NEW YORK, March 31, 2022 (GLOBE NEWSWIRE) -- The elder care services market netted sales worth US$ 1.23 Bn in 2021, and Persistence Market Research projects the market to expand at a CAGR of 7.6% over the forecast period (2022-2031). Growing burden of chronic diseases amongst the elderly and their need for constant support & management are boosting demand for elder care services, globally
Elder care service providers cater to all the medical as well as physical & mental needs of elderly patients who avail their services. Discharged geriatric patients from hospitals who need help in managing their day-to-day activities and healthcare opt for these services, either at institutions or through home-based care providers. The availability of such day care institutions is advantageous to both, family caregiver and patients. For the caregivers, they can enjoy some respite from caregiving, while for patients, they are able to enjoy the companionship of patients with similar age. A driving factor of such day care facilities is the overall cost of the setup, which is comparatively less than hospitalization.
Increase in life expectancy has resulted in a growing geriatric population over time. With this the burden of diseases such as terminal illnesses, dementia, and other serious disabilities also increases. The need for aged care is focused on controlling chronic disorders and management. During the latter stages of Alzheimer's disease or dementia, a patient needs supervision throughout the day. Furthermore, demand for specialized elder care facilities is driven by an increase in the standard of living, which necessitates products and services tailored to the elderly.
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New market entrants have numerous opportunities for growth due to the continuously rising demand for elder care services, high disposable income, development of healthcare facilities, and the developing mind-set of consumers, globally. Key players in this industry are focused on providing personalized care to increase their consumer base, thereby expanding their business globally.
Key Takeaways from Market Study
- Consumers mostly prefer institutional care. Availability of all-round care, customized care for individual patients, and well-equipped facilities are the main reasons for this preference. This segment led the service type category with over 70% of the global market share in 2021.
- Elder care services is majorly funded by public expenditure, regulated by governments as well as non-governmental organizations, resulting in the dominance of this segment with nearly 2/3 market share in 2021.
- North America captured 29.1% market share, by revenue, in the year. Well-developed healthcare infrastructure and favourable Medicaid policies for the elderly are some of the reasons for this high market share.
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“Changing family dynamics and evolving needs of the elderly are proving to be key factors driving demand for elder care services, globally,” says an analyst of Persistence Market Research.
Market Competition
Elder care service providers such as Millennia Personal Care Services and Korain Group are putting in efforts to expand their business globally.
- Millennia Personal Care Services started the operations of 3 new offices in Tokyo to provide home care services.
- In June 2019, Korian strengthened its presence in Italy with the acquisition of the Sanem Group in Rome.
- The India Home Healthcare Group launched the country’s first ever ICU simulation lab in Bengaluru.
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What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the elder care services market in its latest study, presenting historical demand assessment of 2017-2021 and projections for 2022-2032.
The research study is based on service type (home-based care, community-based care, and institutional care), financing source (public expenditure. private source, and out-of-pocket spending), and region (North America, Latin America Europe, APAC, and the Middle East & Africa).
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