Elder Care Services Market Size, Share, Growth Report 2030

The global Elder Care Services market, which accrued revenue worth 914.02(USD Billion) in 2019, is set to grow at a CAGR of 8.4% during the period from 2020 to 2026. The report offers valuation and analysis of the Elder Care Services market on a global as well as regional level. The study offers a comprehensive assessment of the industry competition, restraints, revenue estimates, avenues, current & emerging trends, and industry-validated market information. The report offers historical data from 2016 to 2018 along with a forecast from 2019 to 2026 based on value (USD Billion).

Introduction

Today, Service industry has dominated the global economy and has contributed a major share towards GDP of both developed countries as well as emerging economies. Elderly care services industry is no exception to this. Good care of elderly population taken by various non-profit organizations has resulted in value creation and this is likely to further drive market growth.

Moreover, elderly population is defined as persons having age of more than sixty-five years and the persons falling in this age-group require long-term care, nursing home, day care, and home care services. Additionally, they also need hospital care, dementia care, and custodial care amenities. Furthermore, aging is a key phase and myriad medical issues including heart failure, respiratory diseases, diabetes, and joint pains occur in this phase of life.

Market Growth Drivers

Surge in the life expectancy of the global population and rise in the disorders like dementia and Alzheimer in the old age will create lucrative growth avenues for elder care services industry over the forthcoming years. Moreover, institutions like not-for-profit clinics, independent charitable units, and government sponsored institutions have played a key role in leveraging the market expansion. As per WHO, geriatric population is predicted to reach nearly over 1 billion by 2050 across the emerging economies and this rise will translate into huge demand for elder care services, thereby enlarging the scope of the market in the near future.

Moreover, geriatric population is prone to diabetes, arthritis, and renal insufficiency along with other chronic conditions and this will provide a boost to the market growth in the years to come. Apart from this, surge in the comorbid conditions and reduction in the immunity due to aging is anticipated to embellish the need for elder care services in the forthcoming timespan. Reportedly, improvements witnessed in the geriatric care services & healthcare management activities in the recent years will exponentiate the growth rate of elder care services industry in the upcoming years. Focus of the government on improving the quality of life of the aging population will enhance the market progress within the next couple of years.

North American Market To Witness Massive Upsurge Over 2020-2026

The growth of the industry in North America over the forecast timespan is owing to humungous presence of elder care homes as well as healthcare centers for aging persons in the region. Apparently, favorable compensation policies and rise in the aging populace prone to chronic ailments in the countries like the U.S. will chart a lucrative growth map for the industry in North America over the ensuing years.  

Key players influencing the market growth are  Latin America Home Health Care, United Medicare Pte Ltd., St Luke's ElderCare Ltd, Millennia Personal Care Services, GoldenCare Group Private Limited, ApnaCare Latin America Private Limited Epoch Elder Care, Econ Healthcare Group, RIEI Co., Ltd., Cascade Healthcare, SASCO Integrated Eldercare Centre, Rosewood Care Group Inc., Samvedna Senior Care, Pacific Healthcare Nursing Home, Golden Years Hospital, Benesse Style Care Co., Ltd., Orange Valley Healthcare, Carewell-Service Co., Ltd., Nichiigakkan Co. Ltd, and NTUC Health Co-Operative Ltd.

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

• Public
• Private

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa