Elderly care in North America spans various applications, from home care services to nursing facilities, catering to the diverse needs of the aging population. The advantages include the provision of personalized assistance and medical support for seniors, allowing them to age in place. Nursing facilities offer round-the-clock care, particularly for those with complex health requirements. Overall, North America's elderly care system enhances the quality of life for seniors, providing specialized attention and addressing prevalent chronic illnesses.
According to Data Bridge Market Research analyses that the North America Elderly Care Market to growing at a CAGR of 6.02% in the forecast period of 2022-2029.
“Rising Chronic Illness in Elderly Population Boosts the Market Growth"
The North America elderly care market is experiencing significant growth driven by the increasing prevalence of chronic illnesses among the elderly, a rising geriatric population, and heightened awareness of the importance of specialized elderly care. The expanding elderly demographic and advancements in healthcare have led to a greater demand for tailored services to address the unique needs of older individuals. As families and seniors recognize the benefits of professional care, there is a growing preference for comprehensive and compassionate assistance services. This trend is reflected in the popularity of home care, nursing care, and other personalized solutions.
What restraints the growth of North America elderly care market?
“Demand for Residential Care Facilities Hinders Market Growth”
The North America elderly care market faces a restraint due to the surging demand for specialized residential facilities catering to seniors with chronic illnesses such as dementia and Alzheimer's. The need for 24/7 supervision and intensive medical care strains resources and infrastructure, leading to potential financial challenges for families and service providers. While there is an overall growth trend in the elderly care sector, the specific demand for these resource-intensive residential facilities is constraining. This highlights the complexities and financial implications associated with addressing the specialized care needs of seniors with complex chronic conditions, potentially impeding the market's overall expansion during the forecast period.
Segmentation: North America Elderly Care Market
The North America elderly care market is segmented on the basis of product type, service and application.
- On the basis of product type, the North America elderly care market is segmented into pharmaceuticals and housing and assistive devices
- On the basis of service, the North America elderly care market is segmented institutional care, homecare, and adult day care
- On the basis of application, the North America elderly care market is segmented into heart diseases, cancer, kidney diseases, diabetes, arthritis, neurological, osteoporosis, respiratory, and others
Regional Insights: U.S. is expected to dominate the North America Elderly Care Market
- In the North America region, the U.S. dominates the elderly care market due to its strong research infrastructure, ample skilled healthcare professionals, and rapid adoption of advanced technologies. These factors collectively position the U.S. as a leader in delivering efficient and innovative elderly care services within the region
To know more about the study visit, https://www.databridgemarketresearch.com/ar/reports/north-america-elderly-care-market
Recent Developments in North America Elderly Care Market
- In August 2021, Age Care Labs successfully concluded its acquisition of Epoch Elder Care, a distinguished provider of dementia care and assisted living homes for the elderly
- In 2020, NTUC Health implemented a strategic merger, consolidating its eldercare service brands, including Silver Circle, SilverACE, SilverCOVE, and Care@Home, along with the Unity brands, under a unified 'NTUC Health' brand. This restructuring aims to simplify access for individuals and families to a comprehensive range of aged care and active aging services
- In 2019, Orange Valley Healthcare was honored with the Singapore Health Quality Service Award for its exceptional dedication to delivering quality care and services to residents
The Prominent Key Players Operating in the North America 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 North America elderly care market companies contact, https://www.databridgemarketresearch.com/ar/contact
Research Methodology: North America 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.
