Global Elder Care Services Market is estimated to value over USD 2.1 Billion by 2029 end and register a CAGR of over 6.3% during the forecast period 2019 to 2029.
A rise in the prevalence of age-related diseases like Alzheimer’s, dementia and advancements in the healthcare sector are some of the crucial factors responsible for the growth of this market. However, affordability of these advanced treatments, lack of skilled staff who can handle the latest medical devices are some of the factors that can impede the market growth.
Increase in the number of nursing homes for the elderly, residential healthcare monitoring are some of the opportunities that this market holds.
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Insights on Global Elder Care Services Market:
1. By Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
North America currently dominates the market owing to the prominent presence of stable and efficient healthcare infrastructure. Asia Pacific is a fast-growing region and numerous advancements in the medical sector have fuelled the market growth.
2. By Service Type
• Home-based Care
• Community-based Care
• Institutional Care
Home-based care is the dominating market segment across the world accounting up to 35 per cent of the total market share in 2018. Some of the factors responsible for the growth of this market segment is the change in preference of the elderly population to be treated at home and the availability of the latest technology for home-based care.
3. By Financing Source
• Public Expenditure
• Private Source
• Out-of-pocket Spending
Medicare and Medicaid do not cover all the aspect of elderly treatment like non-medical care costs and that is the reason out-of-pocket spending is still preferred for elder care services and other social services associated with healthcare.
Prominent Players:
• Epoch Elder Care
• St. Luke’s Elder Care
• Latin America Home Health Care
• Nichiigakkan Co. Ltd.
• Golden Years Hospital
• GoldenCare Group Pvt. Ltd.
Epoch Elder Care initiated the epoch assisted living in 2014 which is a residential care model and since then they have been leading this market in both dementia and elderly care. They provide high-quality care by offering lavish apartments for accommodating elder people and 24 X 7 care is also being provided. Elder patients are also offered with frequent one-to-one attention and they conduct numerous social activities as well. These are some of the aspects that are responsible for Epoch Elder Care to lead this market.
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Competitive Landscape:
● Tier 1 players- established companies in the market with a major market share
● Tier 2 players
● Emerging players which are growing rapidly
● New Entrants
FutureWise Key Takeaways:
• Growth prospects
• SWOT analysis
• Key trends
• Key data-points affecting market growth
Objectives of the Study:
• To provide with an exhaustive analysis on the global elder care services market by region, by service type, by financing source
• To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
• To evaluate and forecast micro-markets and the overall market
• To predict the market size, in key regions (along with countries)— North America, Europe, Asia Pacific, Latin America and Middle East & Africa
• To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
• Profiling of companies to evaluate their market shares, strategies, financials and core competencies
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