The continued escalation of the ageing population and corresponding demand for elderly care services globally is expected to drive the growth of the elderly care services sector at an unprecedented rate.
In 2019, Data Bridge Market Research has released a report titled, “Elderly Care Market: 2018 Global Type, Application, Trends, Demand Service, Share, Industry Size, Growth, Region, Opportunities and Forecast to 2025” where it states that the global elderly care market is expected to grow well in the period between 2018 to 2025 due to two factors: –
- Increasing patient pool: Patient pools of elderly care providers are growing dramatically as the number of people suffering from chronic illnesses over the age of 60 is rising globally. Due to its effectiveness in ensuring a better life for the patient, the increasing number of populations has ensured that the demand for elderly care is rising as well. The combined solutions of elder care can ensure the patient to lead a more secure and healthy life.
- Rising awareness of home care services: Home-care services are the preferred alternative of the patients who prefer the comfort of their own homes. These services are not just designed for healthcare providers in assisted living facilities, but rather to focus on improving the lives of elderly population, whether they are at home or in assisted care. The awareness regarding the implementation of these services in a variety of scenarios is also improving the overall outlook of the market.
From a regional perspective, this market is segmented into North America, Asia Pacific, The Middle East, Africa, Europe, and Latin America. Off all these countries, North America has a significant revenue gain thanks to the presence of a strong healthcare infrastructure along with associated elder care services.
In America alone seniors take up about 13 percent of the population, meaning there are about 42 million seniors living in America today, where about 35 percent of elders who require long-term care without relying on family or friends, on either part-time or full-time basis usually utilize various types of elder care services: nursing homes, assisted living, and residential communities. Besides America, Europe is expected to expand at a rapid pace in the global elder care sector in the next few years as well. This is largely due to the existence of a high consciousness among the region’s masses to provide utmost comfort for the elderly, along with other related activities. Elder care has become increasingly prevalent in Asia Pacific as well, owing in particular to support measures taken by the government to provide adequate healthcare through several schemes.
While many prefer to give their elder family members the utmost care, the market still represents a fantastic growth thanks to a general rise in senior care facilities competing against each other, to improve and provide the best services available for their clients, and make sure its practices are up to the standards set by its patients and the patients’ loved ones/legal guardians, and this is further projected to continue in the next few years.