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Elderly Care Services Market Trends That Will Shape the Next Decade: Insights from Technological Advancements in Elder Care
Elderly Care Services Market
How Large Will the Elderly Care Services Market Size By 2025?
The domain of elderly care services has witnessed robust expansion lately, projecting an increase from figure $1044.86 billion in the year 2024 to a valuation of $1130.97 billion by 2025, reflecting an eight-point-two percent compound annual growth rate throughout this span. Factors driving this historical upward trend include extended lifespans, a noticeable transition favoring care delivered within the home setting over institutional arrangements, a greater prevalence of long-term health conditions, evolving perspectives within society regarding elder care, and the proliferation of customized care approaches.
How Big Is the Elderly Care Services Market Size Expected to Grow by 2029?
Anticipated in the near term is a robust expansion of the elderly care services sector, projecting its value to reach $1536.9 billion by 2029, reflecting an 8.0% compound annual growth rate throughout this projection window; this upward trajectory is largely fueled by heightened emphasis on preventative measures, greater acknowledgment of psychological well-being, the proliferation of integrated care methodologies, heightened general health consciousness, supportive governmental efforts, and demographic shifts toward an older populace, while key developments shaping this era include progress in domiciliary support systems, maturation of intelligent dwelling technology, greater incorporation of remote healthcare services, increased utilization of care plans centered around the individual, and innovations in assistive devices for auditory and visual impairments.
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Which Key Market Drivers Powering Elderly Care Services Market Expansion and Growth?
Anticipated expansion in the demand for technologies supporting independent living arrangements is predicted to fuel the advancement of both the assistive devices and elder care services sectors in the near future. These supportive living tools and setups are designed to assist individuals facing challenges due to advanced age or various disabilities in handling their routine tasks and elevating their general standard of life, thereby promoting increased autonomy via improved movement capabilities, better means of interaction, and more streamlined task execution. Several elements contribute to this growing necessity for technologies aiding independent living, including demographic shifts toward an older populace, the surging incidence of long-term health issues, the wish among older adults to maintain self-reliance, and technological progress that offers superior utility at lower costs. Within senior support services, these assistive technologies serve to boost personal freedom, bolster security measures, streamline methods of connection, enable health observation, and provide support for everyday routines. As an illustration, data released in January 2024 by the World Health Organization, this being a public health body established as an intergovernmental entity in Switzerland, indicated that presently more than 2.5 billion individuals across the globe require assistive products, a number anticipated to climb to approximately 3.5 billion by the year 2050, principally due to population aging and the spreading presence of chronic, non-transmissible ailments. Consequently, the augmenting requirement for technologies that facilitate independent living stands as a primary impetus for the growth observed in the market encompassing both supportive hardware and necessary care services.
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Which Fast-Growing Trends Are Poised to Disrupt the Elderly Care Services Market?
Leading firms within the sector for elder care provisions and assistive apparatus are currently focusing on innovating intelligent support systems, particularly those leveraging artificial intelligence for cognitive assistance, with the overarching goals of elevating care standards, achieving superior patient results, and delivering tailored aid to older adults. This AI-driven cognitive support mechanism for the aging population employs machine learning capabilities to track mental wellness, deliver customized help, offer social interaction, oversee medical conditions, and guarantee physical security. As an illustration of this progress, in the month of June 2023, the Indian Institute of Technology Madras established the National Center for Assistive Health Technologies (NCAHT-IITM), designed to boost both investigation and creation of assistive technologies specifically aimed at seniors and people with impairments. A central objective of this facility is to foster collaboration among end-users, technology creators, and regulatory bodies to bring forth novel remedies. The inauguration proceedings included prominent addresses, such as one by Dr. Rajiv Bahl of ICMR, who underscored the center's potential to reshape lives through technological advancement and cooperative effort; furthermore, novel, self-guided educational programs intended for individuals using wheelchairs were introduced to foster greater autonomy. Consequently, the market encompassing elder care services and assistive devices anticipates substantial expansion, a trajectory fueled by the demographic shift toward an older population and the escalating need for sophisticated solutions that improve overall well-being.
What Are the Emerging Segments in the Elderly Care Services Market?
The elderly care servicesmarket 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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