Beneficial schemes by insurance companies, altering economic and social conditions, expanding greying population, and changes in family structures are the main factors shaping the increased demand for elder care services. Increasing numbers of home care, daycare, and elder care facilities equipped with skilled medical professionals for the management of chronic diseases and home-like care of the geriatric population are on the rise. Rising awareness of such care centres, and increasing public and government investments, are leading to better care facilities for the elder population. Developed nations such as the U.S., Canada, Japan, and others are seeing their geriatric population increasing. Also, the number of individuals with physical disabilities has also increased, thus adding more reliance on daycare or nursing services.
Developments by key players have also fueled the market, with the elevation of service portfolios and integration of smart technologies for remote access and telemedication. The global elder care services market is projected to be valued at US$ 1.2 Bn in 2021, and expand at a CAGR of around 8% over the forecast period of 2021 to 2031.
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Key Takeaways from Elder Care Services Market Study
- Institutional care contributes the largest revenue to the global elder care services market, owing to their advanced care regimes and cost-efficacy, leading to massive adoption. These centres are also flourishing in emerging economies such as India, China and others, owing to their affordable care and home-like environment.
- Public expenditure is anticipated to grab a notable share of close to 60%, with huge investments in elder care schemes, programs, and policies.
- Europe dominates the revenue share of the market at over one-third share, and is expected to be the most lucrative for investments with its advanced healthcare infrastructure and expenditure dedicated for the care regime of its massive geriatric patient pool.
- Low profits margins for aged care facilities, confined numbers of qualified professionals for elderly care services, dearth of adequate facilities at care centres, and low-scale of income are anticipated to affect the growth of the global elder care services market to some extent.
- The COVID-19 outbreak initially affected demand for care services, due to the dearth of medical staff and risk of. However, the market has improved with increased focus on geriatric patients and teleconsultation. Amid the pandemic, virtual monitoring and consultation has served geriatric patients well. Growth in 2020 was 5.7%, but this is expected to bounce back to 7.2% in 2021.
- The market in Germany is expected to expand at a CAGR close to 13% through 2031.
- In Asia, the markets in India and China are projected to rise at CAGRs of 11.6 and 14.3, respectively, over the next ten years.
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“Massively expanding geriatric population, improving daycare and elder care facilities, along with increasing elder care insurance and schemes are projected to surge demand for elder care services,” says a Persistence Market Research analyst.
Consolidation Activity – Key Market Strategy
The market is experiencing some consolidation activities by manufacturers, which include collaborations, acquisitions, and partnerships. Providers have deliberated focus on expanding capacity to deliver massive units in lesser time.
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