Elderly Care Services Market Forecast and Insights: Exploring Growth Trends, Market Size, and Emerging Opportunities
2025 Market Reports Update: Market Size Forecasts to 2034, Key Trends, Leading Players, and Top Regions – Get Ahead of the Competition Today!
How Are Key Drivers in the Industry Acting as Catalysts for the Growth of theElderly Care Services Market?
The increasing demand for assistive living technologies is predicted to boost the growth of the elder care services and assistive devices market. These technologies are systems and tools helping individuals with disabilities or those living with age-related challenges to carry out daily activities and enhance their overall well-being, encouraging more independence via improved mobility, communication, and task management. Factors like an aging population, the burgeoning prevalence of chronic conditions, the need for more independence among elderly individuals, and technological advancements improving functionality and affordability are propelling this increase in demand. Assistive living technologies used in elderly care services promote independence, augment safety, encourage communication, keep a check on health, and facilitate daily living activities. For example, as per the World Health Organization (WHO), a Switzerland-based intergovernmental organization focusing on international public health, in January 2024, over 2.5 billion people across the globe currently require assistive products. Due to aging populations and increased frequency of noncommunicable diseases, this number is projected to surge to approximately 3.5 billion by 2050. Hence, the growing demand for assistive living technologies is fueling the elder care services and assistive devices market.
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#What Are the Key Projections for the CAGR of the Elderly Care Services Market From 2025 to 2034?
The market for services catering to the elderly has seen impressive expansion in recent years. The market is forecasted to increase from $1044.86 billion in 2024 to $1132.54 billion in 2025, representing a compound annual growth rate (CAGR) of 8.4%. Factors contributing to this historic phase of growth include longer lifespans, a migration from institution-based care to home care, a rise in cases of chronic disease, evolving societal perspectives, and the increasing preference for personalized care methods.
Expectations are high for significant expansion in the elderly care services market in the upcoming years. This market is projected to hit $1540.82 billion by the year 2029, growing at a compound annual growth rate (CAGR) of 8.0%. The predicted growth in the coming years can be tied to an increased focus on preventive healthcare, heightened awareness surrounding mental health issues, an uptick in collaborative care strategies, a rise in health consciousness, more government action, and a growing elderly population. Key trends anticipated during this period are improvements in in-home care solutions, advancements in smart house technologies, embracing telehealth, adopting patient-centered care frameworks, and progress in hearing and visual aid tools.
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What Are the Current Market Growth and Trends in theElderly Care Services Market That Industry Players Should Watch?
Leading corporations in the elder care services and assistive devices sector are innovating through the integration of smart care services like AI-based cognitive care. This development is aimed at enhancing care quality, improving older people outcomes, and ensuring personalized support for the elderly. These AI-driven cognitive care services for the aged utilize artificial intelligence to oversee cognitive health, provide individualized support, ensure companionship, manage health necessities, and uphold safety. For example, in June 2023, the National Center for Assistive Health Technologies (NCAHT-IITM) was created by IIT Madras to boost research and invention in assistive technology for the elderly and those with disabilities. The center’s goal is to encourage interactions among users, developers, and policymakers to bring about inventive solutions. Prominent speakers like Dr. Rajiv Bahl of ICMR highlighted at the event, underscored the center’s transformative role through technology and cooperation. What’s more, new self-training modules for individuals utilizing wheelchairs were introduced to foster independence. Consequently, due to the rise in the elderly population and the increased demand for improved quality of life solutions, the elder care services and assistive devices market is positioned for considerable growth.
What Are the Major Market Players Making an Impact on theElderly Care Services Market Growth?
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
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How Are the Key Segments of the Elderly Care Services Market Driving Opportunities and Innovations?
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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What Regions Are At the Forefront of #How Are Key Drivers in the Industry Acting as Catalysts for the Growth of theElderly Care Services Market?# Market Expansion?
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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