As per the researchers at Zion Market Research, the global elder care services market was capitalized at more than USD 914.02 billion in 2019 and is anticipated to expand at over 8.4% CAGR during the forecast period. The prominent players active in the global elder care services market include St Luke’s ElderCare Ltd, Epoch Elder Care, Econ Healthcare Group, Cascade Healthcare, Rosewood Care Group Inc., Samvedna Senior Care, Benesse Style Care Co., Ltd., Latin America Home Health Care, Orange Valley Healthcare, Nichiigakkan Co. Ltd, SASCO Integrated Eldercare Centre, Golden Years Hospital, NTUC Health Co-Operative Ltd., Pacific Healthcare Nursing Home, United Medicare Pte Ltd., GoldenCare Group Private Limited, RIEI Co., Ltd., Carewell-Service Co., Ltd., Millennia Personal Care Services, and ApnaCare Latin America Private Limited. Expansion, partnership, and other approaches to improve the market share of the company with strengthened presence and coverage. TO cite, Asana Hospice was procured by Amedisys in November 2019. With this acquirement, the company will improve its service offering within the market.
Rising Elderly Population Worldwide Expected To Drive The Growth Of The Global Market
The key factor contributing to the growth of the elder care services market is the rising population of elderly people. This is primarily because of the incidence of aggravating health-based conditions in elderly people that further requires appropriate care. In addition, the altering economic and social conditions in a majority of countries globally have been adding to the growth of the global elder care services market. Also, the increase in the need for residential care facilities for aged people having some chronic conditions like Alzheimer’s and dementia is projected to fuel the market growth during the forecast period.
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By Service Type, Institutional Care Segment Projected To Lead The Global Market
In 2018, the institutional care segment, based on service type, captured a major share in the global market. It usually entails all nursing, laboratory expenses along with other emergency room costs, and hospital diagnostics, thus registering the highest share in the market. Further, institutions like assisted living facilities and nursing homes offer much more compliant care to elderly people where they can be free from strict schedules, thereby driving the segmental expansion.
North America Projected To Maintain Its Supremacy Over Global Market During The Forecast Period
The global elder care services market is expected to be dominated by North America as the elderly geriatric population in this region are more disposed to elderly care services owing to the altering lifestyle and elevated understanding among elderly people. Also, individuals are taking advantage of and becoming reliant on the facilities offered in this region with enhanced healthcare infrastructure. Further, the Asia Pacific region is also projected to expand at the greatest pace during the forecast period on account of the rising elderly population coupled with rising disease prevalence among them.
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The global elder care services market is segmented as follows:
By Service Type
- Institutional care
- Adult daycare
- Home care
By Funding Source
- Public expenditure
- Private expenditure
- Out-of-Pocket Spending
By Service Provider
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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