Wilmington, Delaware, July 03, 2024 (GLOBE NEWSWIRE) -- The elderly care market is a rapidly expanding sector driven by the aging global population, increased life expectancy, and evolving healthcare needs. This market encompasses a wide range of services, including in-home care, assisted living, nursing homes, and geriatric care management. The demand for elderly care services is surging as more individuals seek specialized support to maintain their quality of life during their later years.
Innovations such as telehealth, remote monitoring, and health management apps are revolutionizing how care is delivered, offering convenience and improved health outcomes, which is a key driver propelling the elderly care market growth. The adoption of AI and machine learning in predictive analytics is further enhancing personalized care plans and early detection of health issues. Another emerging trend is the growing preference for aging-in-place, where seniors opt to stay in their homes while receiving necessary care. This has fueled the demand for in-home care services and smart home technologies designed to support independent living. Additionally, there is a noticeable shift towards holistic and wellness-focused care models, emphasizing preventive care, mental health support, and social engagement. The market also presents substantial opportunities for investment in senior housing and retirement communities, which cater to the varying needs and preferences of the elderly. These facilities are increasingly incorporating luxury amenities, community activities, and advanced medical services to attract a broader demographic.
According to the World Health Organization, the number of people aged 60 and above is expected to double by 2050, creating a vast customer base for elderly care services. Economic factors, such as rising disposable incomes and increased health expenditure, are also significant contributors. As more individuals can afford premium care services, the demand for high-quality, personalized elderly care is rising. Government initiatives and policies aimed at supporting elderly care are further propelling market growth. Many countries are implementing favorable regulations and funding programs to ensure accessible and affordable care for the aging population. Additionally, the increasing awareness of age-related health issues and the importance of early intervention is leading to higher utilization of elderly care services. In conclusion, the elderly care market is poised for substantial growth, driven by demographic trends, technological advancements, and evolving consumer preferences. Businesses in this sector have vast opportunities to innovate and expand, catering to the diverse needs of the aging population.
Covid-19 Impact on Global Elderly Care Market
The COVID-19 pandemic significantly impacted the global elderly care market, exposing vulnerabilities and accelerating changes. Elderly populations, particularly in care facilities, faced heightened risks, leading to increased demand for stringent health and safety protocols. The pandemic spurred rapid adoption of telehealth and remote monitoring technologies to reduce exposure risks and maintain care continuity. In-home care services saw a surge in demand as families sought alternatives to institutional care. Additionally, the crisis highlighted the need for robust emergency preparedness and infection control measures within care facilities. Despite the challenges, the pandemic also drove innovation and investment in the elderly care sector, paving the way for more resilient and adaptable care models in the future.
Global Elderly Care Market: Key Takeaways:
- Community-based care services is anticipated to grow fastest over the forecast timeline capturing a revenue share of 34.4% in elderly care market due to their ability to provide personalized and cost-effective care solutions. These services enable seniors to receive care in familiar and supportive environments, promoting independence and social integration. With increasing preference for aging-in-place among elderly populations and advancements in technology facilitating remote monitoring and healthcare delivery, community-based care services are poised to capture a significant market share. They offer a viable alternative to traditional care settings, meeting the diverse needs of seniors while ensuring quality of life and comfort.
- Cancer segment by application dominated the market with a 24.2% revenue share. The aging population globally has contributed to a higher prevalence of cancer among seniors, necessitating specialized care and treatment options. Second, advancements in oncology treatments and supportive care have improved survival rates and quality of life for elderly cancer patients, increasing the demand for comprehensive cancer care services. Moreover, heightened awareness, early detection programs, and tailored therapies have further bolstered the segment's growth, underscoring its pivotal role in addressing the healthcare needs of aging populations.
- In 2023, Asia Pacific solidified its position as the second-leading region in the global elderly care market. The region experienced rapid demographic aging, with a significant increase in the elderly population seeking specialized care services. Rising disposable incomes, urbanization, and changing family structures have spurred demand for professional elderly care solutions. Government initiatives aimed at improving healthcare infrastructure and services for seniors have also played a crucial role. Additionally, cultural shifts towards valuing senior welfare and increasing healthcare expenditure have further propelled Asia Pacific's prominence in the global elderly care market.
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Global Elderly Care Market Players
- Benesse Style Care Co., Ltd
- Brookdale Senior Living Inc.
- Capital Home Care
- Cascade Living
- Econ Healthcare Group
- Epoch Elder Care
- EXTENDICARE
- Genesis HealthCare
- Gentiva
- Health Serve
- Home Instead, Inc.
- Knight Health Holdings, LLC (Kindred Hospitals)
- Lana Life Care
- NMC ProVita International Medical Center, LLC
- RIEI Co., Ltd.
- ST LUKE’S ELDERCARE LTD.
- Sunrise Senior Living
- Other Industry Participants
Global Elderly Care Market
By Service Type
- Home-Based Care Services
- Personal Care Services
- Companion Care
- Medication Management
- Home Health Nursing
- Physical Therapy
- Occupational Therapy
- Speech Therapy
- Medical Equipment and Supplies
- Community-Based Care Services
- Adult Day Programs
- Social and Recreational Activities
- Meal Services
- Transportation Services
- Home-Delivered Meals
- Institutional Care Services
- Assisted Living Services
- Skilled Nursing Care
- Memory Care
- Hospice and Palliative Care
- Rehabilitation Services
By Application
- Respiratory Diseases
- Diabetes
- Heart Diseases
- Neurological Diseases
- Kidney Diseases
- Cancer
- Others
By Region
- North America (U.S., Canada, Mexico, Rest of North America)
- Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe)
- Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific)
- Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
- Latin America (Brazil, Argentina, Rest of Latin America)
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