Fort Collins, Colorado, Nov. 02, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Elderly Care Market was valued at USD 872.1 Billion in 2022 and is expected to reach USD 1,902.7 Billion by 2032 at a CAGR of 8.2%.
Elder care services cater to the needs of people 65 years and above. These services assist them in living comfortably while growing old, especially if they are unwell or require care in assisted living, daycare, or nursing homes. The services provided include daily walks, assistance with daily activities, help with illness, and nursing. The services are provided by trained professionals, either medical or non-medical, based on the individual's specific needs.
Longer life expectancy and advancements in medical facilities have led to an increasing geriatric population, creating a need for robust medical infrastructure and good elderly care facilities that ensure their safety, timely medical facilities and support, and a cheerful environment.
The demand for elderly care is increasing due to a growing older population. By 2030, one in every six people will be aged 60 and above, which is expected to be around 1.4 billion people. This number is expected to grow to about 2.1 billion people. Due to this significant demographic shift, many countries focus on providing good and affordable healthcare and social settings for older people to lead comfortable lives.
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Segmentation Overview:
The global elderly care market has been segmented into term, type and region. Long-term in-home care services are preferred by most people who are very old or suffer from major health problems. Patients can stay with their families while receiving nursing, hospital visits, dressing, companionship, and support in daily activities like cooking or eating. The demand for in-home care is growing faster, especially post-pandemic, because older people want to live comfortably with their families. In the United States, home healthcare services and nursing care facilities have experienced over 50% revenue growth from 2013 to 2020, and the trend is expected to continue.
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Elderly Care Market Report Highlights:
- The global elderly care market growth is anticipated at a CAGR of 8.2% by 2032.
- The demand for elderly care is rising due to an aging population and an increase in chronic diseases.
- The North American market holds a significant share in the elderly care market due to the preference for aging at home or community assisted living.
- Some prominent players in the elderly care market report include Brookdale Senior Living Inc., Oakmont Senior Living LLC, Brightview Senior Living, National Healthcare Corporation, Genesis Healthcare Inc., ProMedica Senior Care, Pacifica Senior Living, Bickford Senior Living, Bayada Home Healthcare, Atria Senior Living, and others.
Industry Trends and Insights:
- Baiada home health care is gaining attention as a preferred and cost-effective care setting.
- Two independent senior living communities, Chateau McKinney and Parkview in Allen, are undergoing $2 million in renovations to improve amenities and social spaces and add an extended fitness room and environment-friendly lighting.
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Elderly Care Market Segmentation:
- By Term: Short term and Long term
- By Type: Independent community living, assisted living, nursing, in-home care, day care, hybrid care and palliative care
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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