North America Elderly Care Market – Industry Trends and Forecast to 2029

Market Analysis and Size

Geriatric care is defined as the medical care of the elderly. The scope of care has expanded to include not only the medical needs of seniors, but also their psychological and social needs. Geriatric care now encompasses a more holistic approach to coping with ageing diseases and its effects than ever before. Geriatric care management integrates health care and psychological care with other necessary services such as housing, home care services, nutritional services, assistance with daily living activities, socialisation programmes, and financial and legal planning.

Data Bridge Market Research analyses that the elderly care market to growing at a CAGR of 6.02% in the forecast period of 2022-2029. The rising awareness of home care services will help in driving the growth of the elderly care market.

Market Definition

Elder care, also known as eldercare, is a service that caters to the needs and desires of senior citizens. It includes assisted living, adult day care, long-term care, nursing homes (also known as residential care), hospice care, and home care. It includes a wide range of practises and institutions due to the wide variety of elderly care needs and cultural perspectives on the elderly.

North America Elderly Care Market Dynamics

Drivers

• The rising chronic illness in elderly population

Rising chronic illness in the elderly population, growing geriatric population, and increased awareness of elderly care among people will likely accelerate the growth of the elderly care market in the forecast period of 2022-2029 due to change in life style of old people are now inclined towards elderly care and it provides multiple benefits such as home care, nursing care, and others.

The growth in emerging economies

Rising expansion and market penetration growth in emerging economies, as well as due to change in life style of old people are now inclined towards elderly care and it provides multiple benefits such as home care, nursing care, and others

Regulatory Compliance

Maintaining compliance with medical reforms and regulations raises the demand for these solutions.

• Government investments

The increase in the funding by the federal government to drive the adoption of these solutions further influence the market. Additionally, the surge in healthcare expenditure, advancements in healthcare infrastructure, and high demand for expanded care delivery positively affect the optical imaging market.

.Restraints/Challenges

Increasing demand for residential care facilities for the elderly with chronic illnesses such as dementia and Alzheimer's will most likely impede the growth of the elderly care market during the forecast period..

This North America 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 optical imaging 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 North America Elderly Care Market

COVID-19, the disease caused by the new coronavirus, is especially dangerous for the elderly. Adults 60 and older, particularly those with pre-existing medical conditions such as heart disease, lung disease, diabetes, or cancer, are more likely than other age groups to have severe — even fatal — coronavirus infection, according to research. While various governments have taken stringent measures to contain the spread of COVID-19, it is also critical for all geriatric caregivers to follow the protocols and take the necessary measures and precautions to break the disease's chain of transmission. Due to their decreased immunity and body reserves, as well as multiple associated comorbidities such as diabetes, hypertension, and chronic kidney disease, the elderly are at a higher risk of COVID-19 infection.

Recent Development

• Age Care Labs announced the completion of its acquisition of Epoch Elder Care, a provider of expert dementia care and assisted living homes for the elderly, in August 2021.
• NTUC Health merged its portfolio of eldercare service brands, Silver Circle, SilverACE, SilverCOVE, and Care@Home, as well as the Unity brands, into a single 'NTUC Health' brand in 2020. Individuals and families will find it easier to access the full range of aged care and active ageing services as a result of this.
• Orange Valley Healthcare received the Singapore Health Quality Service Award 2019 in 2019 for outstanding efforts toward providing quality care and services to residents.

North America Elderly Care Market Scope

The North America elderly care market is segmented on the basis type of product, application and services. 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

• Pharmaceuticals
• Housing and assistive devices

On the basis of product type, the elderly care market is segmented into pharmaceuticals and housing and assistive devices.

Service                                                                            

• Homecare
• Institutional care
• Adult day care

Based on service, the elderly care market is segmented into homecare, institutional care and adult day care.

Application 

• Heart diseases
• Respiratory
• Diabetes
• Osteoporosis
• Cancer
• Neurological
• Kidney diseases
• Arthritis
• Others

On the basis of application, the elderly care market is segmented into heart diseases, cancer, kidney diseases, diabetes, arthritis, osteoporosis, neurological, respiratory and others.

North America Elderly Care Market Regional Analysis/Insights

The North America elderly care market is analysed and market size insights and trends are provided by country, product, application and services as referenced above.

The countries covered in the North America elderly care  market report are U.S., Canada and Mexico.

U.S. dominates the North America elderly care market due to the region's growing research infrastructure, increased availability of skilled professionals, and faster adoption rates of technologically advanced devices.

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 global 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.   

Healthcare Infrastructure growth Installed base and New Technology Penetration

The North America elderly care market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for optical imaging market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the optical imaging market. The data is available for historic period 2010-2020.

Competitive Landscape and North America Elderly Care  Market Share Analysis

The North America 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, global 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 optical imaging market.

Some of the major players operating in the 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)
• 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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