Summary

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.

“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.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
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• 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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