Elder Care Market Overview, Key Players, Segmentation Analysis, Development Status And Forecast By 2028

Precision Business Insights published a research report on "Elder Care Market by Service Type (Institutional Care, Community-Based Care, and Home-Based Care) and Geography - Global/Region/Country Forecast to 2028"

Elderly care, also known as senior care, is a type of specialised care that is tailored to the needs and requirements of elderly persons at various phases of their lives. As a result, aged care is a broad word that covers everything from assisted living and nursing care to adult day care, home care, and hospice care. The expanding senior population, as well as consumer awareness of home care services, is a major element driving the industry forward. Furthermore, an increase in technology advancement, such as the development of robots capable of supporting older people with day-to-day tasks, is expected to boost market growth. Furthermore, numerous government organisations are backing this business, resulting in market expansion.

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Improved day-care facilities as well as an increase in the number of aged care centres are boosting revenue earned by elder care services. Several day-care centres are prepared to give medicine and medical supervision by trained medical workers. As a result of expanding use of day-care services due to busy lives and the overall cost-effectiveness of such care facilities, the day-care facilities sector in the senior care business is growing. With the advancement of mobile technology, a variety of gadgets may now track diet and nutrition, adherence to medication, and health problems that require rapid medical treatment. A few apps allow you to report sudden body movements, such as a fall or an impending hazard. Diabetes-targeted applications and messaging tools are emerging as niche markets as a result of chronic illnesses among the elderly and advances in preventative care technologies. The aged care services are unknown to a huge proportion of senior citizens. Furthermore, there is apprehension or misinformation among the older population about elderly care, which is projected to stymie market expansion. The outbreak of COVID-19 has a significant influence on the healthcare industry. The rise of diseases had a significant impact on the senior care market, and there was a significant growth in demand for geriatric care services all over the world. Due to the pandemic, the geriatric population in many economies is facing the greatest challenges and risks, resulting in an increase in demand for elder care services. Elderly care is crucial in providing long-term care for seniors and minimising the risk of serious illness if they contract the coronavirus.

The Elder Care Services Market on the basis of Service, which is further segregated into Adult Day Care, Home Care, Institutional Care is also categorized into Hospitals, Nursing Homes, Assisted Living, Independent Senior Living. On the basis of Service Provider, the market is bifurcated into Public and Private. On the basis of the Payment Source, the market is classified into Public Insurance, Private Insurance, and Out-of-pocket.
On the basis of Age Group, the market is fragmented into 65-70 Years, 71-75 Years, 76-80 Years, 81-85 Years, 86-90 Years, and above 91 Years.

One of the primary drivers of industry growth in the APAC area is the growing elderly population. The Asia-Pacific area is experiencing extraordinary growth in the number of elderly people, and it is at the forefront of the global ageing population issue. According to a recent study, the region's geriatric population is expected to exceed 1.2 billion by 2050. In several APAC countries, rising life expectancy, decreased fertility rates, and geriatric care services are the main drivers of population ageing.

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There are several industry players working in the Elder Care Market, which 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)

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