Press release
2025-2034 Elderly Care Market Evolution: Disruptions, Innovations, and Untapped Opportunities
Elderly Care
What Is the Expected CAGR for the Elderly Care Market Through 2025?
In recent times, the size of the senior care industry has significantly increased. This sector is expected to expand from $1782.6 billion in 2024 to $1931.98 billion in 2025, growing at a compound annual growth rate of 8.4%. The historic spike in growth can be linked to various factors such as the growing incidence of illnesses among the elderly, a rise in the elderly population, heightened awareness of home care services, an amplified need for care, and a growing understanding of healthcare services.
What's the Projected Size of the Global Elderly Care Market by 2029?
Anticipated robust expansion is on the horizon for the elderly care market, with estimates showing a growth to $2636.08 billion in 2029, boasting a compound annual growth rate (CAGR) of 8.1%. The projected hike during the forecast period is tied to factors like enhanced healthcare options and infrastructure, a rise in chronic disease occurrences, improved awareness about elderly care, augmented demand for elderly care goods, and an escalating need for elderly care services. The forecast period is foreseeing essential trends like cutting-edge advancements in technology, creative enhancements in integrated care frameworks, sophisticated medical device technologies, the creation of tailor-made care strategies, the incorporation of artificial intelligence, and the introduction of intelligent home systems.
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Top Growth Drivers in the Elderly Care Industry: What's Accelerating the Market?
The global escalation in the ageing population is anticipated to stimulate the growth of the market for elder care services. Factors like longer lifespans, significant improvements in healthcare, and a drop in birth rates are propelling the growth of the elderly demographic. Elder care services leverage a blend of strategies including medical management, personal upkeep, and health supervision to effectively control chronic ailments and improve the life quality of seniors. For example, data from the World Health Organization, an international public health organization based in Switzerland, estimated in October 2022 that the worldwide 60-year-and-above population would rise to 1.4 billion by 2022, an increase from 1 billion in 2020. Moreover, by 2030, one in every six people globally will be 60 years of age or older. This worldwide increase in the elderly population will consequently drive the growth of the elder care market.
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What Trends Will Shape the Elderly Care Market Through 2029 and Beyond?
Prominent players in the elder care market are shifting their focus towards the creation of innovative products like healthcare-grade mobile computers. The goal is to improve the standard of care, optimize workflow patterns, facilitate better communication among healthcare providers, and strengthen the monitoring and management of elderly patients' health status in real-time. Healthcare-grade mobile computers are specially designed rugged devices meant for healthcare settings. For example, Zebra Technologies, in November 2023, unveiled its new healthcare-grade mobile computers designed to augment patient care and streamline operational efficacy in health care environments. These devices aid caregivers in handling patient data, streamlining processes, and strengthening communication within healthcare teams. The mobile computers incorporate high-tech features such as improved data capture capacities and extended battery life, ensuring healthcare workers can access vital information reliably when needed. These devices, by facilitating real-time data access, aim to boost patient outcomes and elevate 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 Top Companies are Driving Growth in the Elderly Care Market?
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
Which Regions Will Dominate the Elderly Care Market Through 2029?
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.
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