Sri Lanka Elderly Care Market, By Product Type (Housing and Assistive Devices and Pharmaceuticals), Service (Institutional Care, Homecare and Adult Day Care), Application (Heart Diseases, Cancer, Kidney Diseases, Diabetes, Arthritis, Osteoporosis, Neurological, Respiratory and Others) Industry Trends and Forecast to 2027
Market Analysis and Insights : Sri Lanka 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 3.8% in the forecast period of 2020 to 2027 and expected to reach USD 69,932.232 million by 2027. Sri Lanka population is growing with increasing elder age group, the demand of elderly care services is also growing, which in turn increases the cost of services.
Elderly care is referred to as taking care of seniors, which includes meeting all the requirements of senior citizens. It is required when the person is unable to perform their daily basis activities. With the growing age, the elders face different problems including physical and cognitive emotional ones. They need proper care to survive. Elderly care 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 high cost for elderly services and low penetration rate for elderly care products are the major restraints of the elderly care market. People prefer long term elderly care services over short term services. The high cost of services and products makes it difficult for the family to avail them. Expenditure of elder care is rising with an increase in age which restricts the elderly care market growth.
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 market scenario contact us for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Sri Lanka elderly care market is segmented into three notable segments which are 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.
- On the basis of product type, the elderly care market is segmented into pharmaceuticals and housing and assistive devices. In 2020, housing and assistive devices segment is dominating the elderly care market because of high rising awareness on home healthcare on social media websites and others due to increase in care towards old aged group amid on-going COVID-19 pandemic.
- On the basis of service, the elderly care market is segmented into institutional care, homecare and adult day care. In 2020, homecare segment is dominating the elderly care market due to the significant rise in demand for home health nurses, occupational therapist and customized services. Additionally, rising awareness about home care services among people would also likely to fuel the market growth in a forecasted timeframe. However, the trained manpower with growing demand is a challenging task for homecare services and may hamper the growth of the market.
- On the basis of application, the elderly care market is segmented into heart diseases, cancer, kidney diseases, diabetes, arthritis, osteoporosis, neurological, respiratory and others. In 2020, heart diseases segment is dominating the elderly care market due to technological advancements and cost- effective medical treatment programs initiated by the government specifically for elder age group. The change in life styles also leads to deprive in family care towards elder people which future boost the market growth.
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 sales, FDA approvals, 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 branded and generic drug manufacturers 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.
Increasing Geriatric Population is Propelling the Market Growth
Elderly care market also provides you with detailed market analysis for every country growth in aesthetic industry with radiotherapy sales, impact of advancement in the elderly care market and changes in regulatory scenarios with their support for the elderly care market. The data is available for historic period 2010 to 2018.
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 report are NobelAged, HelpAge Sri lanka, Ceylinco Healthcare Services, Cinnamon Grove, Diligence, Vilage 60+, ASIRI HEALTH, Koninklijke Philips N.V. and Medtronic among others. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many product launch, approval, partnership and agreement are also initiated by the companies’ worldwide which are also accelerating the elderly care market.
- According to Asian Development Bank, the growing population of elder patient in Sri Lanka increases significantly. The changes in health facilities creating wide opportunities for elderly care market for their much need services for old aged group.
- Programs for elderly conducts various programs related to elderly care such as in home care, senior housing among others. They provide various aging awareness programs among people. Nobel Aged Pvt Ltd initiated green and peaceful environment with peaceful trained caregivers for the elderly people. The programs also help in providing awareness among people regarding aging process. The awareness programs have inclined people to utilize these services to get the benefits in taking treatments.
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 elder care.
Customization Available: Sri Lanka 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.