The elderly care market is projected to grow at a CAGR of 6.8%, with estimated market size of USD 1,594.6 billion in 2021 to USD 2,366.4 billion by 2028. The market for elderly care is expected to expand significantly due to factors such as an aging population and the diseases that accompany it, as well as rising demand for residential care facilities. Moreover, the market for elderly care would be further boosted by higher life expectancy brought on by greater awareness and improved medical facilities. The adoption of home and nursing care services at home or assisted homes for the elderly will increase as the elderly population grows. Increased use of care bots and apps based on tele-awareness due to a shortage of competent labor will further boost the business and become a trend.
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Elderly Care Market Dynamics
Drivers: Rising awareness regarding elderly care
The market will experience increased demand due to people's increasing awareness of home care services, adult care services, and other services worldwide. Growing demand for elderly care services and goods will drive the market's expansion due to the rapidly aging population's increased need for care. The prevalence of chronic illnesses like diabetes, cardiovascular disease, obesity, cancer, osteoporosis, and dental diseases is rising. These diseases can be avoided with the right medical advice, treatment, nutrition, and dietary recommendations. However, with the aid of home healthcare services, one can now receive treatment without traveling to a hospital by simply sitting at home.
Restraints: Lack of awareness about elderly care services in rural areas
The market for elderly care is predicted to have significant growth barriers due to the absence of elderly care facilities in rural areas. For instance, a 2019 public health review published in the International Journal of Public Health Research found that the absence of elderly care-specific health services places senior residents of rural locations at a higher disadvantage. Older adults in rural areas experience a different morbidity profile and perceive health issues differently than those in metropolitan areas. Rural elderly may be less likely to seek medical attention than their urban counterparts because of their lower socioeconomic status (SES) and financial stability.
Key Market Players
The elderly care market is dominated by a few global players and comprises several regional players. Some key manufacturers operating in the market are LHC Group, Inc., Encompass Health Corporation, Exceptional Living Centers, Trinity Health, Right at Home, LLC, EXTENDICARE, Amedisys, Medtronic, ORPEA GROUPE, Home Instead, Inc., Interim HealthCare Inc., Living Assistance Services, Koninklijke Philips N.V., FC Compassus LLC, BAYADA Home Health Care, and others.
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