The Malaysia elderly care market is poised for substantial growth due to the projected increase in the senior population, aligning with global trends. The rise in dementia and Alzheimer's cases, coupled with longer life expectancies, offers promising growth prospects for elder care services. Various stakeholders, including non-profit clinics, charitable organizations, and government initiatives, contribute significantly to market expansion. As demand for comprehensive elderly care services surges, the market in Malaysia is expected to witness a transformative trajectory in the years ahead.
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Data Bridge Market Research analyses that the Malaysia Elderly Care Market was USD 832.8 billion in 2021, is expected to reach USD 1,268.43 billion by 2029, and is expected to undergo a CAGR of 5.40% during the forecast period from 2022 to 2029. Changing cultural attitudes in Malaysia towards valuing and prioritizing elderly care create a more favorable environment for the acceptance and adoption of professional elder care services. This shift enhances the demand for such services, driving market growth in response to the evolving societal mindset.
Key Findings of the Study
Increasing awareness and education about the advantages of specialized elderly care services is expected to drive the market's growth rate
Increasing awareness and education about the advantages of specialized elderly care services in Malaysia creates a higher level of recognition among families. As people become more informed about the benefits of professional care for their elderly loved ones, the demand for such services rises. This heightened awareness encourages more families to actively seek out and opt for elder care solutions, thereby contributing to the continuous expansion of the market in Malaysia.
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 elderly care market is segmented on the basis of product type, service, and application.
- On the basis of product type, the elderly care market is segmented into pharmaceuticals, housing, and assistive devices.
- On the basis of service, the elderly care market is segmented into institutional care, homecare, and adult day care.
- On the basis of application, the elderly care 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 Malaysia elderly care market players in Malaysia 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),
Market Developments
- In 2020, Hospital Safety Scores report, The Leapfrog Group bestowed "A" grades, the highest achievable for patient safety, upon 13 Trinity Health hospitals. This accolade is expected to enhance the organization's market reputation, bolster revenue, and fortify the aged care industry.
- In June 2021, TechCrunch reported that Webrock Ventures and Healthforce will collaborate to offer telehealth services in South Africa. The upcoming company, yet unnamed, aims to provide patients with both on-demand and scheduled consultations with nurses, mental health specialists, and practitioners.
- In June 2021, Webrock Ventures and Healthforce collaborated to introduce telehealth solutions in South Africa. The newly established venture, yet unnamed, is dedicated to delivering on-demand and scheduled consultations with nurses, mental health experts, and practitioners. This initiative secured a USD 3 million pre-Series A funding round.
- In April 2021, Quro Medical, a South African health tech startup, concluded a USD 1.1 million investment round. The funding, led by Enza Capital and Mohau Equity Partners, supports Quro's mission to offer in-home services for managing patients, ensuring comfort, and reducing infection risks. The company aims to enhance the patient experience through acute care at home.
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