Elderly Care Service Market: Current Scenario and Forecast (2019-2025)

Elderly Care Service Market: Current Scenario and Forecast (2019-2025)

Emphasis on Service Type (Institutional care, Adult daycare, Home-based care), Funding Source (Public expenditure, Private expenditure, Out-of-Pocket Spending), Service provider (Public, Private) and Region/Country

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Published: Sep-2019

Pages:183

Table: 57

Figure:155

Report ID:UMHE19191

Global Elderly Care Service Market was valued at US$ 1,000.7 billion in 2018 and is anticipated to reach US$ 1,744.6 billion by 2025 displaying a reasonable CAGR of 8.31% over the forecast period (2019-2025). Elderly Care services include senior care services including housekeeping, homemaker service, physical therapy, occupational therapy, nursing services among others. The market of Elderly Care Service is anticipated to grow enormously owing to the factors including growing aging population, paired with associated age-related diseases, 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. More the number of old age population higher will be the adoption of home and nursing care services at home or assisted homes for old age people. Rise in the number of applications based on Tele-awareness and adoption of carebots 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.

Robots that can be Assisted for Elderly Care

Aging is a global phenomenon. The aging population is increasing at a fast pace all over the world. Life expectancy has also increased from 72.4 years in 2014 to 73.5 years in 2019. This will bring the total number of people above the age of 65 to more than 605 million or 11% of the entire population globally. In addition, average life expectancy is expected to reach 85 in 2040 from the current 75-80 years, thus substantially increasing the number of people aged 80 or above, as well as their proportion in the overall population. The aging population is the ultimate driving factor for a growing business market and reports reveal that this population is increasing with time. Henceforth, senior care and home care service businesses will have enough potential in the coming years. Aging comes with the onset of age-related disorders and other issues. Health care costs are increasing, and more of retirees’ dollars are spent on health care. This also leads to increased spending on elderly care services. In many cases, people may outlive their savings, or find that their pension plans will not provide the income and benefits they had when they retired. The elder population is increasingly becoming the targets of scammers, and others who consider elder populations to be vulnerable, preying on them, to financially exploit them or even physically abuse them. Laws have been created specifically to deal with the legal problems faced by the older population. There is a label for this area of law elder law. Elder law has grown from a specialty practice to a general area of practice within which an attorney may specialize

“Amongst service type, Institutional Care is projected to hold the largest market share and would dominate the market by 2025.”

Basis of type of service the global elderly care service market is bifurcated into Institutional care, Adult daycare and Home-based care. The market for Institutional Care is expected to grow tremendously and is projected to dominate the market in 2025 due to the high adoption of these services..

Elderly Care Market Size by Service Type, Global, 2018-2025 (US$ Million)

“Public funding source dominates and is expected to maintain its dominance during the analyzed period.”

Elderly Care Service market is segmented based on funding source into public expenditure, private expenditure and out-of-pocket expenditure. The public expenditure occupied the largest share and is expected to maintain its dominance throughout the forecast period 2019-2025.

“Amongst service providers, public service provider is anticipated to dominate Global Elderly Care Service market by 2025.”

Public and private are the major service providers of elderly care services. Public service providers are anticipated to dominate the market throughout the analysed period of 2019-2025. However, Private service providers would grow at a reasonable rate during the same time frame

“Europe represents one of the largest markets of Elderly Care Service globally.”

For a deep-dive analysis of the overall adoption and penetration of the elderly care service, study is conducted for major aging population regions/countries. Major regions/countries analyzed include North America (US), Europe (France, Germany, Spain, Italy, UK), Asia-Pacific (Japan, China, Australia, India) and Rest of the World. Currently, Europe dominates the market with 37.2% share in 2018. High prevalence of age-related disorders and rising old age population along with high awareness among the people is the major driving factor.

Competitive Landscape-Top 10 Market Players

Benesse Holdings Inc., Amedisys Inc, St Luke’s Eldercare Ltd., Brookdale Senior Living Inc., Econ Healthcare Group Inc, Bayada Home Health Care, Epoch Elder Care, Kindred Healthcare LLC, Nichii Gakkan Co. Ltd and ApnaCare Private Limited are some of the prominent players operating in the Global Elderly Care Service industry. Looking at the aging population trend, these players are coming up with new ideas and innovative products for home care for the elderly. They are also entering into strategic alliances to expand their reach and customer base. Several M&A’s along with partnerships have been undertaken by these players to facilitate costumers with hi-tech and innovative products.

Reasons to buy (The research report presents):

  • Current and future market size from 2018 to 2025 in terms of value (US$)
  • Combined analysis of deep-dive secondary research and input from primary research through Key Opinion Leaders of the industry
  • Country-level details of the overall adoption of Elderly Care Service market and several case studies of the elderly who have adopted elderly care services
  • A quick review of overall industry performance at a glance
  • In-depth analysis of key industry players
  • A detailed analysis of regulatory framework, drivers, restraints, key trends and opportunities prevailing in the industry
  • Examination of industry attractiveness with the help of Porter’s Five Forces analysis and start-ups
  • The study comprehensively covers the market across different segments and sub-segments of the technology
  • Regions/countries Covered: North America (the US, Rest of NA), Europe (UK, Germany, France, Italy, Spain, Rest of Euro), Asia-Pacific (China, India, South Korea, Japan, Australia and Rest of APAC), and Rest of World

Customization Options:

UMI understands that you may have your own business need, hence we also provide fully customized solutions to clients. The Global Elderly Care Service Market can be customized to the country level or any other market segment.

    1.1 Market Definition
    1.2 Objective of the Study
    1.3 Limitation  
    1.4 Stakeholders  
    1.5 Currency used in the Report
    1.6 Scope of the Elderly Care Service Market Study
  2 RESEARCH METHODOLOGY OR ASSUMPTION
    2.1 Research Methodology for Elderly Care Service Market Study
      2.1.1 Main objective of the Elderly care Market Study
  3 INDUSTRY PERFORMANCE
  4 EXECUTIVE SUMMARY
  5 MARKET OVERVIEW
    5.1 Market Introduction
      5.1.1 Market Drivers
        5.1.1.1 Accelerating Geriatric Population
          5.1.1.1.1 Some of the Key Facts regarding Ageing and health
        5.1.1.2 Rising Prevalence of Age-Related Disorders
          5.1.1.2.1 General Facts on Chronic Diseases, WHO
        5.1.1.3 Increasing Demand for Residential Care Facilities
      5.1.2 Market Challenges
        5.1.2.1 Workforce Shortage
        5.1.2.2 Poor Medical Insurance Coverage
      5.1.3 Market Trends
        5.1.3.1 Applications Based on Tele-awareness
        5.1.3.2 Carebots the Future of Elderly Care Services
  6 USED CASE STUDY OF ELDERLY CARE SERVICE
    6.1 Case Study 1: Kim Campbell on Giving Alzheimer’s Families Hope
    6.2 Case Study 3: Inability to Deal with Homemaking Duties
    6.3 Case Study 2: Lack of Food
    6.4 Case Study 4: Personal Care Assistance and Homemaking Services
    6.5 Case Study 5: The Wrong Fit from the Start
    6.6 Case Study 6: How Compass Memory Support's Holistic Approach Helped Anne Thrive
    6.7 Case Study 7: Financial Programs that Fit Bob & Eileen Needs
    6.8 Case Study 8: The Wrong Fit from the Start
    6.9 Case Study 9: Harold Gained Back the Ability to Communicate
  7 LEGAL & REGULATORY FRAMEWORK
    7.1 General Overview
      7.1.1 United States
        7.1.1.1 Older American Act of 1965
        7.1.1.2 Benefits of the Older Americans Act
        7.1.1.3 OAA Reauthorization
      7.1.2 United Kingdom
        7.1.2.1 Care Standards Act 2000
      7.1.3 Germany
      7.1.4 Italy  
      7.1.5 India  
        7.1.5.1 Maintenance and Welfare of Parents and Senior Citizens Act, 2007
  8 DEMAND AND SUPPLY SIDE ANALYSIS
    8.1 Demand Side Analysis
      8.1.1 Facts underlining the demand of Elderly care industry:
    8.2 Supply Side Analysis
      8.2.1 Top Product Launch
      8.2.2 Top Partnerships
      8.2.3 Top Mergers & Acquisitions
      8.2.4 Top Business Expansion & Investment
      8.2.5 Top Start-ups in Elderly Care Service Sector
  9 MARKET INSIGHTS BY SERVICE TYPE
    9.1 General Overview
      9.1.1 Institutional Care
      9.1.2 Adult daycare
      9.1.3 Home Care
  10 MARKET INSIGHTS BY FUNDING SOURCE
    10 General Overview
      10.1.1 Public Expenditure
      10.1.2 Private Expenditure
      10.1.3 Out-of-Pocket Spending
  11 MARKET INSIGHTS BY SERVICE PROVIDER
    11 General Overview
      11.1.1 Public Service Providers
        11.1.1.1 Government Schemes for Senior Citizens in India
      11.1.2 Private Service Providers
  12 MARKET INSIGHTS BY REGION
    12 General Overview
    12 North America Elderly Care Service Market (2019-2025)
      12.2.1 Facts on Current & Projected Elderly Population in America
      12.2.2 North America Elderly Care Service Market by Service Type
      12.2.3 North America Elderly Care Service Market by Funding Source
      12.2.4 North America Elderly Care Service Market by Service Provider
      12.2.5 North America Elderly Care Service Market by Country
        12.2.5.1 United States Elderly Care Service Market (2019-2025)
          12.2.5.1.1 Public Expenditure in the United States
          12.2.5.1.2 US Health Spending by Type of Service or Product, 2017
          12.2.5.1.3 Health Spending by Major Sources of Funds
          12.2.5.1.4 United States Elderly Care Service Market by Service Type
          12.2.5.1.5 United States Elderly Care Service Market by Funding Source
          12.2.5.1.6 United States Elderly Care Service Market by Service Provider
        12.2.5.2 Rest of North America Elderly Care Service Market (2019-2025)
          12.2.5.2.1 Key Findings on Healthcare Spending in Mexico, 2016
          12.2.5.2.2 Rest of NA Elderly Care Service Market by Service Type
          12.2.5.2.3 Rest of NA Elderly Care Service Market by Funding Source
          12.2.5.2.4 Rest of North America Elderly Care Service Market by Service Provider
    12 Europe Elderly Care Service Market (2019-2025)
      12.3.1 Facts on Elderly Population Europe
      12.3.2 Europe Elderly Care Service Market by Service Type
      12.3.3 Europe Elderly Care Service Market by Funding Source
      12.3.4 Europe Elderly Care Service Market by Service Provider
      12.3.5 Europe Elderly Care Service Market by Country
        12.3.5.1 France Elderly Care Service Market (2019-2025)
          12.3.5.1.1 France Elderly Care Service Market by Service Type
          12.3.5.1.2 France Elderly Care Service Market by Funding Source
          12.3.5.1.3 France Elderly Care Service Market by Service Provider
        12.3.5.2 Germany Elderly Care Service Market (2019-2025)
          12.3.5.2.1 Germany Elderly Care Service Market by Service Type
          12.3.5.2.2 Germany Elderly Care Service Market by Funding Source
          12.3.5.2.3 Germany Elderly Care Service Market by Service Provider
        12.3.5.3 Spain Elderly Care Service Market (2019-2025)
          12.3.5.3.1 Spain Elderly Care Service Market by Service Type
          12.3.5.3.2 Spain Elderly Care Service Market by Funding Source
          12.3.5.3.3 Spain Elderly Care Service Market by Service Provider
        12.3.5.4 Italy Elderly Care Service Market (2019-2025)
          12.3.5.4.1 Italy Elderly Care Service Market by Service Type
          12.3.5.4.2 Italy Elderly Care Service Market by Funding Source
          12.3.5.4.3 Italy Elderly Care Service Market by Service Provider
        12.3.5.5 United Kingdom Elderly Care Service Market (2019-2025)
          12.3.5.5.1 United Kingdom Elderly Care Service Market by Service Type
          12.3.5.5.2 United Kingdom Elderly Care Service Market by Funding Source
          12.3.5.5.3 United Kingdom Elderly Care Service Market by Service Provider
        12.3.5.6 Rest of Europe Elderly Care Service Market (2019-2025)
          12.3.5.6.1 Rest of Europe Elderly Care Service Market by Service Type
          12.3.5.6.2 Rest of Europe Elderly Care Service Market by Funding Source
          12.3.5.6.3 Rest of Europe Elderly Care Service Market by Service Provider
    12 Asia Pacific Elderly Care Service Market (2019-2025)
      12.4.1 Key Facts on Aging Population in Asia-Pacific Region
      12.4.2 Asia Pacific Elderly Care Service Market by Service Type
      12.4.3 Asia Pacific Elderly Care Service Market by Funding Source
      12.4.4 Asia Pacific Elderly Care Service Market by Service Provider
      12.4.5 Asia Pacific Elderly Care Service Market by Country
        12.4.5.1 Japan Elderly Care Service Market (2019-2025)
          12.4.5.1.1 Facts on Japanese Demographic Structure
          12.4.5.1.2 Japan Elderly Care Service Market by Service Type
          12.4.5.1.3 Japan Elderly Care Service Market by Funding Source
          12.4.5.1.4 Japan Elderly Care Service Market by Service Provider
        12.4.5.2 China Elderly Care Service Market (2019-2025)
          12.4.5.2.1 Key Challenges to Old-Age Security in PRC, Asian Development Bank
          12.4.5.2.2 China Elderly Care Service Market by Service Type
          12.4.5.2.3 China Elderly Care Service Market by Funding Source
          12.4.5.2.4 China Elderly Care Service Market by Service Provider
        12.4.5.3 Australia Elderly Care Service Market (2019-2025)
          12.4.5.3.1 Public Expenditure in Australia
          12.4.5.3.2 Facts on Government spending on different elderly care Service in Australia
          12.4.5.3.3 Australia Elderly Care Service Market by Service Type
          12.4.5.3.4 Australia Elderly Care Service Market by Funding Source
          12.4.5.3.5 Australia Elderly Care Service Market by Service Provider
        12.4.5.4 India Elderly Care Service Market (2019-2025)
          12.4.5.4.1 India Elderly Care Service Market by Service Type
          12.4.5.4.2 India Elderly Care Service Market by Funding Source
          12.4.5.4.3 India Elderly Care Service Market by Service Provider
        12.4.5.5 Rest of Asia Pacific Elderly Care Service Market (2019-2025)
          12.4.5.5.1 Rest of APAC Elderly Care Service Market by Service Type
          12.4.5.5.2 Rest of APAC Elderly Care Service Market by Funding Source
          12.4.5.5.3 Rest of Asia Pacific Elderly Care Service Market by Service Provider
    13 Rest of World Elderly Care Service Market (2019-2025)
      12.5.1 Rest of World Elderly Care Service Market by Service Type
      12.5.2 Rest of World Elderly Care Service Market by Funding Source
      12.5.3 Rest of World Elderly Care Service Market by Service Provider
  13 COMPETITIVE SCENARIO
    13 Porter’s Five forces analysis
      13.1.1 Bargaining power of Supplier
      13.1.2 Bargaining power of Buyer
      13.1.3 Industry Rivalry
      13.1.4 Availability of Substitute
      13.1.5 Threat of New Entrants
    13 Market Share of Elderly Care Service, 2018
      13.2.1 Market Share of Key Players in Elderly Care Service, 2017
      13.2.2 Market Share of Key Players in Long-Term Care Insurance Market, 2018
  14 TOP COMPANY PROFILES
    14 Benesse Holdings Inc
      14.1.1 Key Facts
      14.1.2 Business Description
      14.1.3 Key Product/Services Offerings
      14.1.4 Growth Strategy
      14.1.5 SWOT Analysis
      14.1.6 Key Financials
        14.1.6.1 Revenue Split
      14.1.7 Recent Developments
        14.1.7.1 Business Expansion
    14 Amedisys Inc.  
      14.2.1 Key Facts
      14.2.2 Business Description
      14.2.3 Key Product/Services Offerings
      14.2.4 Growth Strategy
      14.2.5 SWOT Analysis
      14.2.6 Key Financials
        14.2.6.1 Revenue Split
      14.2.7 Recent Developments
        14.2.7.1 Product Launch
        14.2.7.2 Partnerships (Strategic Alliance)
        14.2.7.3 Business Expansions
        14.2.7.4 Merger & Acquisition
    14 St Luke’s Eldercare Ltd.
      14.3.1 Key Facts
      14.3.2 Business Description
      14.3.3 Key Product/Services Offerings
      14.3.4 Key Financials
      14.3.5 Recent Developments
        14.3.5.1 Partnership (Strategic Alliance)
    14 Brookdale Senior Living Inc.
      14.4.1 Key Facts
      14.4.2 Business Description
      14.4.3 Key Product/Services Offerings
      14.4.4 SWOT Analysis
      14.4.5 Key Financials
      14.4.6 Recent Developments
        14.4.6.1 Business Expansion & Investments Brookdale Senior Living Inc.
    15 Bayada Home Health Care
      14.5.1 Key Facts
      14.5.2 Business Description
      14.5.3 Key Product/Services Offerings
      14.5.4 Key Financials
      14.5.5 Recent Developments
        14.5.5.1 Product Launch Bayada
        14.5.5.2 Partnership (Strategic Alliance)
        14.5.5.3 Business Expansion & Investment
        14.5.5.4 Merger & Acquisition
    15 Econ Healthcare Group
      14.6.1 Key Facts
      14.6.2 Business Description
      14.6.3 Key Product/Services Offerings
      14.6.4 Recent Developments
        14.6.4.1 Partnership (Strategic Alliance)
    15 Epoch Elder Care
      14.7.1 Key Facts
      14.7.2 Business Description
      14.7.3 Key Product/Services Offerings
      14.7.4 Admission Process of Epoch Elder Care
    15 Kindred Healthcare LLC
      14.8.1 Key Facts
      14.8.2 Business Description
      14.8.3 Key Product/Services Offerings
      14.8.4 SWOT Analysis
      14.8.5 Key Financials
        14.8.5.1 Revenue Split
      14.8.6 Recent Developments
        14.8.6.1 Partnerships (Strategic Alliance)
        14.8.6.2 Expansion & Investment
        14.8.6.3 Merger & Acquisitions
    15 Nichii Gakkan Co. Ltd
      14.9.1 Key Facts
      14.9.2 Business Description
      14.9.3 Key Product/Services Offerings
      14.9.4 Key Financials
        14.9.4.1 Revenue Split
      14.9.5 Recent Developments
        14.9.5.1 Business Expansions
    14.10 ApnaCare Private Limited
      14.10.1 Key Facts
      14.10.2 Business Description
      14.10.3 Key Product/Services Offerings

Analysing historical market, estimation of the current market and forecasting the future market of the Global Elderly Care Service market were the three major steps undertaken to create and analyse the overall adoption of elderly care services in major aging population regions/countries. Exhaustive secondary research was conducted to collect the historical market of the technology and overall estimation of the current market. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were conducted with industry experts across value chain of the global elderly care service sector. Post assumption and validation of market numbers through primary interviews, top-down approach was employed to forecast the complete market size of the global elderly care service market. Thereafter, market breakdown and data triangulation techniques were adopted to estimate and analyse the market size of segments and sub-segments of the sector. 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 global elderly care service market through company internal sources such as annual report & financial statements, performance presentations, press releases, inventory records, etc. and external sources including trade journals, news & articles, government publications, economic data, competitor publications, sector reports, regulatory bodies publications, safety standard organizations, third-party database and other credible publications. For economic data collection, sources such as World Bank, CDC, European Commission (EC), United Nations and WHO, OECD among others were used.

Step 2: Market Segmentation:

After obtaining the historical market size of the overall market, detailed secondary analysis was done to gather historical market insights and share of different segments and sub-segment of the Global Elderly Care Service market. Major segments included in the report are service type, funding source and service provider.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments detailed factor analysis was conducted to estimate the current market size of the global elderly care service. Factor analysis was conducted using dependent and independent variables such as accelerating aging population, rising prevalence of age-related disorders and Increasing demand for residential care facilities. Historical trends of the global elderly care service and their year-on-year impact on the market size and share in the recent past were analyzed. The demand and supply-side scenario were also thoroughly studied.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at current market size, key players in major applications and markets, market shares of these players and industry’s supply chain. 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, weightage was assigned to different factors including market drivers, restraints, and trends and opportunities for the market players. After analyzing these factors, relevant forecasting techniques i.e. Bottom-up/Top-down was applied to arrive at the market forecast pertaining to 2025 for different segments and sub-segments for major regions/countries. The research methodology adopted to estimate the market size encompasses:

  • The industry’s market size, in terms of value and rate of adoption of Elderly Care Service globally
  • All percentage shares, splits, and breakdowns of market segments and sub-segments
  • Key players in major applications and markets as well as the market share of each player. Also, the growth strategies adopted by these players to compete in the ever-growing global elderly care service 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, and Regional Head, etc.). Primary research findings were summarized, and statistical analysis was performed to prove the stated hypothesis. Input from primary research was consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants

Market Engineering

The data triangulation technique was employed to complete the overall market engineering process and to arrive precise statistical numbers of each segment and sub-segment pertaining to the Global Elderly Care Service market. Data was split into several segments post studying various parameters and trends in service areas including Institutional care, Adult daycare, Home-based care, funding source and service provider and regions such as North America, Europe, Asia-Pacific and Rest of the World

Main objective of the Elderly Care Service Market Study

The current & future market trends of Elderly care service are pinpointed in the study. Investors can gain highly strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market not only at regional but also at the country level, providing a platform for the industrial participant to exploit the untapped market to benefit as first-mover advantage. Other quantitative goals of the study include:

  • Analyse the current and future market size of the global elderly care service market in terms of value (US$). In addition, analyse the current and forecast market size of different segments of the market
  • Segments in the study include service type, funding source, service provider and region/country
  • Define and describe the technologies and protocols used in the elderly care service
  • Define and analysis of the government regulations for the elderly care service in different countries
  • Anticipate potential risk associated with the service and customer and competitor analysis among others
  • Analyse the current and forecast market size of Elderly care market, in terms of value for  countries including North America (US, Canada), Europe (France, Spain, Italy, UK, Germany), Asia Pacific (Australia, India, China, Japan) and Rest of the World (Middle East and Latin America)
  • Define and analyse the competitive landscape of the global elderly care service market and the growth strategies adopted by the market players to sustain in the ever-growing market in different countries

 

 

Analysing historical market, estimation of the current market and forecasting the future market of the Global Elderly Care Service market were the three major steps undertaken to create and analyse the overall adoption of elderly care services in major aging population regions/countries. Exhaustive secondary research was conducted to collect the historical market of the technology and overall estimation of the current market. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were conducted with industry experts across value chain of the global elderly care service sector. Post assumption and validation of market numbers through primary interviews, top-down approach was employed to forecast the complete market size of the global elderly care service market. Thereafter, market breakdown and data triangulation techniques were adopted to estimate and analyse the market size of segments and sub-segments of the sector. 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 global elderly care service market through company internal sources such as annual report & financial statements, performance presentations, press releases, inventory records, etc. and external sources including trade journals, news & articles, government publications, economic data, competitor publications, sector reports, regulatory bodies publications, safety standard organizations, third-party database and other credible publications. For economic data collection, sources such as World Bank, CDC, European Commission (EC), United Nations and WHO, OECD among others were used.

Step 2: Market Segmentation:

After obtaining the historical market size of the overall market, detailed secondary analysis was done to gather historical market insights and share of different segments and sub-segment of the Global Elderly Care Service market. Major segments included in the report are service type, funding source and service provider.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments detailed factor analysis was conducted to estimate the current market size of the global elderly care service. Factor analysis was conducted using dependent and independent variables such as accelerating aging population, rising prevalence of age-related disorders and Increasing demand for residential care facilities. Historical trends of the global elderly care service and their year-on-year impact on the market size and share in the recent past were analyzed. The demand and supply-side scenario were also thoroughly studied.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at current market size, key players in major applications and markets, market shares of these players and industry’s supply chain. 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, weightage was assigned to different factors including market drivers, restraints, and trends and opportunities for the market players. After analyzing these factors, relevant forecasting techniques i.e. Bottom-up/Top-down was applied to arrive at the market forecast pertaining to 2025 for different segments and sub-segments for major regions/countries. The research methodology adopted to estimate the market size encompasses:

  • The industry’s market size, in terms of value and rate of adoption of Elderly Care Service globally
  • All percentage shares, splits, and breakdowns of market segments and sub-segments
  • Key players in major applications and markets as well as the market share of each player. Also, the growth strategies adopted by these players to compete in the ever-growing global elderly care service 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, and Regional Head, etc.). Primary research findings were summarized, and statistical analysis was performed to prove the stated hypothesis. Input from primary research was consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants

Market Engineering

The data triangulation technique was employed to complete the overall market engineering process and to arrive precise statistical numbers of each segment and sub-segment pertaining to the Global Elderly Care Service market. Data was split into several segments post studying various parameters and trends in service areas including Institutional care, Adult daycare, Home-based care, funding source and service provider and regions such as North America, Europe, Asia-Pacific and Rest of the World

Main objective of the Elderly Care Service Market Study

The current & future market trends of Elderly care service are pinpointed in the study. Investors can gain highly strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market not only at regional but also at the country level, providing a platform for the industrial participant to exploit the untapped market to benefit as first-mover advantage. Other quantitative goals of the study include:

  • Analyse the current and future market size of the global elderly care service market in terms of value (US$). In addition, analyse the current and forecast market size of different segments of the market
  • Segments in the study include service type, funding source, service provider and region/country
  • Define and describe the technologies and protocols used in the elderly care service
  • Define and analysis of the government regulations for the elderly care service in different countries
  • Anticipate potential risk associated with the service and customer and competitor analysis among others
  • Analyse the current and forecast market size of Elderly care market, in terms of value for  countries including North America (US, Canada), Europe (France, Spain, Italy, UK, Germany), Asia Pacific (Australia, India, China, Japan) and Rest of the World (Middle East and Latin America)
  • Define and analyse the competitive landscape of the global elderly care service market and the growth strategies adopted by the market players to sustain in the ever-growing market in different countries

 

 


Elderly Care Service Market: Current Scenario and Forecast (2019-2025)