Elderly Care Market, 2024The elderly care global market report 2024
Market Size – The elderly care market size has grown strongly in recent years. It will grow from $1,649.22 billion in 2023 to $1,782.6 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to the rising prevalence of various elderly diseases, an increase in the number of elderly people, increasing awareness of home care services, an increased need for care, and increasing healthcare awareness.
The elderly care market size is expected to see strong growth in the next few years. It will grow to $2,441.48 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to rising healthcare services and facilities, increasing cases of chronic diseases, growing awareness regarding elderly care, an increase in demand for elderly care products, and a growing demand for elderly care services. Major trends in the forecast period include technological advancements, innovation in integrated care models, advanced technologies in medical devices, the development of personalized care plans, the integration of artificial intelligence, and smart home technologies.
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Scope Of Elderly Care MarketThe Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Elderly Care Market Overview
Market Drivers -The rise in the global geriatric population is anticipated to fuel the growth of the elderly care market moving forward. Factors such as increased life expectancy, healthcare advancements, and lower birth rates are leading to a higher proportion of older adults in the population. Elderly care services, which provide medical management, personal care, and health monitoring, help manage chronic diseases and improve the quality of life for seniors. For instance, the WHO reported in October 2022 that the global population of individuals aged 60 years or older is expected to reach 1.4 billion by the end of 2022, up from 1 billion in 2020. Additionally, by 2030, 1 in 6 people worldwide will be over the age of 60. Therefore, this rise in the geriatric population will drive the growth of the elderly care market through 2023 and 2024.
Market Trends – Major companies operating in the elderly care market are focusing on developing secure and versatile communication platforms, such as an all-in-one health monitoring mobile app, to enhance the quality of care and improve the overall well-being of elderly individuals. An all-in-one health monitoring mobile app refers to a comprehensive digital application designed to integrate various health tracking features and functionalities into a single platform. For instance, in July 2021, Avanlee Care Inc., a US-based AI-powered healthcare tech company, launched the Avanlee app, an all-in-one solution aimed at assisting family caregivers in coordinating the healthcare of seniors. This app integrates various tools and services to simplify the caregiving process, allowing family members to communicate securely, monitor health metrics, and manage medication schedules. The app operates on a HIPAA-compliant network, allowing secure communication among family members through text, phone, or video calls.
The elderly care market covered in this report is segmented –
1) By Type: Independent Community Living, Assisted Living, Nursing, In-Home Care, Daycare, Hybrid Care, Palliative Care
2) By Term: Short-Term, Long-Term
3) By Application: Heart Diseases, Diabetes, Arthritis, Cancer, Kidney Diseases, Osteoporosis, Neurological, Respiratory, Other Applications
4) By End-User: Hospitals, Elderly Nursing Homes, Homecare, Other End-Users
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Regional Insights – North America was the largest region in the elderly care market in 2023. The regions covered in the elderly care market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies – Major companies in the market are Stryker Corporation, Boston Scientific Corp., Orpea Groupe S.A, Interim HealthCare Inc., Right at Home LLC, LHC Group Inc., Bayada Home Health Care Inc., Extendicare Inc., Arjo AB, Exceptional Living Centers, Home Instead Inc., RIEI Co. Ltd., Cascade Healthcare Services LLC, NTUC Health Co-Operative Ltd., Econ Healthcare Group, St Luke’s ElderCare Ltd., Rosewood Care Group Inc., Orange Elderly Care Homes, United Medicare Pte. Ltd., Samvedna Senior Care Pvt. Ltd., Singapore Amalgamated Services Co-operative Organisation Ltd. (SASCO), Vesta Elder Care Pvt. Ltd
Table of Contents 1. Executive Summary2. Elderly Care Market Report Structure3. Elderly Care Market Trends And Strategies4. Elderly Care Market – Macro Economic Scenario5. Elderly Care Market Size And Growth…..27. Elderly Care Market Competitor Landscape And Company Profiles28. Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
- Appendix
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