The elderly care services global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Elderly Care Services Market, 2024 The elderly care services global market report 2024
Market Size –
The elderly care services market size has grown strongly in recent years. It will grow from $967.57 billion in 2023 to $1,044.86 billion in 2024 at a compound annual growth rate (CAGR) of 8%. The growth in the historic period can be attributed to the prevalence of chronic diseases, an aging population, government initiatives, family structure changes, and rising awareness.
The elderly care services market size is expected to see strong growth in the next few years. It will grow to $1,428.11 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to continued aging population growth, increased investment in healthcare infrastructure, expansion of home care services, increased awareness, and economic factors. Major trends in the forecast period include integrated care models, healthcare innovations, advanced medical devices, technological advancements, and telemedicine.
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Scope Of Elderly Care Services Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Elderly Care Services Market Overview
Market Drivers -The rising prevalence of chronic conditions among the elderly is expected to drive the growth of the elderly care services market. Chronic conditions, such as diabetes, heart disease, and chronic respiratory illnesses, are long-term health issues that often require continuous management. Seniors are particularly susceptible to these conditions due to lifestyle factors like poor diet, inactivity, smoking, and excessive alcohol consumption, along with aging and genetic predispositions. Elderly care services provide tailored support to address these health complexities. For example, according to a May 2024 report by the Alzheimer’s Association, the number of Americans aged 65 and older diagnosed with Alzheimer’s rose from 6.5 million in 2022 to an estimated 6.9 million in 2024. As a result, the increasing prevalence of chronic conditions among seniors is set to drive market growth throughout 2023, 2024, and beyond.
Market Trends – Major companies operating in the elderly care services market are developing smart elderly care cloud-based platforms to enhance remote monitoring and improve personalized care. A smart elderly care cloud-based platform is a digital system that utilizes cloud technology to offer remote monitoring, management, and support services for elderly individuals, enhancing their care and improving their quality of life. For instance, in September 2022, UBTECH Robotics, a China-based leader in intelligent humanoid robotics and AI technologies, launched the UBTECH Smart Elderly Care Cloud-based Platform integrated with AI technology, targeting the senior demographic. This comprehensive system delivers nursing services to elderly individuals at home or in community centers, focusing on six essential areas including service management, daily care management, security and health monitoring, memory-loss prevention, emotional support, and rehabilitation. The aim is to establish a highly reliable and secure platform that enhances the well-being and quality of life of the elderly, promoting happiness and health.
The elderly care services market covered in this report is segmented –
1) By Service Type: Homecare, Institutional Care, Adult Day Care, Other Services
2) By Service Provider: Public, Private
3) By Application: Diabetes, Alzheimer’s, Respiratory Diseases, Neurological Disorders, Heart Diseases, Cancer, Other Applications
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Regional Insights – North America was the largest region in the elderly care services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the elderly care services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies – Major companies in the market are Korian Group, Nichiigakkan Co. Ltd, BrightStar Care, ComForCare, RIEI Co. Ltd., Benesse Style Care Co. Ltd, NTUC Health Co-Operative Ltd, NMC ProVita International Medical Centre, Home Instead Inc, Econ Healthcare Group, Caring Senior Service, Living Assistance Services Inc., Orange Valley Healthcare, Cascade Living Group, Rosewood Care Group Inc., St Luke’s Elder Care Ltd, FirstLight Home Care, ApnaCare India Pvt, Epoch Elder Care, United Medicare Centre, SASCO Integrated Eldercare Centre, Samvedna Senior Care, Carewell-Service Co. Ltd., Always Best Care
Table of Contents
- Executive Summary
- Elderly Care Services Market Report Structure
- Elderly Care Services Market Trends And Strategies
- Elderly Care Services Market – Macro Economic Scenario
- Elderly Care Services Market Size And Growth
…..
- Elderly Care Services Market Competitor Landscape And Company Profiles
- Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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