Press release
Global Elderly Care Market Outlook 2025-2034: Trends, Innovations, And Future Outlook
Elderly Care
What Is the Elderly Care Market Size and Projected Growth Rate?
The elderly care market has maintained strong growth momentum. It is projected to grow from $1782.6 billion in 2024 to $1931.98 billion in 2025, reflecting a CAGR of 8.4%. This growth has been driven by a surge in elderly-specific health issues, a growing senior population, increased awareness of at-home care, and greater healthcare needs.
The elderly care market size is projected to grow robustly in the next few years. It will reach $2636.08 billion by 2029, expanding at a compound annual growth rate (CAGR) of 8.1%. This growth will be driven by rising healthcare service demand, a surge in chronic illness cases, increasing recognition of elder care needs, rising product consumption, and growing service utilization. Forecasted trends include integrated care models, new tech in medical devices, adoption of personalized care plans, AI incorporation, and smart home innovations.
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What Are the Major 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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What Are The Driving Elderly Care Market Evolution?
The rising geriatric population is expected to drive the growth of the elderly care market. Advancements in healthcare, increased life expectancy, and lower birth rates have led to a larger elderly population. Elderly care services help manage chronic diseases, provide personal care, and monitor health to improve the quality of life for seniors. For example, the WHO projects that the global population of individuals aged 60 years and older will reach 1.4 billion by 2022, up from 1 billion in 2020. As the elderly population continues to grow, the demand for elderly care services is expected to increase.
Which Firms Dominate The Elderly Care Market Segments?
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 Trends Are Expected to Dominate the Elderly Care Market in the Next 5 Years?
Firms that are dominant in the senior care market are investing in innovative technologies like healthcare-grade mobile computers to elevate the standard of care, streamline processes, bolster communication among healthcare professionals, and provide real-time updates on the health status of elderly patients. Healthcare-grade mobile computers are robust, specially designed devices intended for use in medical settings. For example, Zebra Technologies in November 2023 announced the roll out of its latest healthcare-grade mobile computers, developed to augment patient care and elevate efficiency in healthcare operations. These gadgets are designed to aid caregivers in handling patient information, simplify workflows, and promote enhanced communication within healthcare teams. Armed with progressive technology features such as improved data gathering capabilities and sustainable battery longevity, these mobile computers ensure that healthcare workers can dependably access essential information when necessary. By providing real-time data accessibility, the devices are geared towards improving patient outcomes and the overall quality of care.
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Which Is The Largest Region In 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Elderly Care Market?
2. What is the CAGR expected in the Elderly Care Market?
3. What Are the Key Innovations Transforming the Elderly Care Industry?
4. Which Region Is Leading the Elderly Care Market?
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