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The elderly care market has experienced substantial growth in recent years, expected to grow from $1,649.22 billion in 2023 to $1,782.6 billion in 2024, representing a compound annual growth rate (CAGR) of 8.1%. This growth in the historical period can be attributed to several factors, including the rising prevalence of various diseases among the elderly, an increase in the elderly population, heightened awareness of home care services, an increased need for caregiving, and overall rising healthcare awareness. Looking to the future, the elderly care market is projected to continue its growth, reaching $2,441.48 billion by 2028, with a CAGR of 8.2%. Factors contributing to this anticipated growth include rising demand for healthcare services and facilities, an increase in chronic disease cases, growing awareness about elderly care, a heightened demand for elderly care products, and an increasing need for elderly care services. Major trends expected during this forecast period will involve technological advancements, innovations in integrated care models, advanced technologies in medical devices, the development of personalized care plans, and the integration of artificial intelligence and smart home technologies.

The rise in the global geriatric population is anticipated to fuel the growth of the elderly care market moving forward. Factors such as increased life expectancy, healthcare advancements, and lower birth rates are leading to a higher proportion of older adults in the population. Elderly care services, which provide medical management, personal care, and health monitoring, help manage chronic diseases and improve the quality of life for seniors. For instance, the WHO reported in October 2022 that the global population of individuals aged 60 years or older is expected to reach 1.4 billion by the end of 2022, up from 1 billion in 2020. Additionally, by 2030, 1 in 6 people worldwide will be over the age of 60. Therefore, this rise in the geriatric population will drive the growth of the elderly care market through 2023 and 2024.

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

Major companies in the elderly care market are concentrating on developing secure and versatile communication platforms, such as an all-in-one health monitoring mobile app, to improve care quality and enhance the overall well-being of elderly individuals. An all-in-one health monitoring mobile app is a comprehensive digital solution that integrates various health tracking features and functionalities into a single platform. For example, in July 2021, Avanlee Care Inc., a US-based AI-powered healthcare tech company, launched the Avanlee app, designed to assist family caregivers in coordinating the healthcare of seniors. This app combines multiple tools and services to streamline the caregiving process, enabling family members to communicate securely, monitor health metrics, and manage medication schedules. The app operates on a HIPAA-compliant network, allowing secure communication among family members through text, phone, or video calls.

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

Major companies operating in the elderly care market are Stryker Corporation, Boston Scientific Corp., Orpea Groupe S.A, Interim HealthCare Inc., Right at Home LLC, LHC Group Inc., Bayada Home Health Care Inc., Extendicare Inc., Arjo AB, Exceptional Living Centers, Home Instead Inc., RIEI Co. Ltd., Cascade Healthcare Services LLC, NTUC Health Co-Operative Ltd., Econ Healthcare Group, St Luke’s ElderCare Ltd., Rosewood Care Group Inc., Orange Elderly Care Homes, United Medicare Pte. Ltd., Samvedna Senior Care Pvt. Ltd., Singapore Amalgamated Services Co-operative Organisation Ltd. (SASCO), Vesta Elder Care Pvt. Ltd

How Is The Global Elderly Care Market Segmented?

The elderly caremarket covered in this report is segmented –

1) By Type: Independent Community Living, Assisted Living, Nursing, In-Home Care, Daycare, Hybrid Care, Palliative Care
2) By Term: Short-Term, Long-Term
3) By Application: Heart Diseases, Diabetes, Arthritis, Cancer, Kidney Diseases, Osteoporosis, Neurological, Respiratory, Other Applications
4) By End-User: Hospitals, Elderly Nursing Homes, Homecare, Other End-Users

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

The Table Of Content For The Elderly Care Market Include

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

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