Elder Care Services Market 2022-2031
New Study Reports “Elder Care Services Market 2022 Global Market Opportunities, Challenges, Strategies and Forecasts 2031” has been Added on PMR.
Introduction/Report Summary:
The Elder Care Services Market is expected to grow at a stupendous rate in the next 10 years. The healthcare industry is being driven by innovation. The very idea of “Customer is the King” is being implemented. As such, healthcare IT solutions come across as a meticulous and complex system that constitutes interconnected and large-scale systems wherein micros are being worked upon. These would be the facets of the healthcare vertical going forward.
As per Persistence Market Research’s revised industry analysis, the global elder care services market is expected to witness high growth from US$ 1.1 Bn in 2020 to over US$ 2.6 Bn by 2031, at a CAGR of around 7.6% over the next ten years.
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Elderly care services include assisted living, nursing care, adult day care, home care, and long-term care. The geriatric population’s high susceptibility to illnesses and infections leads to significant financial burden on the individual and families. The elderly who are discharged from hospitals can receive care from trained caregivers at home or at long-term care facilities. This system is comparatively more economical and also produces better outcomes because older people are more prone to hospital-acquired infections and experience less anxiety at home.
Changing family structure is a prime driver for the elderly care service market. With the trend of nuclear families, the elderly are exposed to emotional, financial, and physical insecurities. Adding to this is the increase of the young working population, which is unable to devote time to care for the elderly.
Key Players:
The report has profiled some of the important players prevalent in the global like – Eldercare Service, Korian Group, ProVita International Medical Center, LLC,, Home Instead, Inc., Living Assistance Services, Inc., Benesse Style Care Co., Ltd., Econ Healthcare Group, Epoch Elder Care, St Luke’s ElderCare Ltd, India Home Health Care, Samvedna Senior Care, ApnaCare India Private Limited, Nichiigakkan Co. Ltd., Golden Years Hospital, Orange Valley Healthcare, NTUC Health Co-Operative Ltd., GoldenCare Group Private Limited, Carewell-Services Co., Ltd., RIEI Co. Ltd., SASCO Integrated Eldercare Centre, Cascade Healthcare, Millennia Personal Care Service, Rosewood Care Group Inc., Pacific Healthcare Nursing Home, United Medicare Pte Ltd, and more.
This report covers the sales volume, price, revenue, gross margin, manufacturers, suppliers, distributors, intermediaries, customers, historical growth and future perspectives in the Elder Care Services Market.
Introducing care robots is also creating huge opportunity in the market, as the elder care services segment would require an increasing amount of resources and skilled workforce. Robotic caregiver technology is a solution set to replace human caregivers to some extent.
- Companies such as Jibo, for example, are developing social robots that will serve as a nice companion for the elderly. Although this companion robot is excellent for social contact, it lacks the mechanical components necessary to provide medical assistance.
- Waypoint Robotics focuses on the mobility component of autonomous robotics rather than the social aspect. The company is developing mobile robots that whizz along hospital corridors like mechanized room service carts.
Key Takeaways from Market Study
- By service, institutional care is set to hold a high share of 70%, expanding at 9% CAGR over the forecast period.
- By financing source, public expenditure is expected to hold well over 65.5% market share.
- By region, Europe accounts for the highest market share of around 35%, followed by North America.
“Increasing options for elder care services and strict health & safety regulations by governments and associations will provide fruitful growth opportunities for market players,” says an analyst of Persistence Market Research.
Market Competition
R&D activities, product launches, joint ventures, and mergers & acquisitions are key strategies being adopted by providers of elder care services.
- In August 6, 2021 Honor acquired Home Instead, one of the largest home care providers in the U.S, in a move that would create a company with more than US $2.1 Bn in home care services revenue and potentially impact the senior living industry.
- In Aug 2019, Econ Healthcare Group became the first Eldercare provider under the Chongqing Connectivity Initiative
- In Jan 2018, Orange Valley Nursing Homes opened its sixth home in Balestier, making it the largest operator of such facilities with more than 1,000 beds.
- In February 2017, NTUC Health launched its 13th Silver Circle Senior Care Centre in Ci Yuan Community Club in Hougang, Singapore.
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Region Coverage (Regional Production, Demand & Forecast by Countries etc.):
North America (U.S., Canada, Mexico)
Europe (Germany, U.K., France, Italy, Russia, Spain etc.)
Asia-Pacific (China, India, Japan, Southeast Asia etc.)
South America (Brazil, Argentina etc.)
Middle East & Africa (Saudi Araia, South Africa etc.)
Key Stakeholders
Elder Care Services Market Manufacturers
Elder Care Services Market Distributors/Traders/Wholesalers
Elder Care Services Market Subcomponent Manufacturers
Industry Association
Downstream Vendors
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Major Highlights of the Elder Care Services Market Report:
- The Elder Care Services Market analysis report offers an in-depth study of the potential market growth opportunities and challenges.
- The report dives deeper into the market and explains the dynamic factors bolstering market growth.
- The report deeply assesses the current, historical market size, market share, and revenue growth rates to offer accurate market projections for the forecast period.
- The report analyzes the Elder Care Services Market presence across major regions of the world.
- It determines the production & consumption capacities and demand & supply dynamics of each regional market.
- The report further illustrates the intense competition among the key market players and highlights their effective business expansion plans and strategies.
- It provides company overview and SWOT analysis of each of the market players.
Key Questions Answered in the Elder Care Services Market Report
How is the Elder Care Services Market expected to grow over the projected period?
What direction is the Elder Care Services Market expected to take in terms of volume and value during the forecast period?
What is the impact of macroeconomic factors on the Elder Care Services Market in future?
What are the key market drivers in the Elder Care Services Market?
What are significant opportunities and improvement areas for Elder Care Services Market manufacturers?
What are the key developments and trends taking over the Elder Care Services Market?
Which are the emerging countries that are expected to create significant growth opportunities in the Elder Care Services Market?
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