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Comprehensive Elderly Care Market Insights: Forecasting Size, Growth, and Competitive Trends from 2025 to 2034
Elderly Care Market Size
In recent times, the market size for elderly care has experienced significant growth. It's projected to expand from $1782.6 billion in 2024 to $1931.98 billion in 2025, with an 8.4% compound annual growth rate (CAGR). The historic surge in growth is associated with several factors such as the increasing incidences of age-related diseases, a rise in the elderly population, an enhanced understanding of home care services, a heightened need for care, and growing awareness about healthcare.
Predictions show robust expansion in the elderly care market over the coming years, reaching $2636.08 billion in 2029 with a compound annual growth rate (CAGR) of 8.1%. This anticipated growth is driven by factors such as enhanced healthcare services and facilities, rising instances of chronic diseases, amplified awareness about elderly care, higher demand for products specifically designed for elderly care, and an increased desire for elderly care services. Noteworthy trends for the future comprise technological advancements, innovative integrated care models, refined medical device technologies, creation of individualized care plans, incorporation of artificial intelligence, and the use of smart home technologies.
What Are the Main Catalysts for Growth in the Elderly Care Market?
The growing number of elderly individuals worldwide is expected to fuel the expansion of the elderly care market. This surge in the older population is attributed to a longer life expectancy, healthcare advancements, and declining birth rates, thereby leading to an increasing number of aged individuals in the population. Elderly care services employ various supportive strategies such as medical management, personal care, and health surveillance to efficiently deal with chronic ailments and improve elderly living conditions. For instance, the World Health Organization, an international public health organization based in Switzerland, reported in October 2022 that the global population of people aged 60 and over is anticipated to escalate to 1.4 billion by 2022 from 1 billion in 2020. Furthermore, by 2030, 1 in 6 people globally will be over the age of 60. As such, the increasing geriatric population worldwide is projected to stimulate the expansion of the elderly care market.
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Which Key Market Leaders Are Driving Elderly Care Industry Growth?
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
What Are the Emerging Trends in the Elderly Care Industry?
Significant players in the senior care market are concentrating on product innovation, specifically healthcare-grade mobile computers, with the aim to improve the standard of care, streamline operations, enhance intercommunication between healthcare professionals, and provide real-time monitoring and management of elderly patients' health status. These healthcare-grade mobile computers are robust, custom-built devices specifically designed for the healthcare sector. For instance, Zebra Technologies, in November 2023, launched their own healthcare-grade mobile computers with the objective of enriching patient care and increasing operational productivity in healthcare facilities. These new devices are created to assist caregivers in managing patient data, simplifying workflows, and promoting improved communication within healthcare groups. Moreover, these mobile computers incorporate state-of-the-art technology, like superior data capturing capabilities and durable battery longevity, to ensure reliable access to urgent information for healthcare professionals. The devices, by providing instant access to data, aim to boost patient results and enhance the overall quality of care.
What Are the Main Segments in the Elderly Care Market?
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
Subsegments:
1) By Independent Community Living: Senior Independent Living Communities, Active Adult Communities, Senior Co-Housing, Senior Apartments, 55+ Communities, Retirement Communities With Independent Living Facilities
2) By Assisted Living: Residential Assisted Living Facilities, Assisted Living With Memory Care, Assisted Living With Dementia Care, Assisted Living With Specialized Healthcare Support, Luxury Assisted Living Communities 3) By Nursing: Skilled Nursing Facilities (Snfs), Long-Term Care Nursing Homes, Transitional Care Units, Rehabilitation Centers, Nursing Care For Chronic Illnesses Or Disabilities
4) By In-home Care: Personal Care Assistance, Home Health Aide Services, Home Care For Dementia Or Alzheimer's Patients, Companion Care Services, Hospice And End-Of-Life Care At Home
5) By Daycare: Adult Daycare Centers, Memory Care Day Programs, Social Day Programs, Health And Wellness Day Programs, Specialized Day Programs For Disabled Elderly
6) By Hybrid Care: Combination Of In-home Care And Assisted Living, Telemedicine And Remote Monitoring With In-person Support, Integrative Home Health And Daycare Services, Skilled Nursing With Home Healthcare Services, Residential Care With Telehealth Integration
7) By Palliative Care: Hospice Care Services, Pain Management Services, End-Of-Life Support Services, Comfort And Support Care For Terminal Illnesses, Home-Based Palliative Care
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Which Geographic Area Leads the Elderly Care Market?
North America was the largest region in the elderly care market in 2024. The regions covered in the elderly care market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Elderly Care Global Market Report?
- Market Size Analysis: Analyze the Elderly Care Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Elderly Care Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Elderly Care Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Elderly Care Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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