Press release
Global Elderly Care Market Forecast and Insights 2024
Elderly Care Market Forecast
The new report published by The Business Research Company, titled Elderly Care Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.
As per the report, 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 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%.
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What Is Driving The Growth Of The Global Elderly Care Market?
Growing Geriatric Population Fuels Market Growth
The rise in the geriatric population across the globe is expected to propel the growth of the elderly care market going forward. The rise in the geriatric population is driven by increased life expectancy, advancements in healthcare, and lower birth rates, leading to a larger proportion of older adults in the population. Elderly care services use a range of supportive measures, including medical management, personal care, and health monitoring, to effectively manage chronic diseases and enhance the quality of life for older adults. For instance, in October 2022, according to the World Health Organization, a Switzerland-based international public health organization, the global population of individuals aged 60 years is projected to increase to 1.4 billion by 2022 compared to 1 billion in 2020. Moreover, 1 out of 6 people in the world will be aged more than 60 years or older by 2030. Therefore, the rise in the geriatric population across the globe will drive the growth of the elderly care market.
What Is The Key Trend In The Global Elderly Care Market?
Innovative Technology Enhancing Senior Healthcare Coordination
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.
How Is The Global Elderly Care Market Segmented?
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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How Is The Competitive Landscape Of The Global Elderly Care Market?
Major companies operating in the elderly care 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
Contents Of The Global Elderly Care Market
1. Executive Summary
2. Elderly Care Market Report Structure
3. Elderly Care Market Trends And Strategies
4. Elderly Care Market - Macro Economic Scenario
5. Elderly Care Market Size And Growth
…..
27. Elderly Care Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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