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Global Elder Care Services Market is anticipated to expand at a CAGR of 7.6% and reach US$ 2.56 Bn by 2031-end.

09-28-2022 06:32 AM CET | Health & Medicine

Press release from: Persistence Market Research

Beneficial schemes by insurance companies, altering economic and social conditions, expanding greying population, and changes in family structures are the main factors shaping the increased demand for elder care services. Increasing numbers of home care, daycare, and elder care facilities equipped with skilled medical professionals for the management of chronic diseases and home-like care of the geriatric population are on the rise. Rising awareness of such care centres, and increasing public and government investments, are leading to better care facilities for the elder population. Developed nations such as the U.S., Canada, Japan, and others are seeing their geriatric population increasing. Also, the number of individuals with physical disabilities has also increased, thus adding more reliance on daycare or nursing services.

Developments by key players have also fueled the market, with the elevation of service portfolios and integration of smart technologies for remote access and telemedication. The global elder care services market is projected to be valued at US$ 1.2 Bn in 2021, and expand at a CAGR of around 8% over the forecast period of 2021 to 2031.

Request For Free Sample Report of Elder Care Services @ https://www.persistencemarketresearch.com/samples/3427

Companies
• Eldercare Services.
• Korian Group
• ProVita International Medical Center, LLC
• Home Instead, Inc
• Living Assistance Services, Inc.
• Benesse Style Care Co., Ltd
• Econ Healthcare Group
• Epoch Elder Care

Key Takeaways from Elder Care Services Market Study
• Institutional care contributes the largest revenue to the global elder care services market, owing to their advanced care regimes and cost-efficacy, leading to massive adoption. These centres are also flourishing in emerging economies such as India, China and others, owing to their affordable care and home-like environment.
• Public expenditure is anticipated to grab a notable share of close to 60%, with huge investments in elder care schemes, programs, and policies.
• Europe dominates the revenue share of the market at over one-third share, and is expected to be the most lucrative for investments with its advanced healthcare infrastructure and expenditure dedicated for the care regime of its massive geriatric patient pool.
• Low profits margins for aged care facilities, confined numbers of qualified professionals for elderly care services, dearth of adequate facilities at care centres, and low-scale of income are anticipated to affect the growth of the global elder care services market to some extent.
• The COVID-19 outbreak initially affected demand for care services, due to the dearth of medical staff and risk of. However, the market has improved with increased focus on geriatric patients and teleconsultation. Amid the pandemic, virtual monitoring and consultation has served geriatric patients well. Growth in 2020 was 5.7%, but this is expected to bounce back to 7.2% in 2021.
• The market in Germany is expected to expand at a CAGR close to 13% through 2031.
• In Asia, the markets in India and China are projected to rise at CAGRs of 11.6 and 14.3, respectively, over the next ten years.

"Massively expanding geriatric population, improving daycare and elder care facilities, along with increasing elder care insurance and schemes are projected to surge demand for elder care services," says a Persistence Market Research analyst.

Buy The Complete Report to read the analysed strategies adopted by the top vendors either to retain or gain market share@ https://www.persistencemarketresearch.com/checkout/3427

Key Segments Covered in Elder Care Services Industry Survey

Elder Care Services Market by Service:
• Home-based Care
• Community-based Care
• Institutional Care

Elder Care Services Market by Financing Source:
• Public Expenditure
• Private Source
• Out-of-Pocket Spending

Elder Care Services Market by Region:
• North America Elder Care Services Market
• Latin America Elder Care Services Market
• Europe Elder Care Services Market
• APAC Elder Care Services Market
• Middle East & Africa Elder Care Services Market

Consolidation Activity - Key Market Strategy
• The market is experiencing some consolidation activities by manufacturers, which include collaborations, acquisitions, and partnerships. Providers have deliberated focus on expanding capacity to deliver massive units in lesser time.
• For instance, in 2017, Korian Group merged into the Senior Living Group of its Belgian subsidiary, which has elevated the capacity of 1,000 beds at the facility.
• Several technological advancements have also been infused by key players into the care regimes of elders.
• For instance, Orange Valley collaborated with Khoo Teck Puat Hospital to utilize teleconsultation for geriatric patients, and it also collaborated with the National University Health System to bring telemedicine and consultation into dental care.

What else is in the report?
Persistence market research offers actionable insights and a unique perspective on the elder care services market in its latest study, presenting historical demand assessment of 2016 - 2020 and projections for 2021-2031, based on service (home-based care, community-based care, and institutional care) and financing source (public expenditure, private source, and out-of-pocket spending), across seven key regions of the world.

For more information about this report visit@ https://www.persistencemarketresearch.com/market-research/elder-care-services-market.asp

Media Contact:
Persistence Market Research
305 Broadway,7th Floor New York City, NY 10007 United States
Call +1-646-568-7751
Call +1 800-961-0353
sales@persistencemarketresearch.com

About Us
Persistence Market Research is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. Persistence Market Research boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductor and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients' business needs.

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