North America 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 (U.S., Canada, Mexico) Market Trends and Forecast to 2027
Market Analysis and Insights: North America 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 7.1% in the forecast period of 2020 to 2027 and expected to reach USD 914,897.72 million. Rising patient pool for chronic illness in ageing population is one of the major factors for the market growth.
The burden of chronic disease such as diabetes, obesity, cancer, osteoporosis and dental diseases has increased worldwide. Home healthcare provides services of both nursing homes and home care facilities. Home care is more beneficial for the elder people as it can be done at home itself; hence its demand is higher amongst the elderly population worldwide.
For instance, according to national health council, it has been estimated that 40.0% of the population in the U.S. are suffering from chronic diseases in 2019. In this, elderly population is accounting high share. This shows the need for elderly care and people are getting proper treatment through it hence its demand is higher and market growth is high in North America.
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.
North America Elderly Care Market Scope and Market Size
North America elderly care market is segmented on the basis of product type, service and application. The growth among segments helps to you 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, due to the requirement of assistive devices in homecare of elderly patients and growing geriatric population; those are not capable of self-assistance 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 is designed in a way which enables comfort to aged patients and population and rising geriatric population in the North America countries leading the growth of the market in forecast period of 2020 to 2027. For instance, according to United Nation, number of elder population will be 122.8 million by the year 2050 in Northern America.
- 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 hyper tension, blood pressure, cardiovascular diseases amongst elderly patients, leading the growth of the market in the coming year.
Elderly Care Market Country Level Analysis
North America 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 U.S., Canada and Mexico.
U.S. Dominates the elderly care market as people are highly aware of elderly care services and they are highly getting benefited through this service. Increased geriatric population in U.S. using elderly care services as they have better healthcare infrastructure. For instance, according to United Nation, number of elder population will be 122.8 million by the year 2050 in Northern America. Due to high awareness of benefits of elderly care services its demand is high and in future may grow with strong CAGR.
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
North America 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
North America 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 North America 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., ORPEA GROUPE, St Luke’s Eldercare Ltd., Rosewood Care Group, Medtronic, Interim HealthCare Inc, United Medicare Pte Ltd., Trinity Health, Exceptional Living Centers, Amedisys, Living Assistance Services, Inc., ElderCareCanada, LHC Group, Inc., Encompass Health Corporation, EXTENDICARE. , Prolifico, FC Compassus LLC among other players in North America. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
- In November 2019, Exceptional living centers has expanded its senior living portfolio at Ohio and Kentucky with nine skilled nursing facilities with 1,162 beds. The company has involved in providing proper care to its customer by fulfilling each and every expectation.
- In January 2019, Home Instead, Inc. entered into agreement for the partnership with GrandPad. GrandPad provides integrated care solution. This partnership has provided opportunity to deliver technology based home care services across rural geographies and underserved population.
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 : North America Elderly Care Market
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