Press release
Market for Elder Care Services Projected to Grow at a CAGR of 8.4% During 2017 – 2025
Elder Care Services Market
With an increase in the worldwide geriatric population brought about by changing global demographics, there has been a sharp rise in demand for elder care services. An increased life expectancy of the population has further augmented this demand in the global market, leading to the growth of several businesses providing elder care services at a global level. Further, the family structure has moved to a more nuclear system in several countries of the world, necessitating the outsourcing of elderly caregiving to hospitals and healthcare institutions, as the preference of nuclear families is shifting towards different service types such as institutional care and community based care. These factors are anticipated to boost revenue growth of the global elder care services market, which, according to Persistence Market Research analysis, will reach a market valuation of US$ 1,767.3 Bn by the end of 2025, up from an estimated US$ 927.1 Bn in 2017, reflecting a CAGR of 8.4% over the forecast period (2017–2025).
Read Report @ https://www.persistencemarketresearch.com/market-research/elder-care-services-market.asp
Institutional care is slated to remain the largest segment by service type in the global elder care services market in terms of revenue, with an estimated 75% market share by the end of 2025. Community-based care is the second largest segment, with about 18% value share by the end of the forecast period
Public and government expenditure is the largest source of financing in the global elder care services market, projected to grow at a CAGR of 7.9% over the forecast period. The public expenditure segment dominated the global elder care services market in terms of financing source in 2016, and the trend is projected to continue throughout the forecast period. Public expenditure is expected to account for the largest share of financing of elder care, with a market attractiveness index of 1.8 over the forecast period. Out-of-pocket spending is anticipated to be the second most common form of financing for elder care, with a market attractiveness index of 0.8 over the forecast period. However, in terms of CAGR growth, the out-of-pocket spending segment holds the first place – recording 9.4% growth during 2017 – 2025
According to Persistence Market Research forecasts, Europe will remain the largest regional market for elder care services, estimated to hold a revenue share of about 37% in 2017. North America is the second largest regional market, with a projected revenue share of about 30% in 2017. However, the Asia Pacific market for elder care services is predicted to be the fastest growing regional market, registering the highest regional CAGR of 11.0% during the forecast period.
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The report profiles some of the top companies operating in the global elder care services market such as Benesse Style Care Co., Ltd, Econ Healthcare Group, Epoch Elder Care, St Luke's ElderCare Ltd, Latin America Home Health Care, Samvedna Senior Care, ApnaCare Latin America Private Limited, Nichiigakkan Co. Ltd, Golden Years Hospital, Orange Valley Healthcare, NTUC Health Co-Operative Ltd, GoldenCare Group Private Limited, Carewell-Service Co., Ltd, RIEI Co.,Ltd, SASCO Integrated Eldercare Centre, Cascade Healthcare, Millennia Personal Care Services, Rosewood Care Group Inc., Pacific Healthcare Nursing Home, United Medicare Pte Ltd.
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About Us
Persistence Market Research (PMR) is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. PMR boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductor and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients’ business needs.
PMR stands committed to bringing more accuracy and speed to clients’ business decisions. From ready-to-purchase market research reports to customized research solutions, PMR’s engagement models are highly flexible without compromising on its deep-seated research values.
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