Global Elder Care Market Trends, Applications, Analysis, Growth, and Forecast: 2023 to 2033

Marketresearch.biz delivers in-depth insights on the global elder care market in its upcoming report titled, “Global Elder Care Market Trends, Applications, Analysis, Growth, and Forecast: 2023 to 2033”. Global Elderly Care Market was valued at USD 1458 Million in 2023 and reaches to USD 2876.4 Million by 2033 at a CAGR of 7.03% The report offers in-depth insights, revenue details, and other vital information regarding the global elder care market, and various trends, drivers, restraints, opportunities, and threats in the target market till 2033. The report offers insightful and detailed information regarding the various key players operating in the global elder care market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global elder care market report has been segmented on the basis of type, and region.

The use of technology and media to provide care and support for older adults is growing, including telehealth services, wearable devices, and online care management solutions platforms

Overview

Elder care services comprise various skilled and well-staffed and efficient nursing facilities. Providers focus on being viewed as home healthcare provider agencies, social services agencies, continuing care facilities, and assisted living facilities. Members of the elderly population are defined as being in the age group of 65 years or older. Those in the early-elderly group include persons in the age range of 65–74 years. Exceeding and surpassing 75 years puts a person in the late elderly group. Care services provided under elder care include daycare, long-term care, home and nursing home care, dementia care facilities, assisted living, adult day programs, hospice care, skilled care, and custodial care. Age-related diseases and conditions can be challenging as the person starts to face increasingly defeated by usual day-to-day tasks. Minor falls, flu or viral fevers can take a greater toll on older individuals. As age progresses, the need for care becomes increasingly more and more important. Older persons are more susceptible to major heart-related conditions and challenges, diabetes, respiratory disorders, and joint pains to name a few.

Dynamics

The global aging population has been increasing rather rapidly in the very recent past. Changing demographics and an increased life expectancy of older individuals has been resulting in the rapid growth of the number of older individuals seeking or needing medical support. Also, a shifting trend such as the absence of family-based caregiving, as was the trend a few decades ago, as well as changing consumer preference for more efficient and convenient medical care and treatment approaches is also emerging in various countries. These are some of the factors projected to primarily drive revenue growth of the elder care services market across the globe. A few key factors impacting the global market growth include enhanced insurance coverage for home healthcare services, and changing social and economic context owing to an increase in the aging population. Furthermore, increasing demand and preference for residential care facilities and services for elderly or aging persons suffering from chronic illnesses such as dementia and Alzheimer’s is expected to be the major factor contributing to the growth of the global elder care market in future.

However, the availability of limited alternative options such as assisted living, residential living, hospice, etc., especially in developing economies, is expected to curtail the number of consumer preferences.

North America is the leader in the global elder care market currently, followed by the market in Europe. Among countries in the Asia Pacific region, India has emerged as the market leader in terms of elder care services. In the coming years, Asia Pacific is projected to be a key player in the market as growth of the aging population continues to rise and surpass countries in other regions of the world.

Global Elder Care Market Segmentation:

Global Elder Care Market Segmentation by service type:

• Home-based Care
• Community-based Care
• Institutional Care

Global Elder Care Market Segmentation by region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa