Asia-Pacific Elderly Care Market Segmentation, By Product Type (Pharmaceuticals, Housing and Assistive Devices), Service (Institutional Care, Homecare, Adult Day Care), Application (Heart Diseases, Cancer, Kidney Diseases, Diabetes, Arthritis, Osteoporosis, Neurological, Respiratory, Others)– Industry Trends and Forecast to 2031
Elderly Care Market Analysis
According to the WHO, the senior population in emerging nations is expected to reach about 1 billion by 2050, resulting in a high demand for elder care services and, as a result, expanding the market's scope in the near future. The increase in Asia-Pacific population life expectancy and the rise in illnesses such as dementia and Alzheimer's disease among the elderly will provide attractive growth opportunities for the elder care services business in the coming years. Furthermore, non-profit clinics, autonomous charitable units, and government-sponsored institutions have all played an important part in leveraging market expansion.
Elderly Care Market Size
Asia-Pacific elderly care market size was valued at USD 925.17 billion in 2023 and is projected to reach USD 1409.12 billion by 2031, with a CAGR of 5.40% during the forecast period of 2024 to 2031.
Report Scope and Market Segmentation
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Attributes
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Elderly Care Key Market Insights
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Segmentation
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Countries Covered
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China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, and Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC).
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Key Market Players
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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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Market Opportunities
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Elderly Care Market Definition
Elderly care which involves satisfying all of the needs of senior individuals at various times, is referred to as elderly care. It covers products and services that make daily tasks for senior citizens simple and straightforward. The demand for elderly care grows as individuals get older, as they require physical and mental support to live a healthy, productive, and independent life. Eldercare services include assisted living, long-term care, short-term care, adult day care, and home care.
Elderly Care Market Dynamics
Drivers
- Increasing geriatric population
The proportion of elderly persons (those aged 60 and up) is rising over the world. The older population has increased health difficulties, and home healthcare services can help patients get better treatment. As a result, the Asia-Pacific increase in the geriatric population is assisting in the growth of the senior care industry.
- Growing cases of chronic disease
Diabetes, cardiovascular illness, obesity, cancer, osteoporosis, and dental disease have all become more common over the world. With the proper therapy, food, nutrition, and medical advice, these disorders can be avoided. However, in recent years, therapy can be obtained while sitting at home with the help of home healthcare services, obviating the need to attend a hospital.
- Rising awareness regarding elderly care
The need for home care services, adult care services, and other services will rise as people throughout the world become more aware of them. The demand for elderly care is expanding due to the rapid increase in the elderly population, and the market's growth will be fueled by the growing demand for elderly care services and goods.
Opportunities
- Increasing market trend towards elderly care services
The growing older population drives the demand for aged care services. The demand for care services has increased as the economy and social environment have changed. The old population is expanding, putting pressure on the younger generation to care for elderly family members while also working. As a result, the need for aged care services grows. There are two types of services: short-term and long-term. Short-term services assist with daily activities, whilst long-term services concentrate on residential facilities. Medical support and daycare are required for long-term service.
Restraints/Challenges
- High cost of Elderly Care services
Long-term eldercare services are preferred over short-term eldercare services. The family finds it difficult to take use of services and products due to their high cost. The cost of elder care is increasing as people get older.
This elderly care market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the elderly care market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Elderly Care Market
The COVID-19 has had an impact on the market to some level, with Asia-Pacific being the most affected region due to the elderly and elderly population's low immunity to the virus. The entrance of the elderly was halted as a result of the lockdown, and demand for health care services also reduced, affecting the market. Due to changes in rising preventive measures, changes in the rules, and other factors, the need for aged care has increased post-COVID.
Asia-Pacific Elderly Care Market Scope
The elderly care market is segmented on the basis of type, service and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product Type
- Pharmaceuticals
- Housing and assistive devices
Service
- Institutional Care
- Homecare
- Adult Day Care
Application
- Heart Diseases
- Cancer
- Kidney Diseases
- Diabetes
- Arthritis
- Osteoporosis
- Neurological
- Respiratory
- Others
Elderly Care Market Regional Analysis
The elderly care market is analyzed and market size insights and trends ae provided by country, type, service and application as referenced above.
The countries covered in the elderly care market report are China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, and Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC).
Due to the significant increase in the senior population, which subsequently generates demand for elderly care products and services, China is expected to dominate the Asia-Pacific elderly care market over the forecast period.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Asia-Pacific brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Elderly Care Market Share
The elderly care market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Asia-Pacific presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to elderly care market.
Elderly Care Market Leaders Operating in the 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)
- 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)
Latest Developments in Elderly Care Market
- In its spring 2020 Hospital Safety Scores report, The Leapfrog Group honoured 13 Trinity Health hospitals with "A" grades, the best attainable for patient safety. This award will help to improve the organization's market reputation, increase revenue, and strengthen the aged care industry
- According to TechCrunch, Webrock Ventures and Helathforce will collaborate to deliver telehealth goods in South Africa in June 2021. The new company has yet to be named, but its major goal is to provide patients with on-demand and planned consultations with nurses, mental health specialists, and practitioners
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