Key Highlights of the Elderly Care Services Market 2025-2034: Growth Dynamics, Trends, and Opportunities
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What is the Forecasted Expansion Rate of the Elderly Care Services Market Over the 2025–2034 Period?
There has been a significant increase in the size of the elderly care services market in recent years. The market is projected to increase from $1044.86 billion in 2024 to $1132.54 billion in 2025, with a compound annual growth rate (CAGR) of 8.4%. Key contributors to this historic period of growth include extending life expectancy, a shift from institution-based to home-based care, a rise in cases of chronic illnesses, fluctuating societal perspectives, and an increase in customized care models.
In the forthcoming years, the market size for elderly care services is forecasted to experience robust growth, expanding to $1540.82 billion in 2029 with a compound annual growth rate (CAGR) of 8.0%. This growth during the predicted period can be ascribed to the growing emphasis on preventive care, greater understanding of mental health issues, increased application of collaborative care models, heightened health consciousness, more government initiatives, and a growing older population. Key trends anticipated during the forecast period encompass advancements in home-based care solutions, progress in smart home technologies, the embrace of telehealth, the adoption of models of care focused on the individual, and the development of technologies to assist with hearing and visual impairments.
What Industry-Specific Factors Are Fueling the Growth of the Elderly Care Services Market?
The demand for elder care services and assistive devices market is anticipated to increase due to the growing need for assistive living technologies. These technologies, designed to support individuals with disabilities or age-related challenges, enhance everyday life by improving mobility, communication, and task management—enabling a higher degree of independence. The growing requirement for assistive living technologies stems from factors such as an increasingly aging population, a rise in chronic conditions, the pursuit of autonomy by the elderly, and technological advancements that boost performance and affordability. In elder care services, assistive living technologies promote autonomy, enhance safety, improve communication, health monitoring, and assist in daily activities. For example, the World Health Organization (WHO), a Switzerland-based international public health organization, reported in January 2024 that over 2.5 billion people worldwide currently require assistive products. Given the aging population and the escalating prevalence of noncommunicable diseases, this number is projected to increase to around 3.5 billion by 2050. As a result, surging need for assistive living technologies serves as a catalyst for the expansion of the elder care services and assistive devices market.
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Who Are the Leading Organizations Fueling the Expansion of the Elderly Care Services Market?
Major companies operating in the elder care services and assistive devices market are:
• Xiaomi Corporation_x000D_
• Samsung Group_x000D_
• L.G. Electronics_x000D_
• Haier lnc._x000D_
• Stanley Black & Decker Inc._x000D_
Which Cutting-Edge Trends Are Expected to Drive the Elderly Care Services Market’s Growth?
Key players in the senior citizen assistance and devices industry are creating smart care services like AI-powered cognitive healthcare to increase service excellence, boost patient results, and offer customised support for the aged. AI-powered cognitive elderly care deploys artificial intelligence to oversee cognitive wellness, give customised aid, deliver companionship, supervise health necessities, and assure safety. For instance, in June 2023, IIT Madras unveiled the National Center for Assistive Health Technologies (NCAHT-IITM) to expand research and development in assistive gadgets for disabled and older individuals. The centre’s purpose is to enable discussions among users, developers, and policy decision-makers to manufacture innovative resolutions. Luminaries, including Dr. Rajiv Bahl from ICMR, graced the event and highlighted the center’s pivotal function in reshaping lives through technology and teamwork. Also, novel self-coaching modules for wheelchair users were unveiled to foster self-reliance. Thus, the senior citizen assistance and devices market has a promising future, fuelled by the escalating aged population and increasing demand for advanced quality of life solutions.
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Which Primary Segments of the Elderly Care Services Market Are Driving Growth and Industry Transformations?
The elderly care services market 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
Subsegments:
1) By Homecare: Personal Care Services, Home Health Care, Companion Services, Respite Care For Family Caregivers, Live-In Care Services, Hospice And Palliative Care At Home, Rehabilitation Services
2) By Institutional Care: Nursing Homes And Skilled Nursing Facilities (Snfs), Assisted Living Facilities, Memory Care Facilities, Continuing Care Retirement Communities (Ccrcs), Long-Term Care Facilities, Rehabilitation Centers
3) By Adult Day Care: Social Adult Day Care Centers, Medical Adult Day Care Centers, Memory Care Day Programs, Specialized Adult Day Programs, Health And Wellness Programs For Seniors, Senior Activity And Recreation Centers
4) By Other Services: Transportation Services For Seniors, Telehealth And Telemedicine Services, Nutritional Meal Services, Home Modification And Accessibility Services, Caregiver Support Services, Financial And Legal Assistance For Elderly, Elderly Mental Health And Counseling Services
Which Regions Are Most Influential in Expanding the Elderly Care Services Market?
North America was the largest region in the elder care services and assistive devices market in 2024. The regions covered in the elder care services and assistive devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Key Parameters Define the Elderly Care Services Market’s Scope?
Elder care services and assistive devices refer to a variety of support systems and equipment designed to assist elderly individuals with their daily activities and health needs. The primary goal of these services and devices is to enable older adults to live independently and comfortably, while ensuring their health needs are met through continuous monitoring and assistance.
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