Elder Care Services Market Foreseen to Grow Exponentially Over 2020
The global elder care services market is categorized based on various types of services. The market has been segmented into adult day care, home care and institutional care. Adult day care is a planned program of activities designed to promote elder care though social and health-related services. It provides services through adult day care centers. Home care services are provided by close family members. Family members may include children, spouse, grandchildren and relatives. Institutional care is a type of treatment provided by institutes which includes hospitals and government social care centers.
In terms of geographic, North America and Europe dominates the global elder care services market. This is due to rising aging population and high adoption rates of elder care services in these regions. The U.S. represents the largest market for elder care services followed by Canada in North America. In Europe, France, Germany, Italy, Spain and the U.K. holds major share of elder care services market. However, Asia is expected to show high growth rates in the next five years in global elder care services. China and India are expected to be the fastest growing elder care services markets in Asia.
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In recent time, rising number of geriatric people is key driver for the global elder care services market. In addition, chronic illnesses among aged people and increased life expectancy have also fueled the growth of global elder care services market. Moreover, numerous advantages of these services have increased the adoption rates of elder care services. For instance, adult day care services offer numerous advantages, such as living at home and skilled nursing care. These types of advantages are also contributing in growth of the global elder care services market. However, cost affordability and cultural traditions are some of the major challenges for the global elder care services market.
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Some of the major companies operating in the global elder care services market are Extendicare, Inc., Brookdale Senior Living, Inc., Genesis HealthCare Corp., GGNSC Holdings, Gentiva Health Services, Inc., Kindred Healthcare, Inc., Home Instead Senior Care, Inc., Skilled Healthcare Group, Inc. and Senior Care Centers of America.
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