Press release
Elderly Care Services Market Set to Reach $1540.82 Billion by 2029 with 8% Yearly Growth
Elderly Care Services Market Growth
The market size of elderly care services has seen significant growth in recent times. From 2024 to 2025, there will be a jump from $1044.86 billion to $1132.54 billion, representing a compound annual growth rate (CAGR) of 8.4%. Factors contributing to this growth during the historic period include longevity, the transition from institutional care to care at home, rise in chronic illnesses, evolving societal perspectives, and an uptick in individualized care frameworks.
In the future years, the market size for elderly care services is anticipated to witness substantial expansion, with a projection of $1540.82 billion in 2029, reflecting a compound annual growth rate (CAGR) of 8.0%. The surge during the forecast period can be credited to the escalating emphasis on preventive care, increasing mental health awareness, rising practices of collaborative care, expanding health cognizance, enhanced government initiatives, and an upsurge in the elderly population. Trends to lookout for in this projected period encompass developments in home-based care solutions, progressive smart home technology, the integration of telehealth, the preference for person-centered care models, and technological advancements in hearing and visual aid instruments.
What Factors Are Fueling Growth in the Elderly Care Services Market?
Anticipated growth in the elder care services and assistive devices market can be attributed to the increasing demand for assistive living technologies. These are tools and systems designed to help individuals with disabilities or aging-related challenges manage their daily activities, thereby boosting their overall well-being and fostering a greater sense of independence through improved mobility, communication, and task management. Factors propelling the surge in demand for assistive living technologies include an aging global population, rise in chronic conditions, an increasing desire amongst the elderly for more independence, and technological advancements that heighten function and affordability. Such technologies significantly enhance independence and safety, aid communication, health monitoring, and support daily tasks within elderly care services. For example, the World Health Organization (WHO) - a Switzerland-based intergovernmental body dedicated to international public health - recorded in January 2024 that over 2.5 billion people worldwide currently require assistive products, and this figure is projected to escalate to approximately 3.5 billion by 2050 as a result of an aging population and the spread of noncommunicable diseases. Consequently, the surging demand for assistive living technologies is fueling the market for elder care services and assistive devices.
Get Your Free Sample Now - Explore Exclusive Market Insights:
https://www.thebusinessresearchcompany.com/sample.aspx?id=18588&type=smp
Who Are the Dominant Companies Influencing Elderly Care Services Market Trends?
Major companies operating in the elder care services and assistive devices market are Koninklijke Philips N.V., Stryker Corporation, Sonova Holding AG, Sunrise Senior Living, Life Care Centers of America Inc., Brookdale Senior Living Inc., GN Store Nord A/S, Amedisys Inc., LHC Group Inc., Atria Senior Living Inc., Cochlear Limited, Extendicare Inc., Invacare Corporation, Oticon A/S, Genesis HealthCare Co., Sunrise Medical Inc., Permobil AB, Pride Mobility Products Corporation, Five Star Senior Living, Tobii Dynavox AB, Inclusive Technology Ltd., Living Assistance Services Inc., Jabbla, Blue Chip Medical Products Inc
How Is the Elderly Care Services Market Evolving?
Key businesses active in the elder care services and assistive devices sector are investing in sophisticated care services like AI-driven cognitive assistance to better the quality of care, improve results for patients, and offer customized support for the elderly. AI-driven cognitive care for senior citizens employs artificial intelligence to monitor cognitive health, provide tailored aid, grant companionship, handle healthcare necessities, and guarantee safety. To illustrate, in June 2023, the National Center for Assistive Health Technologies (NCAHT-IITM) was formally launched by IIT Madras to improve research and development for supportive technologies for those with disabilities and the elderly. The center is intended to enable collaborations between the users, developers, and policymakers to invent innovative solutions. Dr. Rajiv Bahl of ICMR, a featured speaker at the event, highlighted the center's role in changing lives through technology and cooperation. Additionally, novel self-training schemes for wheelchair users were introduced to encourage self-sufficiency. Hence, the elder care services and assistive devices market is predicted to experience significant growth, propelled by the growing elderly population and the increased demand for better quality of life solutions.
What Are the Different Segmentations in the Elderly Care Services Market?
The elderly care services market covered in this report is segmented -
1) By Service Type: Homecare, Institutional Care, Adult Day Care, Other Services
2) By Service Provider: Public, Private
3) By Application: Diabetes, Alzheimer's, Respiratory Diseases, Neurological Disorders, Heart Diseases, Cancer, Other Applications
Subsegments:
1) By Homecare: Personal Care Services, Home Health Care, Companion Services, Respite Care For Family Caregivers, Live-In Care Services, Hospice And Palliative Care At Home, Rehabilitation Services
2) By Institutional Care: Nursing Homes And Skilled Nursing Facilities (Snfs), Assisted Living Facilities, Memory Care Facilities, Continuing Care Retirement Communities (Ccrcs), Long-Term Care Facilities, Rehabilitation Centers
3) By Adult Day Care: Social Adult Day Care Centers, Medical Adult Day Care Centers, Memory Care Day Programs, Specialized Adult Day Programs, Health And Wellness Programs For Seniors, Senior Activity And Recreation Centers
4) By Other Services: Transportation Services For Seniors, Telehealth And Telemedicine Services, Nutritional Meal Services, Home Modification And Accessibility Services, Caregiver Support Services, Financial And Legal Assistance For Elderly, Elderly Mental Health And Counseling Services
Pre-Book Your Report Now For A Swift Delivery:
https://www.thebusinessresearchcompany.com/report/elderly-care-services-global-market-report
Which Region Is at the Forefront of the Elderly Care Services Market?
North America was the largest region in the elder care services and assistive devices market in 2024. The regions covered in the elder care services and assistive devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Elderly Care Services Global Market Report?
- Market Size Analysis: Analyze the Elderly Care Services Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Elderly Care Services 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 Services Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Elderly Care Services Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
Unlock Exclusive Market Insights - Purchase Your Research Report Now!
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=18588
Connect with us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ.
Contact Us
Europe: +44 207 1930 708,
Asia: +91 88972 63534,
Americas: +1 315 623 0293 or
Email: mailto:info@tbrc.info
Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Elderly Care Services Market Set to Reach $1540.82 Billion by 2029 with 8% Yearly Growth here
News-ID: 3862354 • Views: …
More Releases from The Business Research Company
Pesticide And Other Agricultural Chemicals Industry Set to Achieve $156.05 Billi …
Get 30% off global market reports with code ONLINE30 and keep ahead of tariffs, macro trends, and worldwide economic developments.
What Is the Long-Term Growth Forecast for the Pesticide And Other Agricultural Chemicals Market Size 2025?
In recent years, the market size for pesticides and other agricultural chemicals has witnessed significant growth. From a value of $104.46 billion in 2024, it's projected to swell to $113.13 billion in 2025, reflecting a compound…
Organophosphates Pesticides Industry Expected to Reach $10.67 Billion by 2029 at …
Stay informed on tariff shifts, macro trends, and global economic changes-use code ONLINE30 to enjoy 30% off our global market reports.
Organophosphates Pesticides Market Value Projection: How Much Will the Market Size by 2025?
The market size of organophosphates pesticides has experienced consistent growth in the prior years. The market is projected to expand from $8.05 billion in 2024 to $8.41 billion in 2025, with a compound annual growth rate (CAGR) of…
Nitrobenzene Industry Growth Outlook: 7.5% CAGR and $15.35 Billion by 2029
Get 30% off global market reports with code ONLINE30 and keep ahead of tariffs, macro trends, and worldwide economic developments.
What Is the Long-Term Growth Forecast for the Nitrobenzene Market Size 2025?
In the past few years, the size of the nitrobenzene market has witnessed significant growth. It is projected to increase from $10.96 billion in 2024 to $11.51 billion in 2025, with a compound annual growth rate (CAGR) of 5.1%. The…
Nail Polish Market Analysis: $24.61 Billion by 2029 With a CAGR of 11.5%
Stay informed on tariff shifts, macro trends, and global economic changes-use code ONLINE30 to enjoy 30% off our global market reports.
Nail Polish Market Value Projection: How Much Will the Market Size by 2025?
The industry of nail polish has witnessed significant expansion in the past few years. Projected to surge from $14.39 billion in 2024 to $15.93 billion in 2025, it is expected to observe a compound annual growth rate (CAGR)…
More Releases for Care
Scalable Care Senior Care Marketing Experts
Quality marketing is crucial in the world of senior care, and that's where Scalable Care comes in. As an agency who have team members from within longterm care and assisted living marketing departments, they've been able to standout as an agency with experience and credible backgrounds. How? Using data-led tactics, they have boosted their clients' online visibility and grown engagement with their target audience.
They proudly say their style of marketing…
Care Right There Home Care Continues Prioritizing New Jersey Elderly Care
Care Right There Home Care, a top NJ senior care provider, offers personalized, compassionate care to enrich the lives of the elderly. With a focus on individual needs and meaningful relationships, they provide daily assistance and complex healthcare services to improve seniors' quality of life across New Jersey. Google it at https://carerightthere.com for more information.
New Jersey - Care Right There Home Care, a distinguished provider of senior care services, is…
Transforming Home Care with Care and Beyond Home Care
Montgomery Village, MD - Care and Beyond Home Care is revolutionizing the landscape of home healthcare services, setting a new standard of excellence that goes above and beyond the ordinary. With a steadfast commitment to providing professional and compassionate care, Care and Beyond Home Care has emerged as a beacon of support for families across Montgomery County, Prince Georges County, Howard County, and Frederick County.
In an era where personalized attention…
Ayurvedic Market by Product (Healthcare, Personal Care, Skin Care, Hair Care, Or …
According to a new report published by Allied Market Research, titled, "Ayurvedic Market: Global Opportunity Analysis and Industry Forecast, 2022-2029" Ayurveda is a system of medicine that has its origination roots in the Indian subcontinent. It uses natural healing practices to cure clinical conditions such as sinusitis, cough, depression, and insomnia. Ayurveda therapies have been integrated in general wellness and in some cases in medical use worldwide. In addition, ayurvedic…
Home Care Market Exceptional Business Performance | Polishes, Surface Care, Toil …
Report Ocean released a report that presents a detailed analysis of the Global Home Care Market, along with insights into key factors which drive the market.
The report is a comprehensive and systematic analysis of the market, providing key statistics on market developments, analyst opinions, competitive landscapes, and regional analysis, among other factors. This report presents a comprehensive and expert analysis of key business trends and market forecasts for Global Home…
Baby Care and Mother Care Market - Taking Care of a Newborn
Baby care and mother care products are meant for infants and mostly children under the age of four. These products are specifically formulated to be non-irritating and have mild use ingredients which are selected to make the products organic and natural. A number of key players now manufacture personal care products for mother and child that are designed specifically for use during pregnancy.
Obtain Report Details @ https://www.transparencymarketresearch.com/baby-care-and-mother-care-market.html
The global baby care…
