The elderly care market is projected to grow at a CAGR of 6.8%, with estimated market size of USD 1,594.6 billion in 2021 to USD 2,366.4 billion by 2028. The market for elderly care is expected to expand significantly due to factors such as an aging population and the diseases that accompany it, as well as rising demand for residential care facilities. Moreover, the market for elderly care would be further boosted by higher life expectancy brought on by greater awareness and improved medical facilities. The adoption of home and nursing care services at home or assisted homes for the elderly will increase as the elderly population grows. Increased use of care bots and apps based on tele-awareness due to a shortage of competent labor will further boost the business and become a trend. Although they will have little influence, a lack of qualified workers and inadequate medical insurance will pose the two biggest obstacles to the expansion of the global market for elderly care.

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Elderly Care Market Dynamics

Drivers: Rising awareness regarding elderly care

The market will experience increased demand due to people's increasing awareness of home care services, adult care services, and other services worldwide. Growing demand for elderly care services and goods will drive the market's expansion due to the rapidly aging population's increased need for care. The prevalence of chronic illnesses like diabetes, cardiovascular disease, obesity, cancer, osteoporosis, and dental diseases is rising. These diseases can be avoided with the right medical advice, treatment, nutrition, and dietary recommendations. However, with the aid of home healthcare services, one can now receive treatment without traveling to a hospital by simply sitting at home.

Restraints: Lack of awareness about elderly care services in rural areas

The market for elderly care is predicted to have significant growth barriers due to the absence of elderly care facilities in rural areas. For instance, a 2019 public health review published in the International Journal of Public Health Research found that the absence of elderly care-specific health services places senior residents of rural locations at a higher disadvantage. Older adults in rural areas experience a different morbidity profile and perceive health issues differently than those in metropolitan areas. Rural elderly may be less likely to seek medical attention than their urban counterparts because of their lower socioeconomic status (SES) and financial stability. These restrictions are frequently made worse for older adults living in rural areas and older women who are more likely to be unemployed or live alone.

Opportunities: The increasing elderly population

Elderly care services should see increased demand due to the growing elderly population. The need for care businesses has grown as the economy and social climate have changed. Young people are under pressure to care for elderly family members while working due to the elderly population growing number. Elderly care services are consequently necessary as a result of this. Both short-term and long-term services are included. While long-term services concentrate on residential facilities, short-term services assist in carrying out essential daily tasks. Daycare and medical assistance are necessary for long-term service.

The housing and assistive devices category is estimated to be the largest growth in the elderly care market during the forecast period

The housing and assistive devices category dominated the market. It is anticipated that this market will witness considerable growth in demand over the next several years. The industry is expected to increase due to caregiver skills and availability, transparency about care quality, and remote patient management. In the beginning, new players in the market concentrated on providing services like diagnostics, doctor consultations, and round-the-clock support through housing and assistive devices, which is anticipated to contribute to the expansion of the elderly care market over the forecast period. Service providers are attempting to reach out to the target population with all available services and facilities to provide convenience for daily activities.

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Homecare is estimated to be the largest growing market category during the forecast period

The homecare category is projected to grow the fastest during the forecast period. The home care category is anticipated to expand since it offers consolation and personal attention. It fosters confidence and aids in the improvement of the person's general health. Since it is linked to lower re-hospitalization risk and patients living longer, the home care market is preferred and expanding. The market for elderly care will expand due to all these factors. The global increase in the number of senior people and the rising demand for services from those over 60 who have chronic illnesses will contribute to this category's rise. The availability of a wide range of home care services within the healthcare industry has drawn attention to elderly care. A healthy homecare healthcare industry is a requirement for a country's economy to succeed.

The North American segment is estimated to be the largest growing market during the forecast period

North America is the largest elderly care market and is projected to grow at the fastest rate during the forecast period because of the rapidly growing elderly population, which raises the need for elderly care goods and services. By 2060, there will be roughly 95 million Americans aged 65 and older, up from 52 million in 2018, according to the Population Reference Bureau. Over 7,500 adult day care facilities in the United States, according to the National Adult Day Services Association, offer elderly care services. Furthermore, for older adults in the nation, primary government healthcare programs, including the Veterans Health Administration, Medicaid, and Medicare, among others, were formed. Therefore, it is anticipated that the country's elderly care market revenue will be stimulated by the growing emphasis on elderly care services due to the growing awareness and other related factors.

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Key Market Players

The elderly care market is dominated by a few global players and comprises several regional players. Some key manufacturers operating in the market are LHC Group, Inc., Encompass Health Corporation, Exceptional Living Centers, Trinity Health, Right at Home, LLC, EXTENDICARE, Amedisys, Medtronic, ORPEA GROUPE, Home Instead, Inc., Interim HealthCare Inc., Living Assistance Services, Koninklijke Philips N.V., FC Compassus LLC, BAYADA Home Health Care, and others.

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