The North America elderly care market is undergoing a profound shift with the rising aging population. The World Health Organization predicts nearly 1 billion seniors in emerging nations by 2050, intensifying the need for elder care services. Public and private sector entities have expanded their services to address this demand, fostering a competitive marketplace. Caregivers, healthcare providers, and technology firms are pivotal in delivering holistic solutions for the comprehensive well-being of the elderly, shaping the evolving landscape of elderly care.
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Data Bridge Market Research analyses that the North America Elderly Care Market is expected to undergo a CAGR of 6.02% during the forecast period from 2022-2029. Medical progress and increasing life expectancy have led to a rising elderly population, creating a demand for extended care services. This demographic shift fuels the growth of the elderly care market, addressing diverse healthcare and social needs.
Key Findings of the Study
Cost-effective elderly care services are expected to drive the market's growth rate
Rising healthcare expenses have driven a notable transition to elderly care services, a cost-effective alternative to hospitalization. Amid aging populations, these services provide practical and economical ways to ensure quality senior care while managing healthcare costs. This cost-efficiency stands as a key catalyst for the growth of the elderly care market, prompting individuals and healthcare systems to embrace community and home-based care solutions for seniors.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014-2019)
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Segments Covered
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Product Type (Pharmaceuticals and Housing and Assistive Devices), Service (Institutional Care, Homecare, Adult Day Care), Application (Heart Diseases, Cancer, Kidney Diseases, Diabetes, Arthritis, Neurological, Osteoporosis, Respiratory, Others)
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Countries Covered
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U.S., Canada and Mexico in North America
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Market Players Covered
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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) among others
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Segment Analysis:
The North America elderly care market is segmented into product type, service, and application.
- On the basis of product type, the North America elderly care market is segmented into pharmaceuticals housing, and assistive devices
- On the basis of service, the North America elderly care market is segmented into 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, osteoporosis, neurological, respiratory, and others
Major Players
Data Bridge Market Research recognizes the following companies as the major North America elderly care market players in North America elderly care market are 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)
Market Developments
- In September 2023, SeniorsCareAsia acquired Australia's ElderlyWell, expanding its presence in the Asia-Pacific market. This strategic move reinforces SeniorsCareAsia's commitment to delivering top-notch elderly care services, enhancing market presence, and facilitating innovative collaborations to serve the aging population in the region effectively
- In September 2023, ElderCare Solutions in Tokyo collaborated strategically with SeniorLiving Innovations in Singapore to elevate elderly care in the Asia-Pacific region. This partnership focuses on utilizing technology and expertise to enhance patient outcomes, strengthen market presence, and foster innovation in the elderly care sector. Ultimately, the collaboration aims to bring significant benefits to seniors and their families throughout the region
- In February 2022, ORPEA GROUPE collaborated with Home Instead, Inc. to enhance elderly care services across Europe. Focused on providing comprehensive and personalized in-home care solutions, this collaboration enriches the offerings in the elderly care market, promoting enhanced well-being for seniors
- In January 2022, Koninklijke Philips N.V. partnered with ORPEA GROUPE, a leading elderly care provider, aiming to integrate advanced healthcare technologies into ORPEA's facilities. This partnership signifies a notable advancement in the elderly care market, enhancing services and improving patient outcomes
- In January 2022, Medtronic plc announced a definitive agreement to acquire Affera, Inc., specializing in cardiac mapping and catheter-based ablation technologies. This strategic move enhances Medtronic's global presence, offering advanced solutions for cardiac arrhythmias, including Atrial Fibrillation, and positioning for increased revenue
Regional Analysis
Geographically, the countries covered in the North America elderly care market report are U.S., Canada and Mexico in North America.
As per Data Bridge Market Research analysis:
U.S. is the dominant country in North America elderly care market during the forecast period 2022-2029
U.S. dominates the North America elderly care market, leveraging a robust research infrastructure, abundant skilled professionals, and swift adoption of advanced technologies. These factors contribute to the nation's leading position in delivering comprehensive and innovative elderly care services. The U.S. stands out for its commitment to enhancing the quality of care by integrating cutting-edge devices, reflecting a proactive approach that propels the growth and advancements in the North American elderly care sector.
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