Elderly Care Service Market: Current Analysis and Forecast (2022-2028)

Report Description

The global elderly care services market is expected to grow at a significant rate of around 6.6% during the forecast period. Elderly Care services include senior care services including housekeeping, homemaker service, physical therapy, occupational therapy, and nursing services among others. The market for elderly care services is anticipated to grow enormously owing to factors including a growing aging population, paired with associated age-related diseases, and increasing demand for residential care facilities among others. Moreover, increasing life expectancy due to rising awareness and better medical facilities would further boost the market for elderly care services. The adoption of home and nursing care services at home or assisted homes for age population will boost the market growth. For instance, according to the US Census Bureau analysis, the elderly population is expected to nearly double in the next 25 years. In addition, according to World Population Ageing, in 2019, the elderly population of North America was 59.9 million which is expected to reach 96.2 million by 2050.

A rise in the number of applications based on Tele-awareness and the adoption of care bots due to the lack of skilled labour would further boom the industry and will mark as a trend. However, workforce shortage and poor medical insurance coverage will act as the major challenges for the growth of the global elderly care service market, but at a low impact.

Benesse Holdings, Inc.; Amedisys; ST LUKE’S ELDERCARE LTD; Brookdale Senior Living Inc.; Bayada home health Care; ECON Healthcare Group; Epoch Elder Care; Knight Health Holdings, LLC; NICHIIGAKKAN CO., LTD.; and ANTARA SENIOR CARE. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst service type, institutional care category to witness robust CAGR during the forecast period.”

Based on service type, the market is segmented into institutional care, adult daycare, and home care. The institutional care category is to witness a higher CAGR during the forecast period. Institutional care services are an important aspect of elderly care, particularly for those who require round-the-clock medical care or assistance with daily living activities.

Moreover, institutional care services provide a safe and supportive environment for elderly people who may be unable to live independently. These facilities are staffed by trained professionals who are equipped to provide care for those who require specialized medical attention or assistance with daily living activities which will drive the growth of this segment during the forecast period.

Elderly care services market Report Coverage

“Amongst service provider, the private category is to witness a fastest CAGR during the forecast period.”

On the basis of service provider, the market is categorized into public and private. Among these, the private category is to witness the fastest CAGR during the forecast period. The private service providers have fully trained workers, professionally qualified people, and quality care providers. The private segment has more doctors allocated to limited number of patients which helps in offering better consultation and service to the consumers which is not the case in the public facilities. Due to the factors like the availability of drugs, cleanliness and privacy, the private sector is expected to grow.

“North America held a significant share in the market in 2021”

For a better understanding of the market adoption of the elderly care service industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America held a significant share during the forecast period. This is mainly due to several key factors such as rising elderly population, growing awareness and healthcare expenditure for elderly care in the United States and Canada drive the growth of elderly care services market. In addition, the growing prevalence of chronic diseases such as Alzheimer’s and dementia is also contributing to the growth of the elderly care service market.

Also, North America has one of the largest aging populations in the world, and this demographic shift is fueling the growth of the elderly care service market. According to the United Nations, the number of people over the age of 65 in North America is projected to reach 98 million by 2050.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global elderly care services market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Elderly Care Services Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global elderly care services market were the three major steps undertaken to create and analyze the adoption of elderly care services in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global elderly care services market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the elderly care services market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the elderly care services market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as service type, funding source, and service provider. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the elderly care services market. Further, we conducted factor analysis using dependent and independent variables such as various service type, funding source, and service providers of elderly care services. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the elderly care services market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global elderly care services market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the elderly care services market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global elderly care services market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global elderly care services market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of service type, funding source, and service provider in the global elderly care services market.

The main objective of the Global Elderly care services market Study

The current & future market trends of the global elderly care services market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the elderly care services market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of service type, funding source, and service provider.
• Define and analysis of the regulatory framework for the all-terrain vehicle
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the elderly care services market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the elderly care services market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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