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.
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.
During the pandemic, Elderly patients benefited greatly from virtual monitoring and consultation. In 2020, growth was 5.7 percent, but it is predicted to rebound to 7.2 percent in 2021.
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
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||US$ 1.1 billion|
|Growth Rate||CAGR of 7.6 % during 2021-2028|
|Segment Covered||Application, Type, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
Type Overview, 2018-2028 (USD Billion)
- Housing and Assistive Devices
Application Overview, 2018-2028 (USD Billion)
- Heart Diseases
- Kidney Diseases
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa