The global elderly care services market size was evaluated at $1,100 billion in 2022 and is slated to hit $1,800 billion by the end of 2030 with a CAGR of nearly 6.5% between 2023 and 2030.
The growing demand for care for the elderly is driving up the cost of providing it. It also encompasses a wide range of care settings, such as nursing homes, hospitals, adult day care centers, and hospices. The service sector is the backbone of the global economy, accounting for a disproportionately large amount of GDP in both advanced and developing nations. This is also true for the field of providing care for the elderly. Non-profits’ efforts to improve the lives of the elderly have increased the worth of aged care services.
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Those over the age of 65 make up the senior population, and they are the ones who have the greatest need for long-term care, nursing facility care, daycare, and home care. They require nursing home care, Alzheimer’s care, and custodial services as well. In addition, old age is an important stage in life, and it’s also when many people start to experience health problems like heart failure, lung disorders, diabetes, and joint discomfort.
???? Principal Observations
• The global market for elderly care services is expected to develop at a CAGR of roughly 6.5% from 2023 to 2030, according to the data offered by our research analyst.
• The global market for aged care services is anticipated to grow from its current value of over $1,100 billion by 2030 to a whopping $1,800 billion.
• Increases in both the average life expectancy of the world’s population and the prevalence of age-related diseases like Alzheimer’s and dementia point to rapid expansion for the global senior care services market over the next years.
➤ The rising prevalence of Alzheimer’s disease and other forms of dementia among the elderly is expected to drive growth in the global market.
The aged care services industry is expected to expand in the next years due to an aging population and an increase in conditions such as dementia and Alzheimer’s. Not-for-profit clinics, autonomous charitable groups, and government-sponsored institutions have all contributed significantly to the market’s growth. The World Health Organization estimates that by 2050, the number of people aged 60 and older in developing countries will exceed 1 billion, creating an enormous need for elder care services and significantly expanding the market.
➤ Inadequate reimbursement systems may slow international business development between 2023 and 2030.
The global senior care services business may be hampered by a lack of geriatric care organizations in rural parts of emerging nations and a shortage of skilled workers. Further limiting global industrial expansion are unfavorable remuneration policies in underdeveloped countries.
➤ By 2030, the global market will be able to expand into new areas because to the demand for senior healthcare.
The massive demand for improved quality of life and efficient medical care among the world’s aging population will create new growth prospects for the aged care services market. The global market is expected to increase at a healthy rate due to the increasing health consciousness of retirees.
➤ The huge price tag of healthcare services for the elderly may prove to be a major obstacle in the route of global industrial expansion.
The worldwide senior care services industry may face significant obstacles, such as the high expenses connected with healthcare management activities for the old and the lack of funds to make available new goods for the elderly. A new obstacle in the road of the worldwide industry’s expansion is inappropriate planning and infrastructural capacity for elderly houses, as well as shifting family configurations.
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The Global Elderly Care Services Market is segmented based on product, application and region
Global Elderly Care Services Market: Product Segment Analysis
● Adult Day Care
● Institutional Care
● Home Care
Global Elderly Care Services Market: Application Segment Analysis
● Respiratory Diseases
● Neurological Diseases
● Kidney Diseases
The global elderly care services market profiles key players such as:
● 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
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➤ During the anticipated time period, North America is expected to maintain its worldwide market supremacy.
During the assessment period, North America, which is expected to generate 50% of the world’s revenue from the elderly care services market in 2022, will dominate. In addition, the huge number of senior care facilities and healthcare facilities catering to the elderly in the region may pose a threat to the regional market’s expansion over the evaluation period. It appears that the business in North America will trace a lucrative growth map in the coming years as a result of advantageous compensation regulations and an increase in the aging population prone to chronic ailments in countries like the U.S.
High unmet medical needs and the presence of a big proportion of the older population in countries like India and China are expected to propel the aged care services market in the Asia-Pacific region to the highest CAGR over the next couple of years. Industry expansion in the subcontinent will be guided by rising life expectancy and favorable healthcare regulations. With so many senior care facilities already established in the subcontinent, the Asia-Pacific region is primed to benefit from this growth.
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