The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The elderly care services market size has demonstrated strong growth in recent years, projected to grow from $967.57 billion in 2023 to $1,044.86 billion in 2024, at a compound annual growth rate (CAGR) of 8%. This historical growth can be attributed to factors such as the prevalence of chronic diseases, an aging population, government initiatives aimed at elder care, changes in family structures, and a growing awareness of the needs of the elderly. In the forecast period, the elderly care services market is expected to continue its strong growth, reaching $1,428.11 billion by 2028, with a CAGR of 8.1%. The growth in this period can be attributed to factors such as the ongoing aging of the population, increased investment in healthcare infrastructure, expansion of home care services, heightened awareness regarding elder care, and various economic factors. Notable trends anticipated in the forecast period include the implementation of integrated care models, healthcare innovations, advancements in medical devices, technological developments, and the growth of telemedicine services.

The rising prevalence of chronic conditions among the elderly is expected to drive the growth of the elderly care services market. Chronic conditions, such as diabetes, heart disease, and chronic respiratory illnesses, are long-term health issues that often require continuous management. Seniors are particularly susceptible to these conditions due to lifestyle factors like poor diet, inactivity, smoking, and excessive alcohol consumption, along with aging and genetic predispositions. Elderly care services provide tailored support to address these health complexities. For example, according to a May 2024 report by the Alzheimer’s Association, the number of Americans aged 65 and older diagnosed with Alzheimer’s rose from 6.5 million in 2022 to an estimated 6.9 million in 2024. As a result, the increasing prevalence of chronic conditions among seniors is set to drive market growth throughout 2023, 2024, and beyond.

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What Are The Key Trends That Influence Elderly Care Services Market Share Analysis?

Major companies in the elderly care services market are creating smart elderly care cloud-based platforms to improve remote monitoring and personalize care. A smart elderly care cloud-based platform leverages cloud technology to provide remote monitoring, management, and support services for elderly individuals, thereby enhancing their care and quality of life. For instance, in September 2022, UBTECH Robotics, a China-based leader in intelligent humanoid robotics and AI technologies, launched the UBTECH Smart Elderly Care Cloud-based Platform, integrated with AI technology, targeting the senior demographic. This comprehensive system delivers nursing services to elderly individuals at home or in community centers, focusing on six key areas, including service management, daily care management, security and health monitoring, memory-loss prevention, emotional support, and rehabilitation. The goal is to create a highly reliable and secure platform that enhances the well-being and quality of life of the elderly, promoting happiness and health.

Which Market Players Are Driving Growth In The Elderly Care Services Market?

Major companies operating in the elderly care services market are Korian Group, Nichiigakkan Co. Ltd, BrightStar Care, ComForCare, RIEI Co. Ltd., Benesse Style Care Co. Ltd, NTUC Health Co-Operative Ltd, NMC ProVita International Medical Centre, Home Instead Inc, Econ Healthcare Group, Caring Senior Service, Living Assistance Services Inc., Orange Valley Healthcare, Cascade Living Group, Rosewood Care Group Inc., St Luke’s Elder Care Ltd, FirstLight Home Care, ApnaCare India Pvt, Epoch Elder Care, United Medicare Centre, SASCO Integrated Eldercare Centre, Samvedna Senior Care, Carewell-Service Co. Ltd., Always Best Care

How Is The Global Elderly Care Services Market Segmented?

The elderly care servicesmarket covered in this report is segmented –

1) By Service Type: Homecare, Institutional Care, Adult Day Care, Other Services
2) By Service Provider: Public, Private
3) By Application: Diabetes, Alzheimer’s, Respiratory Diseases, Neurological Disorders, Heart Diseases, Cancer, Other Applications

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The Elderly Care Services Global Market Report 2024 provides an overview of the elderly care servicesmarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The elderly care services market forecast analyzes elderly care services market size, elderly care services market share, leading competitor and their market positions.

The Table Of Content For The Elderly Care Services Market Include

1. Elderly Care Services Market Executive Summary
2. Elderly Care Services Market Segments
3. Elderly Care Services Market Size And Template Market Growth Rate
4.  Key Elderly Care Services Market Trends
5. Major Elderly Care Services Market Drivers
……
25. Key Mergers And Acquisitions In The Elderly Care Services Market
26. Top Elderly Care Services Companies
27. Elderly Care Services Market Opportunities And Strategies
28. Elderly Care Services Market, Conclusions And Recommendations
29. Appendix

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