With the changing demographics scenario and a rising life expectancy of the world population, the global geriatric population is on a rise. This results in a large number of elderly requiring medical treatment. This factor, along with the absence of family care and increased number of nuclear families is driving the growth of the global elder care services market. In addition, changing consumer choices with respect to the nature of medical care they wish to avail is also impacting the global elder care services market positively. The boost in insurance coverage for home and healthcare services and a rising demand from elderly people suffering from prolonged illnesses such as dementia and Alzheimer’s will also fuel the global market for elder care services. In view of these factors, Market Research Reports Search Engine (MRRSE) has included a new report in its repository titled “Elder Care Services Market: Global Industry Analysis 2012 – 2016 and Forecast 2017 – 2025”.
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According to the report, the global elder care services market is slated to exhibit a robust CAGR of 8.4% during the forecast period 2017 – 2025. The global elder care services market was valued at US$ 863.7 Bn in the year 2016 and is estimated to touch a value of over US$ 1,700 Bn by 2025 end.
The report begins by presenting an executive summary that provides a cursory view of the elder care services market along with a section on the market introduction that consists of the market taxonomy and the key definitions to help in easier understanding of the report. In the market taxonomy, a detailed classification of the elder care services market is provided. This consists of the Service Type (home based care, community based care and institutional care) and Financing Source (public expenditure, private source and out-of-pocket spending).
Global Elder Care Services Market: Segmentation & Forecast
As far as service types of the global elder care services market are concerned, institutional care is forecasted to be the most lucrative segment during the assessment period. Institutional care includes hospital based services, long-term care services and rehabilitation services. As per the forecast, the institutional care segment is slated to grow from US$ 600 Bn in the year 2017 to more than US$ 1,300 Bn by the end of the assessment period in 2025, exhibiting a CAGR of 10.2% during this time period. The institutional care segment is likely to dominate the global elder care services market during the period of assessment.
The global elder care services market is also bifurcated geographically and includes the regions of North America, Asia Pacific, Middle East and Africa, Europe and Latin America. The North America market is set to be dominated by the institutional care segment and is projected to be the most profitable segment by service type during the assessment period, recording a market attractiveness index of 2.6. In the Asia Pacific region, revenue from the institutional care segment will record a CAGR of 13.1% during the forecast period.
Global Elder Care Services Market: Competition Landscape
At the end of the report, there is a detailed section covering the competition landscape of the global elder care services market. In this section, leading market players of the global elder care services market are profiled – some of them include ApnaCare Latin America Private Limited, United Medicare Pte Ltd, Carewell-Service Co., Ltd, Nichiigakkan Co. Ltd, SASCO Integrated Eldercare Centre, Epoch Elder Care, Orange Valley Healthcare, Pacific Healthcare Nursing Home, Econ Healthcare Group.
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