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

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

Elderly care is referred to as senior care, which includes meeting all the requirements of senior citizens at different stages. The major reasons for escalation are the growing aging population paired with associated age-related diseases, and increasing demand for residential care facilities among others. Elder Care primarily focuses on providing senior care services including housekeeping, homemaker service, physical therapy, occupational therapy, and nursing services among others. These services can be provided through institutional care, daycare, community care, or home care. Moreover, a rise in the number of applications based on Tele-awareness and the adoption of care bots due to the lack of skilled labor would mark a new upcoming trend in this industry.

The elderly care services market is expected to grow at a steady rate of around 6.6% owing to the increasing long-term conditions such as neurological diseases that majorly include Parkinson’s disease, Alzheimer’s, and dementia; multiple sclerosis; Chronic Obstructive Pulmonary Disease (COPD); heart failure, are rising all over the globe. For instance, in 2021, WHO estimated that 50 million people worldwide were living with dementia, and Alzheimer's disease is the most common cause of dementia, accounting for 60-70% of cases. Based on service type, the market is segmented into institutional care, adult daycare, and home care. Among them, the home care category is to dominate the growth of this market during the forecast period. Home care is another type of elderly care service that can be provided to the old age people at home. The population of seniors and individuals who nurture to grow inside their homes is expanding. As this trend looms larger, there is an expansion of the facilities to offer additional services which include home care. Also, dementia care is one of the most remarkable services that are provided among people who are suffering from dementia. On the basis of funding source, the market is categorized into public expenditure, private expenditure, and out-of-pocket spending. Among these, the public expenditure held a significant share in the market in 2021. This is mainly due to demographic changes, government policies, and socio-economic trends. Some other key drivers will also contribute to the growth of this market are aging population, Government policy such as social security and pensions, or allocate more funds to health and social care budgets, advancements in healthcare technology and medical devices, and quality of care.Based on service provider, the elderly care services market has been classified into public and private. The public category is to witness higher adoption of elderly care service during the forecast period. Public service providers play a crucial role in providing elderly care services to the elderly population. These services are designed to support older adults in maintaining their independence and quality of life. Public service providers offers elderly care services can include government agencies, non-profit organizations, and private companies. These entities work together to deliver a range of services, including healthcare, social services, and community engagement programs. These public services contribute to the growth of the segment.For a better understanding of the market adoption of the elderly care 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. Europe is anticipated to grow at a substantial CAGR during the forecast period owing to factors such as escalation in geriatric population, increase in chronic and age-related diseases. The demand for the elderly care will rise as more consumers become aware of home care services, adult care services, and other services. The need for elderly care is rising due to the rapidly ageing population, and this rising need for elderly care services in the region will drive the market's expansion. According to Eurostat, in European Union (EU), about 28.5% of the total population will be over 65 years of age by 2050.Some of the major players operating in the market include 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