Global Elderly Care Market Analysis and Insights
The Global Elderly Care Market is expected to gain market growth in the forecast period of 2022 to 2029. Data Bridge Market Research analyses that the market is growing with a CAGR of 7.0% in the forecast period of 2022 to 2029 and is expected to reach USD 2,357,746.52 million by 2029.
Elderly care is referred to as senior care, which includes meeting all the requirements of senior citizens at different stages. It includes products and services that make the daily activities of aged people simple and easy. The need for elderly care increases with the growing age as aged people require physical as well as emotional assistance to lead a productive, healthy, and independent life. Eldercare 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.
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Market Segments Covered
By Product Type
· Pharmaceuticals,
· Housing & Assistive Devices
By Service
· Institutional Care,
· Homecare,
· Adult Day Care
By Application
· Heart Diseases,
· Cancer,
· Kidney Diseases,
· Diabetes,
· Arthritis,
· Osteoporosis,
· Neurological,
· Respiratory
Countries Covered
· S.
· Canada
· Mexico
· Germany
· Italy
· K.
· France
· Rest of the World
Some of the Major Key Players in Elderly Care Market
Koninklijke Philips N.V., Amedisys, ECON Healthcare Group, Encompass Health Corporation, EXTENDICARE, LHC Group, Inc., Medtronic, ORPEA GROUPE, Prolifico, ElderCareCanada, Exceptional Living Centers, Right at Home, LLC, BAYADA Home Health Care, United Medicare Pte Ltd, Trinity Health, Rosewood Care Group, ST LUKE’S ELDERCARE LTD, FC Compassus LLC, Home Instead, Inc., Interim HealthCare Inc., Living Assistance Services, among others
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Global Elderly Care Market Dynamics
Drivers
· Growing Awareness Regarding Elderly Care
The rising awareness regarding home care services, adult care services, and others among people globally will increase the demand for the market. With the rapid upsurge in the aged population, the need for elderly care is increasing, and the growing demand for elderly care services and products will fuel the market’s growth.
· Increasing Cases of Chronic Disease
The rising number of chronic diseases such as diabetes, cardiovascular diseases, obesity, cancer, osteoporosis, and dental diseases has increased. These diseases can be prevented with proper treatment, diet, and nutrition, along with proper suggestions from doctors. But in recent times, the treatment can also be taken by sitting at home with the help of home healthcare services in which one does not need to visit hospitals.
Opportunities
· Increasing Market Trend Towards Elderly Care Services
The increasing elderly population is expected to act as a driving force for elderly care services. Change in the economy and social environment has increased the demand for care business. A growing number of the elderly population puts pressure on the young generation to take care of elderly family members along with work. This as a result, creates the need for elderly care services. It is divided into short-term services and long-term services. Short-term services help in performing the daily basic activities, while long-term services focus on the residential facilities. Long-term service requires medical assistance and daycare.
Recent Development
· In June 2021, according to TechCrunch, Webrock Ventures and Helathforce partnered to launch telehealth products in South Africa. The new venture has not been given a name yet, and the main focus is to offer on-demand and scheduled consultations to patients with nurses, mental health professionals, and practitioners. The venture has closed a USD 3 million pre-Series A round
· In April 2021, according to TechCrunch, Quro Medical, a health tech startup in South Africa that offers home services to manage ill patients in their homes to provide them the utmost comfort as well as to reduce the risk of infection, had closed a USD 1.1 million round investment. The round was led by Enza Capital and Mohau Equity Partners. The company aims to provide acute patient care at home to improve the patient experience
Related Reports
https://www.databridgemarketresearch.com/reports/brazil-elderly-care-market
https://www.databridgemarketresearch.com/reports/north-america-elderly-care-market
https://www.databridgemarketresearch.com/reports/europe-elderly-care-market
https://www.databridgemarketresearch.com/reports/asia-pacific-elderly-care-market
https://www.databridgemarketresearch.com/reports/middle-east-and-africa-elderly-care-market
https://www.databridgemarketresearch.com/reports/nepal-elderly-care-market
https://www.databridgemarketresearch.com/reports/srilanka-elderly-care-market
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