Nepal Elderly Care Market, By Product Type (Pharmaceuticals and Housing and Assistive Devices), Service (Institutional Care, Homecare, Adult Day Care), Application (Heart Diseases, Cancer, Kidney Diseases, Diabetes, Arthritis, Neurological, Osteoporosis, Respiratory, Others) – Industry Trends and Forecast to 2029.
Elderly Care Market Analysis and Size
The elderly care market is expected to witness significant growth during the forecast period. In Nepal, there are several state and community-based elderly care programs. However, most health facilities and healthcare providers are privately owned and for profit, and there is generally a lack of adequate government health and social security systems for the elderly in the country. Elderly people aged 60 and over left behind by their families face a variety of social and health challenges, including food, clothing, shelter, medical care, and ensuring safe drinking water. Thus, the elderly care markets impose a significant place in this regard. Hence, the scope of the market trend is higher each passing decade.
Data Bridge Market Research analyses a growth rate in the elderly care market in the forecast period 2022-2029. The expected CAGR of elderly care market is tend to be around 2.40% in the mentioned forecast period. The market was valued at USD 879.85 million in 2021, and it would grow upto USD 1063.67 million by 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Elderly Care Market Scope and Segmentation
2022 to 2029
2020 (Customizable to 2014 - 2019)
Revenue in USD Million, Volumes in Units, Pricing in USD
By Product Type (Pharmaceuticals and Housing and Assistive Devices), Service (Institutional Care, Homecare, Adult Day Care), Application (Heart Diseases, Cancer, Kidney Diseases, Diabetes, Arthritis, Neurological, Osteoporosis, Respiratory, Others)
Market Players Covered
Hope Hermiatge (Nepal), Orchid Care Home (U.K.), Koninklijke Philips N.V. (India) and Medtronic (U.S.)
Elderly care include assisted living, adult day care, long-term care, nursing homes, hospice care, and home care to meet the health and social needs of the elderly. It focuses on the social and personal needs of elderly people who require some support with everyday activities and health care but also want to age in dignity. There is a need to create and implement community-based programmes that encourage older people to participate actively, which will boost social capital and communication. Thus, the market scope for elderly care is rising high.
Elderly Care Market Dynamics
- Increasing elderly population
The aging population is growing considerably more than in the past decade. Rapidly increasing number of elderly citizens is offering the necessary boost for the development of the elderly care market.
- Increased aged care centers
Improved day-care facilities and rise in the number of aged care centers are prompting revenue generation. Multiple day care centers are prepared to give medicine and medical supervision by trained medical workers. The day care facilities for the elderly population is expanding because of increased use of day care services owing to fast-paced lives and the overall cost-effectiveness of such facilities.
- Advanced Technologies
Development of many advanced cell phone technologies and use of artificial intelligence in healthcare have given rise to several tracking applications, which are now used to monitor the medicine, diet, and even the movement of elderly patients. Few applications allow users to get notified about sudden body movements, such as a fall or an impending hazard. Many diabetes-targeted applications and messaging tools are developing as upcoming markets because of chronic illnesses among the elderly and advances in preventative care technologies.
- Rising Use of Social Media
The rising use of internet users can get the benefits related to healthcare services by simply connecting with the doctors while sitting at home. Due to internet availability, people are becoming more aware and well-informed about the elderly care services. This leads to the easy acceptation of the elderly care, nursing and others services in many developed countries. Thus, social media usage is a great opportunistic factor in the elderly care market.
- Lack of Trained Professionals
The lack of trained personnel who are unable to take proper care of the elderly population could curb the growth of the Nepal elderly care market over a forecast period.
- High Cost
High cost of these elderly care centers can hinder the growth of the Nepal elderly care market even though the prevalence of the geriatric population is high.
This Nepal 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 Nepal 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.
COVID-19 Impact on Nepal Elderly Care Market
Considering the present scenario, COVID-19 has left an unprecedented global public health crisis that has impacted practically every business. Its long-term repercussions are expected to influence industry growth during the forecast period.
A lack of standardized guidelines, discrepancies between public and private sectors, underfunding, and many other well-established irregularities have led to a dramatic outcome for the nursing home residents. With the pandemic situation getting normal again, the elderly care market is surely going to rise up in the coming years.
Nepal Elderly Care Market Scope
The Nepal elderly care market is segmented on the basis of product, service and applications. 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.
- Housing and Assistive Devices
- Institutional Care
- Adult Day Care
- Heart Diseases
- Kidney Diseases
Competitive Landscape and Nepal Elderly Care Market Share Analysis
The Nepal 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 elderly care market.
Key players operating in the elderly care market include:
- Hope Hermiatge (Nepal)
- Orchid Care Home (U.K.)
- Koninklijke Philips N.V. (India)
- Medtronic (U.S.)