Press release
Global Elder Care Market Size, Dynamics, Regional Share, Trends, Competitor Analysis 2013-2017 and Forecast 2018-2024
Global Elder Care Market
Global elder care market was valued at US $ XX Mn in 2017 and expected to grow at XX% Compound Annual Growth Rate (CAGR) over 2018-2024
Market Outline: Elder Care Market
The elder care is the process of coordinating the care of the elderly people. Elder care helps in improving the quality of life of the elders. It entails working with the old age persons with physical or mental impairments in order to meet their long term care needs. The elder care integrates both the healthcare and psychological care in addition with other services needed such as housing, nutritional services, and home care services.
Market Dynamics: Elder Care Market
Increase in the rapid growth of the geriatric population is the key factor influencing the growth of elder care market. The change in trend such as the absence of the caregiving by the family and changing family structure is likely to add fuel for the growth of the market. The increasing demand for the residential care facilities for the aged people suffering from various chronic disorders is expected to dive the growth of elder care market. However, dearth of reimbursement for elder care services might hinder the growth of elder care market.
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Market Scope: Elder Care Market
The elder care market is segmented based on the service type
Based on the service type, the market is segmented into the following:
• Institutional Care
o Hospital Based Services
o Long-Term Care Services
o Rehabilitation Services
• Community-Based Care
• Home-Based Care
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Regional Analysis: Elder Care Market
Geographically, global elder care market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America elder care market growth attributed to increasing geriatric population. According to the Centers for Disease Control and Prevention (CDC), in the year of 2012, it was estimated that there are 12,200 home health agencies, 22, 2001 residential care communities, 4,800 adult day services centers, 15,700 nursing homes, and 3,700 hospices are present in the U.S. The existence of these institutions drives the growth of elder care market in this region. Asia Pacific is expected show the moderate growth over the forecast period owing to its emerging geriatric care services.
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Competition Assessment: Elder Care Market
Some of the players in the global elder care market include:
• Kindred Healthcare (U.S)
• Extendicare and Genesis Healthcare (U.S)
• Senior Care Centers of America (U.S)
• Brookdale Senior living (U.S)
• Benesse Style Care Co., Ltd (Japan)
• Econ Healthcare Group (Singapore)
• Epoch Elder Care (India)
• St Luke's ElderCare Ltd (Singapore)
• Pacific Healthcare Nursing Home (Singapore)
Notable Market Developments: Elder Care Market
In March 2016, Home healthcare company Portea Medical has acquired home medical equipment service provider Health Mantra India for an undisclosed amount.
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