Pune India, Feb. 10, 2023 (GLOBE NEWSWIRE) -- Elderly Care Services Market Size By Product Type (Housing & Assistive Devices and Pharmaceuticals), By Service Provider (Private and Public), By Application (Kidney Diseases, Heart Diseases, Cancer, Osteoporosis, Diabetes, Neurological, Respiratory, and Others), Regions, Segmentation, and forecast till 2030.
The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the elderly care services market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the elderly care services market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as product type, service provider, application, and regions. The key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the paragraphs below.
The significant players operating in the global elderly care services market are Hoffmann-La Roche AG, ProVita International Medical Center, AstraZeneca PLC, Merck & Co. Inc., St Luke’s ElderCare Ltd., Endo Pharmaceuticals Inc., Regeneron Pharmaceuticals Inc., Korian Group, Allergan Inc., Epoch Elder Care among others. To achieve a substantial market share in the worldwide elderly care services market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Elderly care is often referred to as senior care, which includes meeting all the requirements of senior citizens at different stages. Elderly care becomes increasingly important as people get older as they need emotional and physical help to stay healthy, productive, and independent. Diabetes, cancer, osteoporosis, and dental diseases are among the chronic diseases on the rise. These diseases can be prevented with the right treatment, nutrition, and guidance from a doctor, but in recent times, home healthcare services have also made it possible to get treatment at home without visiting a hospital. A major challenge in the growth of the elderly care market is the shortage of skilled and experienced workers in home care facilities and hospitals. A significant drawback in this field is the high cost associated with elderly care management and the lack of funds to purchase expensive innovative products and implement technological advances. Moreover, as the general population becomes more aware of the benefits of healthier lifestyles and healthcare facilities following retirement, this market will grow. When an individual retires, these facilities allow them to transition from an independent living style to one with better care and facilities after retirement. As a result of the facilities provided to these retired communities, this type of service has the potential to grow.
Scope of Elderly Care Services Market Report:
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Product Type, Service Provider, Application, and Regions. |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | Hoffmann-La Roche AG, ProVita International Medical Center, AstraZeneca PLC, Merck & Co. Inc., St Luke’s ElderCare Ltd., Endo Pharmaceuticals Inc., Regeneron Pharmaceuticals Inc., Korian Group, Allergan Inc., Epoch Elder Care among others |
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Segmentation Analysis
Housing & assistive devices are expected to be the fastest-growing segment in 2022.
The product type segment includes housing & assistive devices and pharmaceuticals. The housing & assistive devices segment is expected to witness the highest growth rate during the forecast period. As of 2021, housing and assistive devices dominated the market, with a market share of about 61%. As chronic diseases become more prevalent among the senior population, the segment's growth will be fueled by housing and assistive device services for their ailing health conditions.
Private is expected to be the fastest-growing segment in 2022.
The service provider segment includes private and public. The private segment is expected to witness the highest growth rate during the forecasted period. As part of their services, private service providers have employees who are fully qualified, well-trained and provide quality care. Private hospitals offer better consultations and services to consumers than public hospitals due to the fact that there are more doctors allocated to a limited number of patients. The private sector should grow due to factors such as drug availability, cleanliness, and privacy.
Heart diseases are expected to be the fastest-growing segment in 2022.
The application segment includes kidney diseases, heart diseases, cancer, osteoporosis, diabetes, neurological, respiratory, and others. The heart disease segment is expected to witness the highest growth rate during the forecasted period. A majority of the global revenue in 2021 will be generated by the heart disease segment. Heart disease is more likely to occur among the elderly as blood pressure, hypertension, and cardiovascular diseases become more prevalent among the geriatric population.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the elderly care services market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The European region witnessed a major share. There are prominent market players in the region driving the market's growth and increasing awareness regarding elderly care services in the region. A variety of elderly care services are offered in the UK, including daycare, institutional care, vocational rehabilitation, etc., which contributes to the market's growth. The trend of more than half of people in Europe being over 65 years of age, which also provides lucrative growth prospects for the market, is expected to continue through the forecast period.
Country Analysis
- Germany
Germany's elderly care services market size was valued at USD 0.15 billion in 2022 and is expected to reach USD 0.27 billion by 2030, at a CAGR of 8.1% from 2023 to 2030.
The growing elderly population in Germany is expected to lead to an increase in the demand for personal care services during the forecast period, which will drive the German elderly care market during the forecast period. As a result, many elderly care centers are opening up in Germany, as are many service providers.
- China
China’s elderly care services market size was valued at USD 0.08 billion in 2022 and is expected to reach USD 0.14 billion by 2030, at a CAGR of 7.9% from 2023 to 2030.
Increasing awareness of adult care, home care, and other services will increase market demand. Elderly care services and products will continue to grow in demand as the population ages. With the rapid increase in the aged population, the market will be fueled by the increasing need for elderly care services and products.
- India
India's elderly care services market size was valued at USD 0.06 billion in 2022 and is expected to reach USD 0.10 billion by 2030, at a CAGR of 7.8% from 2023 to 2030.
The government of India is also playing a major role in promoting care services in India, as increased awareness and growing disposable income have allowed geriatric individuals to buy homes in senior living societies with different types of care services, The National Health Policy 2017 targets 2.5% of GDP for healthcare expenditure to encourage the development of healthcare services in India.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to rising cases of chronic diseases.
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