Sri Lanka Elderly Care Market, 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 2029
Market Analysis and Size
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 population life expectancy, as well as 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.
Data Bridge Market Research analyses that the elderly care market which was USD 832.8 billion in 2021, would rocket up to USD 1268.43 billion by 2029, and is expected to undergo a CAGR of 5.40% during the forecast period 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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 Diseases, 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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Market Opportunities
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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 productive, healthy, and independent life. Assisted living, adult day care, long-term care, short-term care, hospice, and home care are all examples of eldercare services.
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 increase in the geriatric population is assisting in the growth of the senior care industry.
- Growing cases of chronic disease
Chronic diseases such as diabetes, cardiovascular disease, obesity, cancer, osteoporosis, and dental disease have become more prevalent over the world. These diseases can be avoided with the right therapy, food, and nutrition, as well as medical advice. 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 day care 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 Malaysia 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.
Recent Development
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.
Sri Lanka 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
Competitive Landscape and Elderly Care Market Share Analysis
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, 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 elderly care market.
Some of the major players operating in the 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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