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Empowering Care: Global Market Insights on Services for the Elderly and Disabled 2024
Services For the Elderly And Persons with Disabilities Market Trends
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According to The Business Research Company's, The services for the elderly and persons with disabilities market size has grown strongly in recent years. It will grow from $471.29 billion in 2023 to $504.42 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to resulted from decreasing household size, economic growth in emerging markets, increased aging population, technology development and mobile apps, government funding for elder care, increasing prevalence of diseases, and health insurance reforms.
The services for the elderly and persons with disabilities market size is expected to see strong growth in the next few years. It will grow to $654.91 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to increasing healthcare access, preferring community stay, rapid growth in the aging population, changes in lifestyles and increasing household incomes. Major trends in the forecast period include companies should consider implementing telehealth technologies to improve the quality of care offered to patients, implement electronic technologies to keep track of home health care services and reduce fraud cases, adopt big data technologies and collaborating with analytics companies to gain critical insights on seniors' health, develop customized services to provide individualized care to senior residents with complicated health issues, consider adopting electronic health records to safely store and streamline contact with residents and have timely access to the medical history of the residents, focus on adopting artificial intelligence to provide software solutions that make tasks easier and simpler, adopt robots to smooth the transition of care facilities to elderly patients, consider investing in technologies to efficiently track patient data and provide quality services to senior citizens, should consider using online funding platforms to raise funds for their welfare activities, offer integrated care services to expand their offerings and attract a greater number of customers and focus on providing services virtually and adapting to the dynamic environment caused by the covid-19 pandemic..
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Market Drivers and Trends:
The decreasing household size coupled with a rapidly aging population is anticipated to aid in the growth of the services for the elderly and persons with disabilities market. The decline in household size is attributed to the reduced number of people living as a family. For instance, in November 2022, according to the Public Policy Institute of California a US-based non-profit institute, The average number of people per household experienced a significant decrease at the beginning of the pandemic, reaching 2.85 in 2021. It continued to decline, dropping by a further 1.4% to 2.81 in 2022. Also, the surge in the aging population is generating higher demand for services for elderly people, thereby propelling the revenues of the market. For instance, in October 2022, according to a report published by the World Health Organization (WHO), a Switzerland-based agency responsible for international public health, one in six people is expected to be 60 or older by the year 2030, in the entire world. By 2050, there will be 2.1 billion people worldwide who are 60 years old or older. The number of persons who are 80 years of age or older will increase by 426 million between 2020 and 2050 compared to the current population. The need for care for the aging population creates a demand for services for the elderly and disabled, which, in turn, drives the growth of services for the elderly and persons with disabilities market.
Many companies across the globe are using robots to smoothen the transition of providing care facilities to elderly patients. For instance, Bright Cape, an Eindhoven-based company, has developed SARA, which stands for social and autonomous robotic health assistants. The project is part of the European EIT Digital Innovation Consortium and aims to reduce the workload in healthcare and improve the quality of treatment in general. Japan is installing robots in nursing homes, workplaces, and schools as its population ages and the labor force decline.
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Major Key Players of the Market:
FirstGroup Plc, National Express Group, Student Transportation Inc, Transdev, North America Central School Bus, Cook-Illinois Corporation, Riteway Bus Service, Inc., WE Transport Inc., Krapf Group, Birnie Bus Service Inc., Energos Services India Pvt. Ltd., School Transport Services, Xiaoche001, Charter House, Didi Chuxing Technology Co., Takao Transport Service Co. Ltd., The Coach People, MK Chauffeur Drive, Grupo CHAPÍN, Budapesti Közlekedési Központ (BKK), Zagrebački električni tramvaj, GSP Belgrade, First Student, Royal Coach Tours, StorerCoachways, Transportation Charter Services, DATTCO Inc, The Free Enterprise System, Northfield Lines, Arrow Stage Lines, Rohrer Bus, All Board School Transportation, GOGO Charters, Pássaro Marron, Viação Águia Branca, Auto Viação Catarinense, São Geraldo & Gontijo, Autotransportes Andesmar S.A., Nueva Chevallier S.A., Autobuses Santa Fe S.R.L., Transportes Automotores Chevallier S.A., Velocity School Buses Transportation, Emirates Transport Center of School Transport, Dubai Taxi Corporation, Yellow Bus Ghana, Ashflex School Bus Services Limited, Golden Arrow Bus Services, Rea Vaya, PUTCO, Intercape, Rainbow Coaches, Stabus AMKE
Services For the Elderly And Persons with Disabilities Market 2024 Key Insights:
• The services for the elderly and persons with disabilities market size is expected to see strong growth in the next few years. It will grow to $654.91 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%.
• Declining Household Sizes And Aging Populations Drive Growth In Services For The Elderly And Persons With Disabilities Market
• Innovations In Assisting The Aging Population
• Western Europe was the largest region in the services for the elderly and persons with disabilities market in 2023
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