Press release
Elderly Care Services Market Landscape to 2034: Key Forces Shaping the Next Decade of Growth
Elderly Care Services
How Large Will the Elderly Care Services Market Size By 2025?
The market size for elderly care services has seen robust growth in the past few years. The value of the market is expected to increase from $1044.86 billion in 2024 to $1132.54 billion in 2025, with a compound annual growth rate (CAGR) of 8.4%. Factors contributing to this growth during the historic period include extended life expectancy, a transition from institution-based to home-based care, a rise in cases of chronic illnesses, evolving societal mindsets, and an increase in tailored care models.
How Big Is the Elderly Care Services Market Size Expected to Grow by 2029?
In the coming years, the market size of elderly care services is anticipated to witness robust growth, reaching $1540.82 billion in 2029 with an 8.0% compound annual growth rate (CAGR). The projected growth during this period can be associated with ramped-up preventive care, enhanced mental health awareness, the rise of collaborative care strategies, growing health consciousness, more government-led initiatives, and an aging population surge. The forecast period will also see key market trends such as breakthroughs in home care solutions, developments in smart home technology, the increased uptake of telehealth services, adoption of patient-centric care models, and progress in hearing and visual aid technologies.
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Which Key Market Drivers Powering Elderly Care Services Market Expansion and Growth?
The escalating demand for supportive living technologies is predicted to fuel the expansion of the elder care services and assistive equipment sector. These technologies are gadgets and systems designed to aid individuals with disabilities or elderly related challenges to carry out regular tasks, thereby enhancing their quality of life by promoting more independence through better mobility, communication, and task execution. The growth in this demand is attributed to reasons such as an aging demographic, an increasing incidence of chronic illnesses, the longing for more independence among seniors, and technological breakthroughs that increase functionality and affordability. Assistive living technologies in elder care services bolster self-reliance, heighten safety, feel better communication, oversee health, and aid daily living tasks. For instance, in January 2024, as per the World Health Organization (WHO), an international public health entity based in Switzerland, over 2.5 billion people worldwide currently require assistive products. Due to the aging demographic and a growing frequency of non-communicable diseases, this number is predicted to surge to nearly 3.5 billion by 2050. As such, the escalating demand for supportive living technologies is propelling the market for elder care services and assistive tools.
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Which Fast-Growing Trends Are Poised to Disrupt the Elderly Care Services Market?
Major firms operating in the elder care and assistive devices sector are innovating intelligent care provisions such as AI-based cognitive care to improve care quality, enhance patient outcomes, and offer customized support to seniors. By utilizing AI, cognitive care for seniors monitors cognitive health, provides tailored assistance, provides company, manages health requirements, and ensures safety. For example, in June 2023, the National Center for Assistive Health Technologies (NCAHT-IITM) was unveiled by IIT Madras with a primary focus to boost research and development in assistive technologies directed at individuals with disabilities and the elderly. The center seeks to enable collaboration among users, developers, and policymakers to produce inventive solutions. Prominent speakers at the event, including Dr. Rajiv Bahl from ICMR, highlighted the center's transformative role through technology and collaboration. Additionally, new modules for self-training of wheelchair users were launched to encourage independence. Therefore, driven by an escalating aged population and a growing demand for improved life quality solutions, the elder care services and assistive devices market is set to experience considerable growth.
What Are the Emerging Segments 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
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Who Are the Global Leaders in the Elderly Care Services Market?
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
Which are the Top Profitable Regional Markets for the Elderly Care Services Industry?
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.
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