The increasing geriatric population is a significant driver for the elderly care market in Europe. As the number of elderly individuals grows, there is a corresponding rise in demand for specialized care services and facilities that cater to their unique needs. This demographic shift has spurred investment and innovation in various aspects of elderly care, including healthcare services, assisted living facilities, home care services, and medical devices tailored for older adults. Governments and private sector entities are increasingly focused on enhancing the quality of life for seniors, driving the expansion and evolution of the elderly care market across Europe.
Access Full Report @ https://www.databridgemarketresearch.com/reports/europe-elderly-care-market
Data Bridge Market Research analyzes that the Europe Elderly Care Market is growing with a CAGR of 6.8% in the forecast period of 2024 to 2031 and is expected to reach USD 577.61 billion by 2031 from USD 330.37 billion in 2023.
Key Findings of the Study
Increasing Cases of Chronic Diseases
The increasing of chronic diseases is a major growth factor for the elderly care market in Europe. The burden of chronic diseases such as diabetes, cardiovascular diseases, obesity, cancer, osteoporosis, and dental diseases has increased worldwide. These diseases can be prevented with proper treatment, diet, and nutrition along with proper suggestions from doctors. But in recent times, the treatment can also be taken by sitting at home with the help of home healthcare services in which one does not need to visit hospitals.
Therefore, for the treatment of the listed chronic diseases, especially in the geriatric population, home healthcare is found to be a better solution as it provides several services for patients, which include nursing home care and home care facilities, which is driving the market growth.
Report Scope and Market Segmentation
|
Report Metric
|
Details
|
|
Forecast Period
|
2024 to 2031
|
|
Base Year
|
2023
|
|
Historic Year
|
2022 (Customizable to 2016–2021)
|
|
Quantitative Units
|
Revenue in USD Billion
|
|
Segments Covered
|
Product Type (Housing and Assistive Devices and Pharmaceuticals), Service (Home Care, Institutional Care, and Adult Day Care), Application (Heart Diseases, Respiratory, Diabetes, Osteoporosis, Neurological, Cancer, Kidney Diseases, Arthritis, and Others)
|
|
Market Players Covered
|
Medtronic (Ireland), EMEIS (France), Home Instead, Inc. (U.S.), Attendo (Sweden), Koninklijke Philips N.V. (Netherlands), BAYADA Home Health Care (U.S.), KOS S.p.A. (Italy), and Libify Technologies GmbH (Germany) among others
|
|
Data Points Covered in the Report
|
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.
|
Segment Analysis
Europe elderly care market is categorized three notable segments based on product type, service, and application.
- On the basis of product type, the Europe elderly care market is segmented into housing and assistive devices and pharmaceuticals
In 2024, the housing and assistive devices segment is expected to dominate the Europe elderly care market
In 2024, the housing and assistive devices segment is expected to dominate the market with a market share of 90.69% due to the region's high demand for solutions that enable seniors to live independently and safely in their own homes.
- On the basis of service, the Europe elderly care market is segmented into home care, institutional care, and adult day care
In 2024, the home care segment is expected to dominate the Europe elderly care market
In 2024, the home care segment is expected to dominate the market with a market share of 64.15% due to the increasing preference for personalized, in-home support that allows seniors to age comfortably within their own residences.
- On the basis of application, the Europe elderly care market is segmented into heart diseases, respiratory, diabetes, osteoporosis, neurological, cancer, kidney diseases, arthritis and others. In 2024, the heart diseases segment is expected to dominate the market with a market share of 22.41%
Major Players
Data Bridge Market Research recognizes the following companies as the major players in the market that include Home Instead, Inc. (U.S.), Attendo (Sweden), Koninklijke Philips N.V. (Netherlands), BAYADA Home Health Care (U.S.).
Market Developments
- In January 2024, Attendo announced plans to acquire Team Olivia's Swedish care operations, excluding personal assistance, and has received approval from the Swedish Competition Authority. This acquisition is expected to expand Attendo's service offerings and strengthen its market position in Sweden
- In January 2024, Attendo has agreed to acquire Team Olivia AB's Swedish care operations, excluding personal assistance, strengthening its position in disability care, individual and family care, and home care in Sweden. This acquisition will enhance Attendo's service offerings and market presence in Sweden
- In March 2023, BAYADA Home Health Care, a prominent nonprofit provider, is partnering with Maribel Health to introduce a new platform. This collaboration aims to enrich acute care services in home settings, aligning with their joint mission to prioritize the home within the healthcare system. This initiative is expected to help BAYADA expand its service offerings into acute care at home, catering to a broader range of patient needs while positioning the company at the forefront of innovative healthcare delivery models
- In May 2023, Medtronic to acquire wearable insulin patch maker EOFlow, announced company has entered into a set of definitive agreements to acquire EOFlow Co. Ltd. manufacturer of the EOPatch device — a tubeless, wearable and fully disposable insulin delivery device. The addition of EOFlow, together with Medtronic's Meal Detection Technology algorithm and next-generation continuous glucose monitor (CGM), is expected to expand the company's ability to address the needs of more individuals with diabetes
- In May 2023, Home Instead, part of Honor Company, has partnered with Meals on Wheels America to increase awareness, funding, and volunteer support for addressing the needs of aging neighbors and combating health crises. This partnership is expected to enhance Home Instead's community engagement efforts, expand their impact in supporting aging populations, and strengthen their reputation as a leader in senior care advocacy and support services
For more detailed information about the Europe elderly care market report, click here – https://www.databridgemarketresearch.com/reports/europe-elderly-care-market
