Elderly Care Services Market Analysis | 2021-2026

“The Elderly Care Services Market was estimated at US$ 895.6 million in 2020 and is expected to grow at a healthy CAGR of 6.6% during 2021-2026 to reach US$ 1310.9 million by 2026.”

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Market Dynamics

Introduction

Elderly care, also known as senior or geriatric care is specialized care that is designed to cater to the requirements and needs of senior citizens at various stages. As such elderly care is a wider term, as it encompasses everything from assisted living stay and nursing care to adult day-care, hospice care, and even home care. It includes a broad range of services that are meant to improve the health and living standards of senior adults. This sector has gained traction in the past few years as the geriatric population is increasing.

Market Drivers

Improving insurance coverage of home healthcare facilities coupled with progression economies, the social context of an aging population, and altering family structures are encouraging the need for elderly care services, thus augmenting the market growth.

• The surging demand for elderly care services has helped foreign investors to expand the sector across various countries across the globe.

• Moreover, declining fertility rates, increasing healthcare expenditures, and a rising greying population lead to higher hospitalization of senior adults, boosting industry growth.

• However, a limited workforce, as well as poor medical insurance coverage in developing countries, are likely to hinder market expansion.

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COVID-19 Impact

The COVID-19 pandemic moderately affected the elderly care services industry in the initial period of the outbreak. The massive influx of COVID-19 patients and the lack of medical supervision and healthcare professionals jolted the market. Social isolation during nationwide lockdowns has forced aged individuals to consider elder care services in support of virtual socializing. The coronavirus caregivers have given massive focus and time to geriatric patients as they are relatively more vulnerable to infections and other medical conditions.

Segments Analysis

Service Type Trends

The global elderly care services market has been bifurcated into home care, adult day care, and institutional care.

• Among these, the home care segment witnessed the highest market share and is projected to grow at a healthy CAGR during the forecast timeline.

• This is mainly ascribed to the rising elderly population, patients recovering from surgery, and the prevalence of chronic diseases, which are likely to surge the need for home care services.

Regional Analysis

The North American market witnessed the largest market share and is projected to grow at a steady CAGR during the assessment period.

• This can be attributed to rising pet healthcare insurance, the constant development of reimbursement policies along the presence of a wide variety of long-term care centers in the U.S., which are bolstering the market in North America.

• Moreover, the growing number of geriatric care agencies and converging aging population trends further propel regional growth.

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Key Players

The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc. 

The following are the key players in the global elderly care services market (arranged alphabetically):

• B. Braun Melsungen AG (Germany),
• Biovision Elderly Care Services, LLC (The U.S),
• Dr. Fritz Endoscopy GmbH (Germany),
• DRE Veterinary (The U.S),
• FUJIFILM Corporation (Japan),
• Inc (The U.S),
• Karl Storz Elderly Care Services (The U.S),
• Medtronic Plc (Ireland),
• PENTAX Medical (Japan),
• Richard Wolf GmbH (Germany),
• STERIS Instrument Management Services.

Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Target Audience

Here is the list of the group of customers that the market hopes to have the greatest opportunity to convert-

• Elderly Care Service Providers
• Old Age Homes
• Hospitals
• Pharmaceutical Companies
• Senior Care Clinics

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data. 

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players).
• SWOT analysis of key players (up to 3 players).

Market Segmentation

• Current market segmentation of any one of the product types by application type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances.

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