How Will the Elderly Care Market Grow? Key Trends and Opportunities for 2025 and Beyond
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What key factors are powering the surge in the elderly care market right now?
The elderly care market has seen robust growth in recent years. It is expected to grow from $1,782.6 billion in 2024 to $1,931.98 billion in 2025, at a CAGR of 8.4%. The growth is attributed to the rising occurrence of elderly-related diseases, an expanding elderly population, greater awareness of home care services, and the increasing demand for care.
How fast Is the elderly care market expected to grow, and what’s its future value?
The elderly care market is projected to grow significantly, reaching $2636.08 billion by 2029 at a CAGR of 8.1%. The growth is driven by the expansion of healthcare services and facilities, the rising incidence of chronic diseases, greater awareness of elderly care, growing demand for elderly care products and services, and an aging population. Key trends include technological advancements, innovation in integrated care models, advanced medical devices, personalized care plans, artificial intelligence integration, and smart home technologies.
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What are the leading drivers of growth in the elderly care market?
The rising geriatric population is expected to drive the elderly care market. Increased life expectancy, healthcare advancements, and lower birth rates have led to a larger proportion of elderly individuals. Elderly care services provide medical management, personal care, and health monitoring. For example, the World Health Organization projected that the global population aged 60 years and older would reach 1.4 billion by 2022. The rise in the geriatric population is fueling the growth of the elderly care market.
What are the key segments defining the elderly care market?
The elderly care market 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
Subsegments:
1) By Independent Community Living: Senior Independent Living Communities, Active Adult Communities, Senior Co-Housing, Senior Apartments, 55+ Communities, Retirement Communities With Independent Living Facilities
2) By Assisted Living: Residential Assisted Living Facilities, Assisted Living With Memory Care, Assisted Living With Dementia Care, Assisted Living With Specialized Healthcare Support, Luxury Assisted Living Communities 3) By Nursing: Skilled Nursing Facilities (Snfs), Long-Term Care Nursing Homes, Transitional Care Units, Rehabilitation Centers, Nursing Care For Chronic Illnesses Or Disabilities
4) By In-home Care: Personal Care Assistance, Home Health Aide Services, Home Care For Dementia Or Alzheimer’s Patients, Companion Care Services, Hospice And End-Of-Life Care At Home
5) By Daycare: Adult Daycare Centers, Memory Care Day Programs, Social Day Programs, Health And Wellness Day Programs, Specialized Day Programs For Disabled Elderly
6) By Hybrid Care: Combination Of In-home Care And Assisted Living, Telemedicine And Remote Monitoring With In-person Support, Integrative Home Health And Daycare Services, Skilled Nursing With Home Healthcare Services, Residential Care With Telehealth Integration
7) By Palliative Care: Hospice Care Services, Pain Management Services, End-Of-Life Support Services, Comfort And Support Care For Terminal Illnesses, Home-Based Palliative Care
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Who are the key players steering the development of 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
What emerging trends are influencing the growth of the elderly care market?
Companies in the elderly care market are focusing on developing healthcare-grade mobile computers to streamline workflows and improve patient monitoring and management. These rugged devices are designed for healthcare environments. In November 2023, Zebra Technologies launched new healthcare-grade mobile computers to enhance patient care, improve communication among healthcare teams, and support caregivers in managing patient data, all while ensuring real-time access to critical information.
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Which regions are most influential in expanding the elderly care market?
North America was the largest region in the elderly care market in 2024. The regions covered in the elderly care market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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