Global Elderly Care Service Market was valued at US$ 1,000.7 million in 2022 and is anticipated to reach US$ 1,744.6 million by 2031 displaying a reasonable CAGR of 8.31% over the forecast period (2022-2031). Elderly Care services include senior care services including housekeeping, homemaker service, physical therapy, occupational therapy, nursing services among others. The market of Elderly Care Service is anticipated to grow enormously owing to the factors including growing aging population, paired with associated age-related diseases, increasing demand for residential care facilities among others. Moreover, increasing life expectancy due to rising awareness and better medical facilities would further boost the market for elderly care services. More the number of old age population higher will be the adoption of home and nursing care services at home or assisted homes for old age people. Rise in the number of applications based on Tele-awareness and adoption of carebots due to the lack of skilled labor would further boom the industry and will mark as a trend. However, workforce shortage and poor medical insurance coverage will act as the major challenges for the growth of the global elderly care service market, but at a low impact.
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Aging is a global phenomenon. The aging population is increasing at a fast pace all over the world. Life expectancy has also increased from 72.4 years in 2014 to 73.5 years in 2019. This will bring the total number of people above the age of 65 to more than 605 million or 11% of the entire population globally. In addition, average life expectancy is expected to reach 85 in 2040 from the current 75-80 years, thus substantially increasing the number of people aged 80 or above, as well as their proportion in the overall population. The aging population is the ultimate driving factor for a growing business market and reports reveal that this population is increasing with time. Henceforth, senior care and home care service businesses will have enough potential in the coming years. Aging comes with the onset of age-related disorders and other issues. Health care costs are increasing, and more of retirees’ dollars are spent on health care. This also leads to increased spending on elderly care services. In many cases, people may outlive their savings, or find that their pension plans will not provide the income and benefits they had when they retired. The elder population is increasingly becoming the targets of scammers, and others who consider elder populations to be vulnerable, preying on them, to financially exploit them or even physically abuse them. Laws have been created specifically to deal with the legal problems faced by the older population. There is a label for this area of law elder law. Elder law has grown from a specialty practice to a general area of practice within which an attorney may specialize
“Amongst service type, Institutional Care is projected to hold the largest market share and would dominate the market by 2025.”
Basis of type of service the global elderly care service market is bifurcated into Institutional care, Adult daycare and Home-based care. The market for Institutional Care is expected to grow tremendously and is projected to dominate the market in 2025 due to the high adoption of these services.
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“Public funding source dominates and is expected to maintain its dominance during the analyzed period.”
Elderly Care Service market is segmented based on funding source into public expenditure, private expenditure and out-of-pocket expenditure. The public expenditure occupied the largest share and is expected to maintain its dominance throughout the forecast period 2019-2025.
“Amongst service providers, public service provider is anticipated to dominate Global Elderly Care Service market by 2025.”
Public and private are the major service providers of elderly care services. Public service providers are anticipated to dominate the market throughout the analyzed period of 2019-2025. However, Private service providers would grow at a reasonable rate during the same time frame
“Europe represents one of the largest markets of Elderly Care Service globally.”
For a deep-dive analysis of the overall adoption and penetration of the elderly care service, study is conducted for major aging population regions/countries. Major regions/countries analyzed include North America (US), Europe (France, Germany, Spain, Italy, UK), Asia-Pacific (Japan, China, Australia, India) and Rest of the World. Currently, Europe dominates the market with 37.2% share in 2018. High prevalence of age-related disorders and rising old age population along with high awareness among the people is the major driving factor.
Competitive Landscape-Top 10 Market Players
Benesse Holdings Inc., Amedisys Inc, St Luke’s Eldercare Ltd., Brookdale Senior Living Inc., Econ Healthcare Group Inc, Bayada Home Health Care, Epoch Elder Care, Kindred Healthcare LLC, Nichii Gakkan Co. Ltd and ApnaCare Private Limited are some of the prominent players operating in the Global Elderly Care Service industry. Looking at the aging population trend, these players are coming up with new ideas and innovative products for home care for the elderly. They are also entering into strategic alliances to expand their reach and customer base. Several M&A’s along with partnerships have been undertaken by these players to facilitate costumers with hi-tech and innovative products.
Reasons to buy (The research report presents):
• Current and future market size from 2018 to 2025 in terms of value (US$)
• Combined analysis of deep-dive secondary research and input from primary research through Key Opinion Leaders of the industry
• Country-level details of the overall adoption of Elderly Care Service market and several case studies of the elderly who have adopted elderly care services
• A quick review of overall industry performance at a glance
• In-depth analysis of key industry players
• A detailed analysis of regulatory framework, drivers, restraints, key trends and opportunities prevailing in the industry
• Examination of industry attractiveness with the help of Porter’s Five Forces analysis and start-ups
• The study comprehensively covers the market across different segments and sub-segments of the technology
• Regions/countries Covered: North America (the US, Rest of NA), Europe (UK, Germany, France, Italy, Spain, Rest of Euro), Asia-Pacific (China, India, South Korea, Japan, Australia and Rest of APAC), and Rest of World
UMI understands that you may have your own business need, hence we also provide fully customized solutions to clients. The Global Elderly Care Service Market can be customized to the country level or any other market segment.
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