Download Sample, Diversifying Services are Anticipated to Open New Avenues for the Growth of Elderly Care Market
The primary reason for the growth of the elderly care industry is due to the fact that people are living longer. Elderly care includes products and services that make the daily activities of aged people simple and easy. The World Health Organization (WHO) estimates that the number of people aged 60 years and over will have doubled to reach 2.1 billion and the number of persons aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million whereas, around 14% of adults of aged 60 and over live with a mental disorder. The most common mental health conditions for older adults are depression & anxiety. R&D by pharmaceutical companies led to an increase in life expectancy, resulting in a larger elderly population requiring specialized care and support.
Similarly, use of technological innovations such as remote monitoring systems, assistive devices, and telehealth solutions enhances the quality and accessibility of elderly care services. Also, initiatives by the government such as funding for long-term care facilities and caregiver training programs, aimed at improving access to healthcare services for the elderly care, such factors are driving the growth of the elderly care market. The elderly care industry is heavily regulated, with a complex web of federal, state, and local laws and regulations by governing the provision of care, licensing, and quality standards, to ensure that the medicines are safe to use, healthcare professionals are adequately trained, and health facilities meet certain standards.
The elderly care industry offers a diverse range of services to cater to the multiple needs of the elderly population. Some of the most common services include: home-based care, assisted living, independent living, skilled nursing facilities, adult day care, memory care, and many more. Diversifying services are anticipated to open new avenues for meeting the needs and preferences of the elderly population. The elderly care market is in high demand due to the rising geriatric population, chronic illness, dementia, and Alzheimer’s disease and caregiver burnout, as a result, this drives the growth of the elderly care market.
Similarly, use of technological innovations such as remote monitoring systems, assistive devices, and telehealth solutions enhances the quality and accessibility of elderly care services. Also, initiatives by the government such as funding for long-term care facilities and caregiver training programs, aimed at improving access to healthcare services for the elderly care, such factors are driving the growth of the elderly care market. The elderly care industry is heavily regulated, with a complex web of federal, state, and local laws and regulations by governing the provision of care, licensing, and quality standards, to ensure that the medicines are safe to use, healthcare professionals are adequately trained, and health facilities meet certain standards.
The elderly care industry offers a diverse range of services to cater to the multiple needs of the elderly population. Some of the most common services include: home-based care, assisted living, independent living, skilled nursing facilities, adult day care, memory care, and many more. Diversifying services are anticipated to open new avenues for meeting the needs and preferences of the elderly population. The elderly care market is in high demand due to the rising geriatric population, chronic illness, dementia, and Alzheimer’s disease and caregiver burnout, as a result, this drives the growth of the elderly care market.
The Rising Demand for Elderly Care Services Created a Wealth of Opportunities for Elderly Care Industries
Elderly care increases with age, as aged people require physical as well as emotional assistance to live a productive, healthy, and independent life. The expanding population of senior living facilities provides an opportunity for real estate developers to design and construct age-appropriate housing and amenities. The increasing population has significant implications for healthcare systems worldwide, as it will require a significant shift in healthcare services to cater to the needs of older adults, this prevalence amplifies the eldercare market. For example, Home-based care is gaining traction by using telehealth, video consultation, remote patient monitoring, and digital health tools, this has expanded access to healthcare services and enabled seniors to receive home-based care. This care model could be very convenient for senior individuals who prefer to be cared for in their own homes, by avoiding the risk associated with transportation and hospitalization.
As many elderly people are suffering from dementia and Alzheimer’s disease there is an increasing need for specialised care facilities. Similarly, as per National Council on Aging (NCOA) nearly 95% of adults 60 and older have at least one chronic condition, while nearly 80% have two or more. Thus, population aging induces growing cost in healthcare services, due to the age-related procedures and treatments, that are pushing the cost of long-term care, which is expected to grow faster as compared to other healthcare needs. Apart from pharmaceuticals and diversifying services, fresh-made meals is one of the vital parts of the senior care industry, chefs for seniors are focused on providing fully customizable fresh-made meals as per the senior individual’s dietary requirements, such as low-sodium, low-potassium, heart-health and diabetic diets, and many more. To succeed in the rapidly evolving elderly care market, senior care providers must be agile and keep pace with technology and innovation.
As many elderly people are suffering from dementia and Alzheimer’s disease there is an increasing need for specialised care facilities. Similarly, as per National Council on Aging (NCOA) nearly 95% of adults 60 and older have at least one chronic condition, while nearly 80% have two or more. Thus, population aging induces growing cost in healthcare services, due to the age-related procedures and treatments, that are pushing the cost of long-term care, which is expected to grow faster as compared to other healthcare needs. Apart from pharmaceuticals and diversifying services, fresh-made meals is one of the vital parts of the senior care industry, chefs for seniors are focused on providing fully customizable fresh-made meals as per the senior individual’s dietary requirements, such as low-sodium, low-potassium, heart-health and diabetic diets, and many more. To succeed in the rapidly evolving elderly care market, senior care providers must be agile and keep pace with technology and innovation.
Recent Trends in the Elderly Care Industry
- The rise of innovative technology is supporting the aging in place process.
- Advances in healthcare led to increase in life-expectancy, along with an increase in chronic disease diagnoses.
- A high demand for professional care due to decline in the number of family caregivers.
- Video consultation, remote patient monitoring, and digital health tools has expanded access to healthcare services and enabled seniors to receive home-based care.
Explore Our Breakthrough Market Segmentation and Personalize it to Meet Your Business Needs…!
Decline in the Number of Family Caregivers is Increasing the Demand of Elderly Care Market
Lack of reimbursement facilities and lack of elder care organizations in rural areas in emerging economies with low caregivers can hamper the expansion of the elderly care market across the globe. Getting quality care for elderly individuals might be difficult due to the rising cost of elderly care services and facilities which can be prohibitive to some families. The workforce shortage is one of the major challenges in elderly care, as there is a shortage of skilled caregivers and healthcare professionals, leading to challenges in meeting the growing demand for services. According to the National Institute on Aging (NIA), in 2023 most of the nursing homes had residents living with dementia, as residents with dementia are not in the majority, thus elder people are less likely to receive specialized care. Overall, such challenges negatively impact the growth of the elderly care market.
The technological adoptions present opportunities, but historically the senior care industry has been slow to adopt new technologies, and this provides barriers in terms of infrastructure, funding, and digital literacy. The major threat of using technological advances such as wearable healthcare devices puts patients at risk including accuracy, privacy, security, and cyber risks. Even though, the imbalance between the demand for care and the supply of caregivers has put considerable strain on the elderly care industry. As the elderly care market is a rapidly evolving market the needs, preferences, and expectations of the elderly population are also evolving, with a growing significance on personalized and desire for more innovative and flexible services.
The technological adoptions present opportunities, but historically the senior care industry has been slow to adopt new technologies, and this provides barriers in terms of infrastructure, funding, and digital literacy. The major threat of using technological advances such as wearable healthcare devices puts patients at risk including accuracy, privacy, security, and cyber risks. Even though, the imbalance between the demand for care and the supply of caregivers has put considerable strain on the elderly care industry. As the elderly care market is a rapidly evolving market the needs, preferences, and expectations of the elderly population are also evolving, with a growing significance on personalized and desire for more innovative and flexible services.
AI-powered Systems can Assist the Elder Adults in Performing Daily Activities
To reach the target audience of seniors and their families crafting a comprehensive marketing strategy helps in increasing the elderly care market and to stay competitive, improve outcomes, and meet the growing demands of the elderly population the strategic adoption of technological advancements will be crucial for elderly care providers. Rising technological advancements are enhancing the monitoring and management of senior’s health and well-being by using innovative wearable devices such as trackers and fall detection sensors. Artificial intelligence solutions are influenced to streamline care coordination, predict health risks, and personalize healthcare plans based on individuals' needs and preferences. To maintain the independence and safety of senior individuals while aging in place, smart home technologies such as voice-activated assistants, sensors, and home automation systems have made it easier.
The use of technology is playing a crucial role in the elder care market. For instance, recently on 19 February 2024, one of the newest innovations comes from a collaboration between researchers at Spain’s Universidad Carlos III and the manufacturer Robotnik. The team has developed an Autonomous Domestic Ambidextrous Manipulator (ADAM), an elderly care robot that can assist people with daily basic functions. This innovative robot can pass through doors and perform everyday tasks.
Another key player is MEDMINDER, in 2023 The company launched a locked pill dispenser that is programmed to unlock when it’s time to take medications and allows the caregiver to monitor activity remotely and as a third and final step of this device is if the medication still has not been taken a phone call is placed to both the family and caregiver. By staying integrated with the wants and preferences of the elderly population and fostering collaborative partnerships, the elderly care market can position itself for long-term success and make a positive, meaningful impact on the lives of the seniors they serve.
The use of technology is playing a crucial role in the elder care market. For instance, recently on 19 February 2024, one of the newest innovations comes from a collaboration between researchers at Spain’s Universidad Carlos III and the manufacturer Robotnik. The team has developed an Autonomous Domestic Ambidextrous Manipulator (ADAM), an elderly care robot that can assist people with daily basic functions. This innovative robot can pass through doors and perform everyday tasks.
Another key player is MEDMINDER, in 2023 The company launched a locked pill dispenser that is programmed to unlock when it’s time to take medications and allows the caregiver to monitor activity remotely and as a third and final step of this device is if the medication still has not been taken a phone call is placed to both the family and caregiver. By staying integrated with the wants and preferences of the elderly population and fostering collaborative partnerships, the elderly care market can position itself for long-term success and make a positive, meaningful impact on the lives of the seniors they serve.
Know Your Competitors and Strengthen Market Share Effectively
Continuous Rise for High-quality and Personalized Care Services Expands the Elderly Care Market
Due to the rapid increase in demand for elderly care products, services, and well-established infrastructure, North America is expected to dominate the elderly care market in the forecast period. Elderly care services are evolving in Europe with advancements in healthcare infrastructure and rising demand for specialized care. Whereas, in the Middle East & Africa elderly care services are developing to meet the needs and preferences of an aging population and changing family structure.
The Asia-Pacific elderly care market is expected to witness expansion of the market due to its large elderly population and supportive healthcare policies which will steer the market. In countries such as Japan, India, and China, the growing geriatric population with long-term medical conditions, growing disposable income, and rising awareness regarding healthcare facilities are some of the factors boosting the growth of the elderly care market.
The Asia-Pacific elderly care market is expected to witness expansion of the market due to its large elderly population and supportive healthcare policies which will steer the market. In countries such as Japan, India, and China, the growing geriatric population with long-term medical conditions, growing disposable income, and rising awareness regarding healthcare facilities are some of the factors boosting the growth of the elderly care market.
Searching for a Country or Region-Specific Report?
Unlock industry complexities with reports crafted for selected countries and regions at Reduced Cost
The report provides a detailed overview of the elderly care market insights in regions including North America, Latin America, Europe, Asia-Pacific, Oceania, and the Middle East and Africa. The country-specific assessment for elderly care market has been offered for all regional market share, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region, to provide a detailed view of the elderly care market. These Y-o-Y projections on regional and country-level markets brighten the political, economic and business environment outlook, which are anticipated to have a substantial impact on the growth of the elderly care market. Some key country and region included in the elderly care market report as follows:
| Regions | Countries |
|---|---|
| North America | United States, Canada |
| Latin America | Brazil, Mexico, Argentina, Colombia, Chile, Rest of Latin America |
| Europe | Germany, United Kingdom, France, Italy, Spain, Russia, Poland, Netherlands, Belgium, Sweden, Austria, Slovakia, Hungary, Romania, Czech Republic, Rest of Europe |
| Asia Pacific | China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Malaysia, Vietnam, Thailand, Rest of Asia Pacific |
| Middle East and Africa | GCC Countries, South Africa, Egypt, Turkey, Morocco, Nigeria, Iran, Rest of MEA |
Elderly Care Market Research Report Covers In-depth Analysis on:
- Elderly care market detailed segments and segment-wise market breakdown
- Elderly care market dynamics (Recent industry trends, drivers, restraints, growth potential, opportunities in elderly care industry)
- Current, historical and forthcoming 10 years market valuation in terms of elderly care market size (US$ Mn), share (%), Y-o-Y growth rate, CAGR (%) analysis
- Elderly care market demand analysis
- Elderly care market regional insights with region-wise market breakdown
- Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
- Latest developments and innovations in elderly care market
- Regulatory landscape by key regions and key countries
- Elderly care market sales and distribution strategies
- A comprehensive overview of parent market
- A detailed viewpoint on elderly care market forecast by countries
- Mergers and acquisitions in elderly care market
- Essential information to enhance market position
- Robust research methodology
- Frequently Asked Questions -
What are the key factors driving the growth of the elderly care market?
The elderly care market is growing due to increased aging populations, higher demand for assisted living, advancements in healthcare technology, and growing awareness about the importance of elder health and wellbeing.
What are the major challenges faced by the elderly care industry?
Key challenges include the shortage of trained caregivers, high healthcare costs, regulatory complexities, and ensuring that elderly care facilities meet the growing demand in a sustainable manner.
What are the trends in elderly care that will shape the market in the next decade?
Trends include the rise of home-based care, greater integration of technology, demand for specialized care for chronic conditions, and increased focus on mental health services for the elderly population.
