Elderly care encompasses a range of applications, features, and uses aimed at ensuring the well-being and quality of life of the elderly population. It includes residential care, home healthcare, assisted living, memory care, and palliative care services. Elderly care features personalized support, healthcare assistance, social engagement, and safety measures to meet the specific needs of older adults. The primary uses of elderly care are assisting with daily activities, managing chronic conditions, promoting social interaction, ensuring medication adherence, and offering emotional support, enabling seniors to age with dignity and maintain their independence.
According to Data Bridge Market Research, the Malaysia Elderly Care Market is accounted at USD 832.8 billion in 2021 and is expected to reach to USD 1268.43 billion by 2029. The market is expected to grow with a CAGR of 5.40 % in the forecast period of 2022 to 2029.
“Increasing geriatric population boosts the market’s growth”
The increasing geriatric population drives the growth of the Malaysia elderly care market. As the number of elderly individuals rises, there is a growing demand for specialized care services and facilities to meet their unique needs. This includes residential care, home healthcare, assisted living, and medical support services. The expanding elderly population creates a market opportunity for providers to offer comprehensive and tailored care solutions. The focus on improving the quality of life for seniors and the rising awareness of elderly care further contribute to the market's growth in Malaysia.
What restraints the growth of the Malaysia elderly care market?
“High cost of elderly care services restraints the market’s growth”
The high cost of elderly care services can restrain the growth of the Malaysia elderly care market. Providing comprehensive care for the elderly involves various expenses, including staffing, healthcare, accommodation, and specialized equipment. The affordability of such services becomes a significant challenge for individuals and families, limiting their access to elderly care options. The high cost of care can deter potential users and hinder market growth. Addressing the affordability issue and exploring cost-effective solutions are essential for expanding the elderly care market in Malaysia.
Segmentation: Malaysia Elderly Care Market
The Malaysia elderly care market is segmented on the basis of type, service, and application.
- On the basis of type, the Malaysia elderly care market has been segmented into pharmaceuticals, housing, and assistive devices.
- On the basis of service, the Malaysia elderly care market has been segmented into Institutional care, homecare, and adult day care.
- On the basis of application, the Malaysia elderly care market has been segmented into heart diseases, cancer, kidney disease, diabetes, arthritis, osteoporosis, neurological, respiratory, and others.
To know more about the study visit, https://www.databridgemarketresearch.com/ar/reports/malaysia-elderly-care-market
Recent developments
- In 2020, The Leapfrog Group's spring Hospital Safety Scores report, 13 Trinity Health hospitals have been recognized with "A" grades, indicating the highest level of patient safety. This accolade is expected to enhance the organization's market reputation, increase revenue, and contribute to the overall growth of the aged care industry.
- In June 2021, TechCrunch reported that Webrock Ventures and Healthforce are joining forces to launch a telehealth platform in South Africa. The new company, yet to be named, aims to provide patients convenient access to on-demand and scheduled consultations with nurses, mental health specialists, and healthcare practitioners.
The Prominent Key Players Operating in the Malaysia Elderly Care Market Include:
- Koninklijke Philips N.V. (Netherlands)
- Amedisys (U.S.)
- ECON Healthcare Group (Singapore)
- Encompass Health Corporation (U.S.)
- EXTENDICARE (Canada)
- LHC Group, Inc. (U.S.)
- Medtronic (Ireland)
- ORPEA GROUPE (France)
- Prolifico (U.S.)
- ElderCareCanada (Canada)
- Exceptional Living Centers (U.S.)
- Right at Home, LLC (U.S.)
- BAYADA Home Health Care (U.S.)
- United Medicare Pte Ltd (Singapore)
- Trinity Health (U.S.)
- Rosewood Care Group (U.S.)
- ST LUKE'S ELDERCARE LTD (Singapore)
Above are the key players covered in the report, to know about more and exhaustive list of Malaysia elderly care market companies contact, https://www.databridgemarketresearch.com/ar/contact
Research Methodology: Malaysia Elderly Care Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
