Key Trends and Insights into the Elderly Care Services Market: Growth Rate and Opportunities to 2034
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How has the elderly care services market size evolved in recent years?
The elderly care services market has grown significantly in recent years. It will rise from $1,044.86 billion in 2024 to $1,132.54 billion in 2025, at a CAGR of 8.4%. The growth is influenced by longer life expectancy, a shift to home care over institutional care, increasing chronic disease cases, changing societal attitudes, and the expansion of personalized care models.
What are the predictions for the elderly care services market size in the coming years?
The elderly care services market is expected to experience strong growth, reaching $1540.82 billion by 2029 at a CAGR of 8.0%. This growth is attributed to a greater focus on preventive care, mental health awareness, rising collaborative care approaches, growing health awareness, government initiatives, and an aging population. Trends in the forecast period include advancements in home care solutions, smart home technology, telehealth adoption, person-centered care models, and innovations in hearing and visual aid technologies.
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What key factors are fueling the growth of the elderly care services market?
The growing demand for assistive living technologies is anticipated to boost the expansion of the elder care services and assistive devices market. Assistive living technologies refer to systems and devices that assist individuals with disabilities or age-related challenges in managing everyday tasks and enhancing their quality of life. These technologies promote greater independence by improving mobility, communication, and task management. The demand for these technologies is rising due to factors such as an aging population, a higher prevalence of chronic diseases, the desire for more autonomy among seniors, and technological advancements that make these solutions more effective and affordable. In elderly care, assistive living technologies improve safety, support communication, aid health monitoring, and assist with daily living. For example, in January 2024, the World Health Organization (WHO) reported that over 2.5 billion people worldwide currently require assistive products. With an aging population and the increasing rates of non-communicable diseases, this number is expected to rise to around 3.5 billion by 2050. As a result, the growing demand for assistive living technologies is propelling the elder care services and assistive devices market.
How is the global elderly care services market divided into key segments?
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
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Who are the key firms paving the way for growth in the elderly care services market?
Major companies operating in the elder care services and assistive devices market are Koninklijke Philips N.V., Stryker Corporation, Sonova Holding AG, Sunrise Senior Living, Life Care Centers of America Inc., Brookdale Senior Living Inc., GN Store Nord A/S, Amedisys Inc., LHC Group Inc., Atria Senior Living Inc., Cochlear Limited, Extendicare Inc., Invacare Corporation, Oticon A/S, Genesis HealthCare Co., Sunrise Medical Inc., Permobil AB, Pride Mobility Products Corporation, Five Star Senior Living, Tobii Dynavox AB, Inclusive Technology Ltd., Living Assistance Services Inc., Jabbla, Blue Chip Medical Products Inc
Which trends are expected to transform the elderly care services market?
Leading companies in the elder care services and assistive devices market are focusing on developing advanced care solutions, such as AI-powered cognitive care, to improve the quality of care, enhance patient outcomes, and offer personalized support to elderly individuals. AI-based cognitive care leverages artificial intelligence to monitor cognitive health, provide tailored assistance, offer companionship, address health needs, and ensure safety. For example, in June 2023, IIT Madras launched the National Center for Assistive Health Technologies (NCAHT-IITM) to advance research and development in assistive technologies for both disabled individuals and the elderly. The center aims to foster collaboration among users, developers, and policymakers to create innovative solutions. The launch event included key speakers like Dr. Rajiv Bahl from ICMR, highlighting the center’s role in transforming lives through technology and partnerships. Additionally, the center introduced new self-training modules to encourage independence among wheelchair users. As a result, the elder care services and assistive devices market is expected to experience significant growth, fueled by an aging population and increasing demand for improved quality of life solutions.
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What regions are contributing significantly to the growth of 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.
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