CAGR: 7.7%Current Market Size: USD 1.32 BillionFastest Growing Region: North America
Largest Market: EuropeProjection Time: 2023-2030Base Year: 2022
The global elderly care services market is expected to grow from USD 1.32 billion in 2022 to USD 2.38 billion by 2030, at a CAGR of 7.7% during the Projection period 2023-2030. The growth of this market is mainly driven owing to the rising cases of chronic disease and the increasing geriatric population.
Generally, elderly care includes meeting the needs of senior citizens at different stages of their lives, also known as senior care. This includes products and services that facilitate the daily activities of the elderly. Ageing people require physical as well as emotional assistance to lead a productive, healthy, and independent life, resulting in an increased demand for elderly care. There are several types of eldercare services, mainly focusing on the social and personal needs of elderly people who only need some assistance with their health and daily activities. It's even better that many Asian governments organize elderly care homes in which the younger generations take care of the elderly. Public funds provide most elderly care services, accounting for 65.5% of global elderly care services. Family caregivers can take advantage of elderly care on-demand, providing an alternative opportunity for caregivers. In geriatric care, patients are assisted in living a more comfortable & safe life, thereby preventing early deaths. Healthcare providers in assisted living facilities can use these services to provide assistance to the elderly population and enhance their lives, no matter where they live or whether they are in assisted care facilities.
Sample Request: - Global Elderly Care Services Market
Market Dynamics:
Drivers:
In recent years, chronic diseases have increased in number, including diabetes, cancer, osteoporosis, and dental diseases. With proper treatment, nutrition, and doctor suggestions, these diseases can be prevented. Recently, however, home healthcare services have made it possible for patients to receive treatment from home without visiting a hospital, so they can also do so.
Restraints:
Government funds and some insurance companies generate low refunds, which significantly limit market growth. Because the financial aspects cannot meet the home services' high quality services, the market's growth is hindered. Medical costs are on the rise, so the elderly care service providers cannot cover the costs of healthcare.
Opportunities:
As the elderly population increases, the need for elderly care services is expected to grow. Changes in the economy and social environment have increased the demand for care services. Due to the increased number of elderly people, young people are under increased pressure to take care of elderly relatives and work as well, resulting in a need for elderly care services, which can be classified as long-term and short-term.
Challenges:
A significant challenge threatening the market's growth is the lack of skilled and experienced workers in elderly care centers and institutions. The high cost associated with elderly care management and the lack of money to obtain expensive innovative products and introduce technological advancements into service is a major drawback in this field.
Segmentation Analysis:
The global elderly care services market has been segmented based on product type, service provider, end-user, and region.
By Product Type
The product type segment includes housing & assistive devices and pharmaceuticals. The housing & assistive devices segment led the largest share of the elderly care services market with a market share of around 71% in 2022. As of 2021, housing and assistive devices dominated the market. As a result of the rise in chronic diseases among the elderly, the segment is expected to grow. As a result of their ailing health conditions, seniors require housing and assistive device services.
By Service Provider
The service provider segment includes private and public. The private segment led the largest share of the elderly care services market with a market share of around 61% in 2022. Private service providers are equipped with fully qualified workers, professionally qualified people, and high-quality care providers. In the private sector, there are more doctors assigned to a limited number of patients, which means that consumers get better consultations and services, not the case in public facilities. In the future, the private sector is expected to grow because of factors such as drug availability, cleanliness, and privacy.
By Application
The application segment includes kidney diseases, heart diseases, cancer, osteoporosis, diabetes, neurological, respiratory, and others. The heart disease segment led the largest share of the elderly care services market with a market share of around 27% in 2022. Global revenue in 2021 accounted for around 23% of heart disease, a market segment that dominated the market in 2021. The growing prevalence of hypertension, blood pressure, and cardiovascular disease among the elderly lead to an increased risk of heart disease, driving the market.
Global Elderly Care Services Market- Sales Analysis.
The sale of elderly care services expanded at a CAGR of 7.1% from 2016 to 2022.
The market's growth is a result of increasing awareness regarding better lifestyles and healthcare facilities after retirement, Usually, after retirement, this feature allows the aged people to switch from an independent living style to well-served residents with better care and facilities. These communities provide many facilities that enhance the growth of such a service.
With regard to elderly care services, there has been an ongoing improvement involving professional education and transparency regarding the quality of care given to patients. There are many attractive insurance and reimbursement policies available for the geriatric population, as well as the government's increased funding for elderly care services. Technological advances in this field and favourable government policies will drive the market.
Thus, owing to the aforementioned factors, the global elderly care services market is expected to grow at a CAGR of 7.7% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the elderly care services market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The European region dominated the elderly care services market and held a 39.1% share of the market revenue in 2022.
Global Fintech Market - Country Analysis:
Germany's elderly care services market size was valued at USD 0.15 billion in 2022 and is expected to reach USD 0.27 billion by 2030, at a CAGR of 8.1% from 2023 to 2030.
The German elderly care market is expected to dominate during the Projection period since it is home to a large elderly population and growing. As a result, the country is experiencing an increase in elderly care centers and service providers.
China’s elderly care services market size was valued at USD 0.08 billion in 2022 and is expected to reach USD 0.14 billion by 2030, at a CAGR of 7.9% from 2023 to 2030.
In China, as people become increasingly aware of home care, adult care, and other services, the market will see an increase in demand. Elderly care services and products will be in high demand due to the rapid rise in the elderly population, and the demand for elderly care services will continue to grow.
India's elderly care services market size was valued at USD 0.06 billion in 2022 and is expected to reach USD 0.10 billion by 2030, at a CAGR of 7.8% from 2023 to 2030.
Increasing awareness and growing disposable income have allowed geriatric individuals to buy homes in senior living societies with a variety of care services. The government of India is also playing a major role in promoting care services in India, stating that the national health policy targets healthcare expenditure at 2.5% of GDP to encourage the development of healthcare services in the country.
Key Industry Players Analysis:
To increase their market position in the global elderly care services market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
7.7% |
Market Size |
1.32 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Product Type, By Service Provider, By Application, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Hoffmann-La Roche AG, ProVita International Medical Center, AstraZeneca PLC, Merck & Co. Inc., St Luke’s ElderCare Ltd., Endo Pharmaceuticals Inc., Regeneron Pharmaceuticals Inc., Korian Group, Allergan Inc., and Epoch Elder Care. |
By Product Type |
|
By Service Provider |
|
By Application |
|
Regional scope |
|
Scope of the Report
Global Elderly Care Services Market by Product Type:
Global Elderly Care Services Market by Service Provider:
Global Elderly Care Services Market by Application:
Global Elderly Care Services Market by Region:
Global elderly care services market is expected to reach USD 2.38 billion by 2030, at a CAGR of 7.7% from 2023 to 2030.
Rising chronic diseases and increasing market trends.
The European region will witness more growth in the elderly care services market.
Based on the product type, the elderly care services market is segmented into housing & assistive devices and pharmaceuticals.
Leading players in the elderly care services market are Hoffmann-La Roche AG, ProVita International Medical Center, AstraZeneca PLC, Merck & Co. Inc., St Luke’s ElderCare Ltd., Endo Pharmaceuticals Inc., Regeneron Pharmaceuticals Inc., Korian Group, Allergan Inc., Epoch Elder Care among others.
Political Factors- Both bureaucracy and corruption have a negative impact on the business climate. Because the general public has lost faith in corporate institutions and the larger political and economic system, the business climate for the Elderly Care Services Market industry is more volatile when operating in nations with high levels of corruption and poor law enforcement. Contracts, fraud agreements, licencing, and various legal actions are just a few of the corporate operations that corruption can disrupt. Joining countries with corrupt economic and political systems would jeopardise the Elderly Care Services Market market industry's long-term growth by damaging society, the legal system, and the rule of law.
Economic Factors-The labour market's supply and demand influence the availability of skilled workers and their salaries. The Elderly Care Services Market market must do research and project the situation of the labour market in order to understand how to attract top candidates and use their strengths to increase business performance. Higher labour productivity helps the market for Elderly Care Services Market when labour markets are open. Working in a competitive labour market, on the other hand, may result in wage disputes as well as other issues brought up by persistent labour unions. The Elderly Care Services Market market should also carefully assess the availability of human resources, as this can have an influence on business efficiency and make it more difficult to attract new clients.
Social factors- The customer's purchasing power influences their expenditure. It is necessary to assess and project consumer purchasing power based on relevant economic variables in order to analyse consumer interests and spending habits. Eating the offered food is a status symbol in some cultures, while it serves utilitarian functions in others. The Elderly Care Services Market must understand customer motivations and the societal elements that influence consumer behaviour. In order to understand how local customers in the area perceive imported commodities, the Elderly Care Services Market market should make an effort to understand the amount of consumer ethnocentrism and take into account the country of origin effect.
Technological Factors- The advancement of information and communication technologies has made it easier to implement cutting-edge marketing methods to increase client involvement. Social media usage has skyrocketed in the present business climate. The capacity of social media marketing to improve operational efficiency benefits the Elderly Care Services Market. With the use of technology, new social media campaigns and online communities for businesses can be launched.
Environmental Factors- A few countries offer financial incentives to encourage the use of renewable energy sources. It can benefit the Elderly Care Services Market and promote investments in green technology to ensure its long-term viability. This investment will raise stakeholder satisfaction and consumer base due to improved brand perception. Weather and climatic variations can have an impact on how efficiently businesses operate. For example, in the maElderly Care Services Market, inclement weather may result in higher operating costs and a value chain change. These changes may necessitate changes to a company's product and marketing strategy, which may have an impact on consumer purchasing behaviour.
Legal Factors- Consumer concerns about their security and privacy have resulted in a severe data protection issue. To secure consumer data, the Elderly Care Services Market must adhere to data protection regulations. Furthermore, laws are in place to control costs, ensure a certain level of quality, and protect buyers from fraudulent advertising promises. In order to comply with consumer protection requirements, several factors must be considered in the Elderly Care Services Market market industry. Intellectual property laws protect firms' valuable patents and ideas. Lack of IP protection may harm the Elderly Care Services Market market's position in comparison to other market competitors, resulting in a loss of competitive advantage.
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