Press release
Top Market Shifts Transforming the Elderly Care Market Landscape: Key Insights
Elderly Care Market
What Is the Expected CAGR for the Elderly Care Market Through 2025?
The elder care sector has experienced robust expansion lately, projecting an increase from a valuation of $1782.6 billion in 2024 to $1929.3 billion the following year, reflecting an 8.2% compounded annual growth rate. This past period's surge in market size is linked to several factors, including the escalating incidence of ailments common among seniors, a growing senior population, heightened recognition regarding domiciliary care options, a greater demand for necessary support, and growing general health consciousness among the public.
What's the Projected Size of the Global Elderly Care Market by 2029?
Projections indicate a robust expansion for the elderly care market, anticipated to reach a valuation of $2628.75 billion by 2029, achieving an annual compounded growth rate of 8.0% over the upcoming years; this upward trajectory is fueled by escalating healthcare provision and infrastructure, a higher incidence of long-term illnesses, heightened consciousness concerning senior support systems, an augmented need for goods tailored to older populations, and a greater call for aged care services, while key developments set to shape this period involve progression in technology, novel approaches to unified care structures, sophisticated medical apparatuses, the creation of customized support schedules, the incorporation of artificial intelligence, and the uptake of smart dwelling solutions.
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Top Growth Drivers in the Elderly Care Industry: What's Accelerating the Market?
Anticipated expansion in the worldwide elderly population is set to fuel the development of the elder care sector moving ahead, a trend stemming from extended lifespespans, improvements in medical science, and declining fertility rates, which collectively result in a greater share of seniors within the overall demographic makeup. These elder care provisions encompass diverse supportive interventions, such as clinical oversight, assistance with daily living, and wellness tracking, all implemented to proficiently handle long-term health conditions and elevate the living standards for senior citizens; to illustrate this demographic shift, data from the World Health Organization, a Geneva-headquartered international body focused on public health, indicated in October 2022 that the worldwide count of persons reaching the age of 60 was estimated to reach 1.4 billion by that year, an increase from 1 billion recorded in 2020, and furthermore, projections suggest that by the year 2030, one-sixth of the world's inhabitants will be aged 60 or over, underscoring how the increasing number of older adults is the primary catalyst for the expansion of the elder care market.
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What Trends Will Shape the Elderly Care Market Through 2029 and Beyond?
Within the elder care sector, key industry players are concentrating efforts on introducing novel merchandise, notably healthcare-grade mobile computers, with the objective of elevating the standard of patient support, optimizing operational procedures, fostering improved connectivity between medical personnel, and guaranteeing superior, instantaneous supervision and oversight of the health statuses of older adults. These specialized mobile computers are defined as durable, specifically engineered apparatus suited for deployment within medical service contexts. As an illustration, in the eleventh month of 2023, Zebra Technologies revealed the introduction of its updated suite of healthcare-grade mobile computers, specifically targeting the betterment of patient services and boosting functional effectiveness within healthcare facilities. These recently rolled-out units are engineered to assist caregivers in administering patient records, simplifying operational sequences, and expediting information exchange across medical teams. Integrating sophisticated technological features, such as superior data acquisition functionalities and extended power endurance, these mobile computing solutions assure practitioners maintain dependable entry to essential intelligence precisely when required. Through facilitating immediate access to electronic documentation, these tools endeavor to contribute to better overall patient results and an upliftment in holistic care provision.
What Are the Main Segments in the Elderly Care Market?
The elderly caremarket 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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