Press release
Elder Care Services Market Poised to Surge to US$ 2.56 Billion by 2031, According to Persistence Market Research
Overview of the Elder Care Services MarketThe global elder care services market has witnessed remarkable growth over the past decade, driven by a rapidly aging population worldwide. In 2021, the market generated revenues of approximately US$ 1.23 billion, and it is projected to more than double, reaching US$ 2.56 billion by 2031. This expansion corresponds to a robust compound annual growth rate (CAGR) of 7.6% between 2022 and 2031. A key factor influencing this upward trend is the demographic shift towards an older population, with the World Health Organization (WHO) estimating that the global elderly population (aged 60 and above) will almost double from 12% in 2015 to 22% by 2050. Furthermore, the elderly population has already surpassed the number of children under five, signaling a profound societal change demanding specialized care services.
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Institutional care remains the leading segment within the elder care services market, accounting for more than 70% of the market share. This preference for institutional care stems from the availability of comprehensive care facilities that offer medical supervision, rehabilitation, and day-to-day assistance under one roof. Geographically, North America, particularly the United States, dominates the elder care services market, contributing over 92% of sales in the region. The US market benefits from a highly developed healthcare infrastructure, favorable reimbursement policies such as Medicaid and Medicare, and a growing geriatric population, all of which combine to fuel demand for elder care solutions.
Key Highlights from the Report
✦ The elder care services market is expected to reach US$ 2.56 billion by 2031, growing at a CAGR of 7.6%.
✦ Institutional care is the dominant service type, capturing over 70% of the market share in 2021.
✦ Public expenditure accounts for approximately 65.5% of the global elder care services financing.
✦ North America leads the market due to advanced healthcare infrastructure and favorable reimbursement schemes.
✦ Asia-Pacific markets, especially India, are expected to register the fastest growth with a CAGR of 12.9%.
✦ Technological advancements such as AI-driven monitoring and telecare are enhancing service quality and accessibility.
Market Segmentation
The elder care services market is segmented primarily based on product type and end-users. In terms of product type, the market is divided into institutional care and home-based care services. Institutional care, which includes nursing homes, assisted living facilities, and retirement communities, dominates the market due to the extensive infrastructure and multidisciplinary healthcare services offered. Home-based care services are growing steadily, propelled by increasing demand for personalized care and the rising preference for aging in place.
End-users of elder care services mainly include elderly individuals requiring long-term care, post-hospitalization recovery, and management of chronic illnesses. Institutional care caters especially to seniors with complex medical needs and disabilities, while home care serves those seeking support with daily activities, medication management, and companionship. Public funding plays a crucial role in supporting both segments, with governments worldwide subsidizing services to ensure affordability and accessibility.
Regional Insights
North America, led by the United States, stands out as the largest regional market for elder care services. The region's market growth is attributed to its advanced geriatric care infrastructure, strong government support through Medicaid and Medicare, and widespread adoption of innovative care technologies. Additionally, North America's demographic trends, such as low fertility rates and an expanding elderly population, increase demand for diverse elder care solutions.
Europe follows closely, with the United Kingdom emerging as a key market due to the presence of leading elder care providers and expanding social services for seniors, including counseling, day care, and rehabilitation programs. The region's aging population and increasing life expectancy further drive the market.
Asia-Pacific is emerging as the fastest-growing region, fueled by countries such as India, China, Japan, and Australia. India's elder care services market, in particular, is poised for rapid expansion, supported by improvements in healthcare infrastructure, growing public awareness, and favorable government policies. Australia benefits from significant government subsidies and a well-regulated aged care sector.
Market Drivers
The primary driver behind the growth of the elder care services market is the aging global population. The increasing number of senior citizens worldwide is elevating the demand for specialized elder care services, including medical, social, and rehabilitation support. Chronic illnesses such as diabetes, dementia, and mobility impairments prevalent in older adults further necessitate professional care.
Advancements in technology, such as mobile health applications, AI-powered patient monitoring, and telemedicine, are revolutionizing elder care by enabling real-time health tracking and remote care services. This innovation enhances patient safety, reduces hospital visits, and increases the appeal of home-based care options.
Another significant growth factor is the expansion of day care facilities and institutional care centers. These centers provide comprehensive care and are particularly attractive to families balancing busy schedules, offering cost-effective solutions for senior care.
Government initiatives, including reimbursement schemes and public funding, also serve as vital enablers, lowering the financial burden on families and encouraging wider access to elder care services.
Market Restraints
Despite promising growth prospects, the elder care services market faces several challenges. Profit margins in aged care facilities remain slim due to stringent government regulations, high operational costs, and limited reimbursement rates from public health programs and insurance providers. This financial constraint can deter investment and innovation in the sector.
Moreover, a shortage of qualified healthcare professionals and caregivers poses a significant barrier, particularly in emerging and low-income countries. The dearth of trained staff limits service quality and capacity expansion, impacting market growth.
Cultural preferences and societal attitudes towards institutional care also affect market penetration, especially in regions where family-based elder care is predominant. Furthermore, the high cost of hospitalization and lack of comprehensive insurance coverage for elderly care add financial pressure on families, restricting market accessibility.
Market Opportunities
The elder care services market offers substantial growth opportunities driven by increasing demand for home healthcare services, which provide convenience and personalized care to seniors. The rising popularity of retirement communities and assisted living facilities, especially in developed countries like the US and Australia, presents lucrative avenues for market expansion.
Technology integration in elder care, including AI, wearable devices, and telehealth platforms, opens new frontiers for service providers to offer innovative solutions that improve patient outcomes and operational efficiency.
Government initiatives and subsidies aimed at supporting elder care infrastructure further enhance market prospects. Emerging markets such as India and China are witnessing accelerated growth due to rising disposable incomes, urbanization, and improvements in healthcare systems.
There is also increasing potential in specialized services catering to chronic disease management, dementia care, and post-acute rehabilitation, allowing providers to diversify offerings and tap into niche segments.
Frequently Asked Questions (FAQs)
How big is the elder care services market globally?
Who are the key players in the global elder care services market?
What is the projected growth rate of the elder care services market?
What is the market forecast for elder care services in 2031?
Which region is estimated to dominate the elder care services industry through the forecast period?
Company Insights
• Korian Group - Recently achieved European certification for 27% of its sites, including 53 ISO 9001 certified locations in France.
• Econ Healthcare Group - Opened a state-of-the-art nursing home facility in Chongqing, Singapore, equipped with innovative elder care technologies.
• Benesses - Launched the Medical Home Granda Takamiya with 24/7 nursing staff support.
• NMC ProVita International Medical Center - Expanded services in AI Ain, offering long-term care, rehabilitation, and home health services.
• Home Instead Senior Care - Collaborated with GranPad to introduce interactive remote care solutions targeting rural elderly populations.
Conclusion
The elder care services market is positioned for substantial growth over the next decade, underpinned by an aging global population and rising demand for specialized care. Institutional care continues to dominate due to its comprehensive offerings, while home-based care is rapidly gaining traction thanks to technological advancements and changing consumer preferences. North America leads the market with well-established healthcare systems, but emerging economies like India present significant growth opportunities. Despite challenges such as low profit margins and workforce shortages, innovations in technology, favorable government policies, and expanding infrastructure are expected to fuel sustained market expansion. For stakeholders and investors, this dynamic sector offers promising avenues to meet the evolving needs of the elderly population worldwide.
Persistence Market Research
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About Persistence Market Research:
At Persistence Market Research, we specialize in creating research studies that serve as strategic tools for driving business growth. Established as a proprietary firm in 2012, we have evolved into a registered company in England and Wales in 2023 under the name Persistence Research & Consultancy Services Ltd. With a solid foundation, we have completed over 3600 custom and syndicate market research projects, and delivered more than 2700 projects for other leading market research companies' clients.
Our approach combines traditional market research methods with modern tools to offer comprehensive research solutions. With a decade of experience, we pride ourselves on deriving actionable insights from data to help businesses stay ahead of the competition. Our client base spans multinational corporations, leading consulting firms, investment funds, and government departments. A significant portion of our sales comes from repeat clients, a testament to the value and trust we've built over the years.
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