North America 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), Countries (U.S., Canada and Mexico) Industry 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 is expected to reach USD 914,897.72 million by 2027. Increasing cases of chronic diseases and geriatric population are the major drivers which propelled the demand of the elderly care market in the forecast period.
High number of internet users can get the benefits related to healthcare services by simply contacting the doctors while sitting at home. Due to the internet, people are getting more aware and informed about the elderly care services. This leads to the easy acceptation of the elderly care, nursing and others services in various countries. Thus, usage of social media is one the driving factor for the elderly care market to grow. The high cost of services act as a prime restraint for the growth of the elderly care market.
The increasing elderly population and continuous involvement towards the advancement by the companies creates more opportunity for service providers to offer better care services to older people which in result is acting as an opportunity for the elderly care market growth. The lack of practice, requirement of training for health professionals in elderly care services can create the biggest challenge for the elderly care market.
The 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 elderly care market scenario contact Data Bridge Market Research for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Elderly Care Market Scope and Market Size
Elderly care market is segmented on the basis of product type, service and application. The growth among segments helps you to analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
North America elderly care market is segmented based on product type into pharmaceuticals and housing and assistive devices. In 2020, housing and assistive devices segment is expected to dominate the elderly care market due to the increase in the requirement of assistive devices in homecare for elder citizens.
North America elderly care market is segmented based on service into institutional care, homecare and adult day care. In 2020, homecare segment is expected to dominate the elderly care market because homecare service is majorly designed for the elder patients for their comforts and rising geriatric population is leading the growth of the elderly care market in the forecast period.
North America elderly care market is segmented based on application into heart diseases, cancer, kidney diseases, diabetes, arthritis, osteoporosis, neurological, respiratory and others. In 2020, heart diseases segment is expected to dominate the elderly care market due to the growing incidence rate of hyper tension, blood pressure, and cardiovascular diseases amongst elderly patients.
Elderly Care Market: Country Level Analysis
Elderly care market is analysed and market size information is provided by country, product type, service, application as referenced above.
- Based on countries, North America elderly care market is segmented into U.S., Canada, and Mexico.
The U.S. is expected to dominate the elderly care market due to increase in social awareness about elderly care diseases and due to high prevalence of heart diseases among people. After U.S., Canada is expected to grow increasing population of older age people and easy use housing equipment in the affordable prices.
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.
Continuous Advancement in Technological Services
North America elderly care market also provides you with detailed market analysis for every country growth in elderly care industry with changes in regulatory scenarios with their support for the elderly care market. The data is available for historic period 2010 to 2019.
Competitive Landscape and Elderly Care Market Share Analysis
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, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies’ focus related to elderly care market.
The major players covered in the North America elderly care market 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, Hope Hermitage among other domestic players. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many product launches, approvals, partnerships and agreements are also initiated by the companies’ worldwide which are also accelerating the North America elderly care market.
- In January 2019, Koninklijke Philips N.V. has launched an app-based hub for its senior caretaking products. This new app platform being incorporated by the company leads to an enhancement of company’s senior care products into a single digital ecosystem for family caretakers. With this product launch, the company has enhanced their product which ultimately leads in increasing the customer base.
Collaboration, joint ventures and other strategies by the market player is enhancing the company market in the elderly care market which also provides the benefit for organisation to improve their offering for elderly care.
Customization Available: North America Elderly Care Market
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 customised 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 analysed 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 (Factbook) or can assist you in creating presentations from the data sets available in the report.