Elderly care applications encompass a range of services designed to meet the unique needs of older adults. These applications provide personalized care plans, health monitoring, medication reminders, and social engagement tools. The advantages include promoting independent living, enhancing safety, and improving overall well-being. The need for such applications arises due to an aging population, changing family structures, and the desire to age in place. Key features include 24/7 assistance, remote monitoring, caregiver coordination, and access to medical resources, ensuring comprehensive and attentive support for seniors.
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Data Bridge Market Research analyses that the Sri Lanka Elderly Care Market is valued at 832.8 billion in 2021 and is expected to reach USD 1268.43 billion by 2029, registering a CAGR of 5.40% during the forecast period of 2022 to 2029. The global population is aging, with a significant increase in the number of elderly individuals. This demographic shift creates a growing demand for elderly care services to support their health, well-being, and daily living needs.
Key Findings of the Study
Changing family structure is expected to drive the market's growth rate
As family structures evolve, with smaller families and increased geographical distances between members, the traditional support system of family caregivers becomes limited. This creates a need for professional elderly care services to step in and provide the necessary care and support for the aging population. With fewer family members available to take on caregiving roles, professional elderly care services play a crucial role in ensuring the well-being and quality of life of elderly individuals who may require assistance and attention.
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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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Product Type (Pharmaceuticals, Housing and Assistive Devices), Service (Institutional Care, Homecare, Adult Day Care), Application (Heart Diseases, Cancer, Kidney Disease, Diabetes, Arthritis, Osteoporosis, Neurological, Respiratory, Others)
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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)
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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 Sri Lanka elderly care market is segmented on the basis of type, service, and application.
- On the basis of product type, the market is segmented into pharmaceuticals, housing, and assistive devices.
- On the basis of service, the market is segmented into institutional care, homecare, and adult day care.
- On the basis of application, the 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 Sri Lanka elderly care market players in 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), ORPEA GROUPE (France), Prolifico (U.S.)
Market Developments
- In 2020, Leapfrog Group recognized 13 Trinity Health hospitals with top-tier "A" grades in their Hospital Safety Scores report, signifying exceptional patient safety standards. This prestigious award is expected to enhance the organization's market reputation, boost revenue, and contribute to the growth and credibility of the aged care industry.
- In June 2021, TechCrunch reported that Webrock Ventures and Healthforce have joined forces to launch a telehealth platform in South Africa. Although the company's name is yet to be announced, its primary objective is to offer patients on-demand and scheduled consultations with nurses, mental health specialists, and healthcare practitioners. This collaboration aims to bridge the healthcare gap and provide accessible and timely medical services to patients across the region.
For more detailed information about the elderly care market report, click here – https://www.databridgemarketresearch.com/reports/srilanka-elderly-care-market
