Covid-19 Impact & Market Status
The COVID-19 pandemic has had a significant influence on the eldercare facility business. A massive number of COVID-19 patients disrupted the market, as did a lack of medical monitoring and healthcare workers.
Due to social isolation, older individuals sought elder care services through virtual socializing during lockdowns. Because geriatric patients were more vulnerable to infections and other medical difficulties, coronavirus caregivers focused their attention and efforts on them.
The Elderly Care Services market is expected to grow at a CAGR of 6% to reach US$ 954 Million in 2032.
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Homecare services are on the rise, thanks to competent and qualified experts and physicians, critical nursing care, medical social services, illness-specific care, and everyday care services. During the pandemic, telemedicine has risen in popularity to provide continuing treatment and monitoring without the need to visit a hospital or care facility.
Based on Product type
The market is divided into three categories based on product type: Pharmaceuticals, housing, and assistive devices. Housing and assistive devices are predicted to lead the growth of the senior care market in 2020, owing to the need for assistive equipment in the homecare of old patients and the expanding Elderly population; individuals who are unable to self-assist drive the market's expansion from 2020 to 2027.
Based on Service type
The market is divided into three service categories: homecare, institutional care, and adult day care. Homecare is predicted to dominate the elderly care market in 2020 since it provides comfort to older patients and populations. The expanding geriatric population globally is driving market expansion from 2020 to 2028.
Based on Application type
The market is segmented into heart diseases, osteoporosis, respiratory, diabetes, neurological, kidney diseases, cancer, arthritis, and others based on application. Due to the increasing prevalence of hypertension, blood pressure, and cardiovascular illnesses among older people, the heart diseases sector is predicted to dominate market growth in 2020, driving the market's growth in the future year.
Elder care, also referred to as senior care, is specialized care meant to satisfy the needs and requirements of elderly persons at various phases of their lives. As a result, elderly care is a broad term that includes everything from assisted living and nursing care to adult day-care, home care, and even hospice care. The growing elderly population and consumer awareness of home care services are crucial drivers driving market expansion.
The global elderly care services market was valued at US$ 1.1 billion in 2020 and is predicted to grow at a 7.6 percent CAGR during the forecast period (2021-2028). The aging population's Elderly population, growing chronic sickness, and increased awareness of home care services are the primary drivers driving the market growth.
The growing Elderly population globally and increased public awareness of aged care are propelling the industry forward. Because of changes in their lifestyles, older people are becoming more interested in senior care, which offers a variety of benefits such as home care, nursing care, and others.
The fundamental causes affecting the rising demand for elder care services include insurance companies' beneficial schemes, changing economic and social conditions, an aging population, and changes in family structures. The number of home care, day-care, and elder care facilities equipped with qualified medical experts for chronic illness management and home-like care of the elderly population is growing. Rising awareness of such care centers and increased public and government funding result in improved care facilities for the elderly. Elderly populations are increasing in developed countries such as the United States, Canada, Japan, and others. In addition, the number of people with physical impairments has grown, necessitating a greater reliance on childcare or nursing services.
Elderly Care Services Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2032 |
| Study Period | 2018-2032 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2032 | US$ 954 Million |
| Growth Rate | CAGR of 6% during 2022-2032 |
| Segment Covered | by Service, by Application, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Endo Pharmaceuticals Inc.,Merck & Co. Inc.,AstraZeneca PLC,Pfizer Inc.,Allergan Inc.,Bristol-Myers Squibb Company,Regeneron Pharmaceuticals Inc.,AstraZeneca PLC,F. Hoffmann-La Roche AG,Octapharma AG,Epoch Elder Care,St Luke's ElderCare Ltd.,Korian Group,ProVita International Medical Center |
Key Segments
Type Overview, (USD Million)
- Pharmaceuticals
- Housing and Assistive Devices
Application Overview, (USD Million)
- Heart Diseases
- Cancer
- Kidney Diseases
- Diabetes
- Arthritis
- Osteoporosis
- Neurological
- Respiratory
- Others
Regional Overview, (USD Million)
North America
- U.S
- Canada
Europe
- Germany
- France
- UK
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- Rest of Asia Pacific
South America
- Mexico
- Brazil
- Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
Elderly Care Services Market is projected to reach 6% CAGR by 2032
Geriatric population, rising chronic illness in ageing population and rising awareness of home care services are the major factors for the market growth.
Endo Pharmaceuticals Inc.,Merck & Co. Inc.,AstraZeneca PLC,Pfizer Inc.,Allergan Inc.,Bristol-Myers Squibb Company,Regeneron Pharmaceuticals Inc.,AstraZeneca PLC,F. Hoffmann-La Roche AG,Octapharma AG,Epoch Elder Care,St Luke's ElderCare Ltd.,Korian Group,ProVita International Medical Center
Elderly Care Services Market is segmented on the basis of Type, Application and Region.
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