Global Elderly Care Service Market Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019–2025
Demand for elderly care service has grown immensely over the past few years, owing to the increasing demand for residential care facilities, escalation in world’s geriatric population and occurrence of age-related disorders. Moreover, lack of skilled labour is leading to the adoption of carebots and upsurge in the number of mobile applications centred on tele-awareness will mark as a trend in this industry. The main focus of elderly care services is to provide care services to aging population. These services include homemaker service, housekeeping, occupational therapy, physical therapy and nursing services among others. The popularity of these services is escalating among adults due to time constraints with their children and growing awareness among individuals. These services are bifurcated into institutional care, community care, day-care or home care. Additionally, seniors anticipate a high standard of living in their old age. This will raise the adoption of Elderly/senior care services and will result in the rising entry of players in this domain and will change the eldercare market scenario. In 2018, the Global Elderly Care Service Market was dominated by Institutional care and is anticipated to generate a market size of US$ 1,197.5 billion by 2025. Home-Based care is anticipated to be the fastest-growing service type during the forecast period.
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Healthcare is the fundamental necessity of every individual however; the soaring cost of healthcare makes it unaffordable for several people. The route to financial aid and funding is extraordinarily complex. Aging leads to declining health due to impairment and thus leads to huge expenditure on health-related issues. The financing or spending can be of three types namely, private expenditure, public expenditure and out-of-pocket expenditure. Governments around the globe are increasing their expenditure on elderly care by providing this section of society with amenities and rising their years of happy and comfortable living. The global elder care service market is projected to gain market revenue of US$ 1,744.6 billion by 2025, growing at a CAGR of 8.31% during the forecast period 2019–2025. Elder people with chronic and long-term conditions such as neurological diseases that majorly include dementia, Alzheimer’s and Parkinson’s disease; Chronic Obstructive Pulmonary Disease (COPD); multiple sclerosis; heart failure, are rising all over the globe. A focus on improving and maintaining the functional and physical health of seniors through therapeutic interventions within a community setting meeting other are thought to enhance the well-being and quality of life.
For in-depth understanding of the market and overall adoption of elderly care service, detailed analysis has been done for major region/country including North America (the U.S and rest of North America), Europe (Germany, Spain, the U.K., France, Italy and Rest of Europe), Asia-Pacific (Japan, India, China, Australia and rest of Asia-Pacific), and Rest of World. Due to the rising awareness towards elderly care services and high government expenditure on senior care Europe dominates the Elderly Care market globally, with market size of US$ 372.7 billion in 2018. Further, the rise in geriatric population in North America, as well as Asia-Pacific are estimated to fuel the Elderly Care market in both the regions in the upcoming years.
For analysis of the overall adoption and penetration of elderly care service around the globe please visit: — Elderly Care Service Market
Some of the major players profiled in the global Elderly Care study include Amedisys, Inc., Benesse Holdings Inc., St Luke’s Eldercare Ltd., Bayada home health Care., Brookdale Senior Living Inc., Nichii Gakkan Co. Ltd, Econ Healthcare Group, Kindred Healthcare, Inc., Epoch Elder Care and ApnaCare Private Limited. These players are entering into several mergers & acquisitions and partnerships for the expansion of their reach and increasing their hold on the market and to also provide an older population with better services.
Global Elderly Care Market
Market Insights, by Service Type
Market Insights, by Funding Source
Market Insights, by Service provider
Market Insights, by Region
North America Elderly Care market
Rest of North America
Europe Elderly Care market
Asia Pacific Elderly Care market
Rest of the World Elderly Care market
Benesse Holdings Inc.
St Luke’s Eldercare Ltd.
Brookdale Senior Living Inc.
Bayada home health Care
Econ Healthcare Group
Epoch Elder Care
Kindred Healthcare, Inc.
Nichii Gakkan Co. Ltd
ApnaCare Private Limited
UnivDatos Market Insights (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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