As the aging population grows, so does the importance of elderly care, which embraces the silver generation with compassion and specialized support. Providing essential services and personalized care to seniors becomes crucial to ensure their well-being, comfort, and dignity in their golden years. With advancements in healthcare and technology, elderly care plays a vital role in enhancing the quality of life for the aging population, empowering them to lead fulfilling lives and maintaining their independence as much as possible.
According to Data Bridge Market Research, the Global Elderly Care Market is expected to reach USD 2,357,746.52 million by 2029. The market is expected to grow with a CAGR of 7.0% in the forecast period of 2022 to 2029.
“Growing awareness regarding elderly care boosts the market’s growth”
The growing awareness regarding elderly care is a key driver behind the growth of the elderly care market. As the aging population increases, there is a heightened understanding of the need for specialized care and support for seniors. Families and caregivers are seeking professional assistance to ensure the well-being and comfort of elderly individuals. This rising demand for elderly care services, including assisted living facilities, home care, and healthcare services tailored to seniors, propels the expansion of the elderly care market.
What restraints the growth of the global elderly care market?
“Lack of trained and experienced workers restraints the market’s growth”
The elderly care market faces constraints in its growth due to a lack of trained and experienced workers. With the increasing demand for elderly care services, there is a shortage of skilled professionals to meet the needs of the aging population. The specialized nature of elderly care requires expertise and compassion, but the limited availability of trained caregivers, nurses, and healthcare professionals hinders the industry's ability to fully cater to the elderly's requirements, thereby restricting the market's growth potential.
Segmentation: Global Elderly Care Market
The global Elderly care market is segmented on the basis of product type, service, and application.
- On the basis of product type, the elderly care market is segmented into pharmaceuticals and housing, and assistive device.
- On the basis of service, the elderly care market is segmented into institutional care, homecare, and adult day care.
- On the basis of application, the elderly care market is segmented into heart diseases, cancer, kidney disease, diabetes, arthritis, osteoporosis, neurological, respiratory, and others.
Regional Insights: North America is expected to dominate the Global Elderly Care Market
North America is expected to dominate the global elderly care market during the forecast period due to the rapid increase in the aged population has led to a surge in demand for elderly care products and services. As more people reach old age, there is a greater need for specialized care, healthcare services, and products designed to cater to the unique needs and requirements of the elderly. This demographic trend is driving the growth of the elderly care market.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-elderly-care-market
Recent Developments
- In June 2021, TechCrunch reports that Webrock Ventures and Healthforce have joined forces to introduce telehealth products in South Africa. The new venture, which is yet to be named, aims to provide on-demand and scheduled consultations to patients, offering access to nurses, mental health professionals, and practitioners remotely. The startup successfully concluded a pre-Series A funding round, securing USD 3 million to further develop and expand their telehealth services across the country.
- In April 2021, Quro Medical, a South African health tech startup, recently secured a USD 1.1 million investment in a funding round led by Enza Capital and Mohau Equity Partners. The company's focus is on delivering home-based healthcare services to manage the well-being of ill patients. By offering personalized care in the comfort of their homes, Quro Medical aims to enhance the patient experience and reduce the risk of infections associated with hospital visits.
The Prominent Key Players Operating in the Global Elderly Care Market Include:
- LHC Group, Inc. (U.S.)
- Encompass Health Corporation (U.S.)
- Extendicare (U.S.)
- Amedisys (U.S.)
- Koninklijke Philips N.V. (Netherlands)
- Medtronic (U.S.)
- ORPEA GROUPE (France)
- Exceptional Living Centers (U.S.)
- Trinity Health (U.S.)
- Right at Home, LLC (U.S.)
- FC Compassus LLC (U.S.)
- Home Instead, Inc. (U.S.)
- Interim HealthCare Inc. (U.S.)
- Living Assistance Services (U.S.)
- BAYADA Home Health Care (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global elderly care market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global 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.
