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Global Elderly Care Market – Industry Trends and Forecast to 2030

  • Medical Devices
  • Upcoming Report
  • Oct 2023
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Elderly Care Market – Industry Trends and Forecast to 2030

Market Size in USD Billion

CAGR - 6.8% Diagram

Diagram Forecast Period 2022–2030
Diagram Market Size (Base Year) USD 1703.03 Billion
Diagram Market Size (Forecast Year) USD 2882.66 Billion
Diagram CAGR 6.8%

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) - Industry Trends and Forecast to 2030.

Elderly Care Market

Elderly Care Market Analysis and Size   

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.

Data Bridge Market Research analyses that the elderly care market which was USD 1,703.03 billion in 2022, would reach up to USD 2,882.66 billion by 2030, and is expected to undergo a CAGR of 6.80% during the forecast period. “Pharmaceuticals” dominates the product type segment of the elderly care market owing to the rising prevalence of various elderly diseases. 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.

Elderly Care Market Scope and Segmentation

Report Metric

Details

Forecast Period

2023 to 2030

Base Year

2022

Historic Years

2021 (Customizable to 2015-2020)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

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)

Countries Covered

U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

Market Players Covered

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 (India), 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 (Australia), ST LUKE'S ELDERCARE LTD (Singapore), FC Compassus LLC (U.S.), Home Instead, Inc. (U.S.), Interim HealthCare Inc. (U.S.), and Living Assistance Services (Canada) among others

Market Opportunities

  • Rising healthcare services and facilities
  • Rise in medical technology and devices

Market Definition

Elderly care are inactive substances added to pharmaceutical formulations to enhance the stability, solubility, and delivery of active drug ingredients. They serve various functions, such as binding, dilution, flavoring, and preserving, ensuring the safety, efficacy, and overall quality of medications. Elderly care are carefully selected and regulated to meet strict quality and safety standards in pharmaceutical manufacturing. They play a crucial role in drug formulation and administration, facilitating the production of effective and safe pharmaceutical products.

Global Elderly Care Market Dynamics

Drivers

  • 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 Diseases

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.

Opportunity

  • Rising Healthcare Services and Facilities

The expansion of senior living facilities provides opportunities for real estate developers to design and construct age-appropriate housing and amenities, meeting the demand for comfortable and accessible living spaces for the elderly. Also, with a growing preference for aging in place, companies specializing in home healthcare services have a significant opportunity to offer personalized care, medical assistance, and companionship to seniors in the comfort of their homes.

Restraint/Challenge

  • Financial Constraints

Many elderly individuals may face financial constraints, limiting their ability to access premium healthcare services and facilities. Affordability issues for families in providing long-term care solutions, including assisted living or nursing home care may challenge the market growth.

This elderly care market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, 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 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.

Recent Developments

  • 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 and to reduce the risk of infection, 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 elderly care market is segmented on the basis of product type, service, and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

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
  • Others

Elderly Care Market Regional Analysis/Insights

The elderly care market is analyzed and market size insights and trends are provided by product type, service, and application as referenced above.

The countries covered in the elderly care market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

North America is expected to dominate the global elderly care market during the forecast period owing to the rapid increase in demand for elderly care products and services.

Asia-Pacific is expected to grow at a highest CAGR due to rising elderly population and associated chronic ailments such as diabetes, cardiovascular and orthopaedic conditions.

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 down-stream and up-stream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Elderly Care Market Share Analysis

The 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 company’s focus related to elderly care market.

Some of the major players operating in the 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 (India)
  • 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 (Australia)
  • ST LUKE'S ELDERCARE LTD (Singapore)
  • FC Compassus LLC (U.S.)
  • Home Instead, Inc. (U.S.)
  • Interim HealthCare Inc. (U.S.)
  • Living Assistance Services (Canada)


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Research Methodology:

Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by 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. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

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Customization Available:

Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Fact book) or can assist you in creating presentations from the data sets available in the report.

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FREQUENTLY ASK QUESTIONS

The elderly care market size will be worth USD 2,882.66 billion by 2030.
The growth rate of the elderly care market is 6.80% by 2030.
Increasing Cases of Chronic Diseases & Growing Awareness Regarding Elderly Care are the growth drivers of the Elderly Care Market.
The product type, service, and application are the factors on which the Elderly Care Market research is based.
Webrock Ventures and Helathforce partnered to launch telehealth products in South Africa & 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 and to reduce the risk of infection, closed a USD 1.1 million round investment are the latest developments in the Elderly Care Market.
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