing Awareness Regarding Elderly Care
The rising awareness regarding home care services, adult care services, and others among people globally will increase the demand for the market. With the rapid upsurge in the aged population, the need for elderly care is increasing, and the growing demand for elderly care services and products will fuel the market's growth.
- Increasing Cases of Chronic Disease
The rising number of chronic diseases such as diabetes, cardiovascular diseases, obesity, cancer, osteoporosis, and dental diseases has increased. 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.
- Increasing Market Trend Towards Elderly Care Services
The increasing elderly population is expected to act 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.
- Lack of Trained and Experienced Workers
The shortage of trained professionals, especially in developing countries, may hamper the growth of the market.
This global 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 the global 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 Global Elderly Care Market
The COVID-19 has affected the market to some extent. Due to lockdown, the admission of the elderly was halted as well as the demand from the health care services also decreased, which has affected the market. Post-Covid, the demand for elderly care is increased due to changes in regulations and preventive measures, and others.
- In June 2021, according to TechCrunch, Webrock Ventures and Helathforce partnered to launch telehealth products in South Africa. The new venture has not been given a name yet, and the main focus is to offer on-demand and scheduled consultations to patients with nurses, mental health professionals, and practitioners. The venture has closed a USD 3 million pre-Series A round
- In April 2021, according to TechCrunch, Quro Medical, a health tech startup in South Africa that offers home services to manage ill patients in their homes to provide them the utmost comfort as well as to reduce the risk of infection, had closed a USD 1.1 million round investment. The round was led by Enza Capital and Mohau Equity Partners. The company aims to provide acute patient care at home to improve the patient experience
Global Elderly Care Market Scope
The global 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.
- Housing and assistive devices
Based on product type, the elderly care market is segmented into pharmaceuticals and housing and assistive device.
- Institutional Care
- Adult Day Care
Based on service, the elderly care market is segmented into institutional care, homecare, and adult day care.
- Heart Diseases
- Kidney Diseases
On the basis of application, the global elderly care market is segmented into heart diseases, cancer, kidney diseases, diabetes, arthritis, osteoporosis, neurological, respiratory, and others.
Global Elderly Care Market Regional Analysis/Insights
The global 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 global elderly care market report are U.S., Canada, Mexico, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, rest of South America, South Africa and rest of the Middle East and Africa.
North America is expected to dominate the global elderly care market during the forecast period owing to the rapid increase in the aged population that ultimately increases the demand for elderly care products and services.
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 Global Elderly Care Market Share Analysis
The global 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, Global 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 the global elderly care market.
Some of the major players operating in the elderly care market are LHC Group, Inc., Encompass Health Corporation, EXTENDICARE, Amedisys, Koninklijke Philips N.V., Medtronic, ORPEA GROUPE, Exceptional Living Centers, Trinity Health, Right at Home, LLC, FC Compassus LLC, Home Instead, Inc., Interim HealthCare Inc., Living Assistance Services, BAYADA Home Health Care, and others.
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, Global Vs. Regional, and Vendor Share Analysis. Please request an analyst call in case of further inquiry.