Press release
A Comprehensive Overview of Services for the Elderly and Persons with Disabilities Market (2024-2033)
Services for the Elderly and Persons with Disabilities Market
The global services for the elderly and persons with disabilities market reached a value of nearly $421,279.39 million in 2023, having grown at a compound annual growth rate (CAGR) of 5.53% since 2018. The market is expected to grow from $421,279.39 million in 2023 to $591,198.68 million in 2028 at a rate of 7.01%. The market is then expected to grow at a CAGR of 7.57% from 2028 and reach $851,406.54 million in 2033.
What are the upcoming opportunities in the global services for the elderly and persons with disabilities market?
The key player in the market are adopting extensive strategies in the services for the elderly and persons with disabilities market such as:
• Focus on expanding operational capabilities.
• Achieve expansion through strategic partnerships.
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To take advantage of the opportunities, The Business Research Company recommends the services for the elderly and persons with disabilities companies to focus on:
• Focus on adopting innovative fall detection solutions to eliminate the need for wearable devices.
• Develop new specialized transportation options for enhanced senior mobility.
• Create advanced elderly care channels that combine telemedicine and personalized care plans.
What are services for the Elderly and Persons with Disabilities: Market Definition?
Services for the elderly and persons with disabilities encompass a range of care and assistance designed to support individuals who require help with daily living, medical needs and personal care due to age-related issues, chronic illness or disabilities. These services aim to improve the quality of life and maintain the independence of individuals who may face physical, cognitive or emotional challenges.
The services for the elderly and persons with disabilities market consists of sales, by entities (organizations, sole traders and partnerships), of care services that are provided to the elderly and persons with disabilities in various settings, such as care facilities, homes or community centers, depending on the needs and preferences of the individuals or their families. The demand for these services is driven by the aging population, increased longevity and the prevalence of chronic health conditions that often accompany older age or disability.
The services for the elderly and persons with disabilities are utilized by individuals who may have limited ability to care for themselves or perform everyday tasks without assistance. This includes the elderly, who may need help due to physical limitations or cognitive decline and individuals with disabilities who require support for long-term conditions or developmental disabilities. Services are used to assist with activities of daily living (ADLs), such as bathing, dressing and eating, as well as instrumental activities of daily living (IADLs), like managing medications, preparing meals and handling finances. These services are essential for individuals living alone, in need of rehabilitation or requiring ongoing medical care.
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Who are the major companies operating in the global Services for The Elderly and Persons with Disabilities Market?
The global services for the elderly and persons with disabilities market is fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 3.16% of the total market in 2023. Kindred Souls Healthcare was the largest competitor with a 1.84% share of the market, followed by:
• Brookdale Senior Living Inc.
• LHC Group Inc.
• BAYADA Home Health Care
• CK Franchising Inc.
• Synergy Home Care
• Home Instead Inc.
• 24 Hour Home Care
• Right at Home Inc.
• SE Health
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