About Elderly Care Facilities
Rising the elderly population with chronic and other health-based conditions is the prime factor driving the growth of the worldwide elder care services market. Changing social and economic conditions in many nations around the world are the factors driving the worldwide elder care services market growth. With the advent of the current mobile technology and demand for internet services, the rise of smartphone and tablet ownership has also increased. Simultaneously, the care model for eldercare services has switched towards new technology. Various devices track diet and nutrition, medication adherence, and health symptoms that require immediate health practitioner attention.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
Elderly Care Facilities is highly competitive, with several key players dominating the industry. The market players are focused on developing a variety of features and benefits to meet the needs. Thus, constantly introducing new innovation in processing to meet the changing needs and preferences of consumers. The companies are also planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Elderly Care Facilities market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Koninklijke Philips N.V (Netherlands), BAYADA Home Health Care (United States), Econ Healthcare Group (Singapore), Home Instead, Inc. (United States), ORPEA GROUPE (France), St Luke’s Eldercare Ltd. (Singapore), Rosewood Care Group (Australia), Medtronic (Ireland), Interim HealthCare Inc (United States) and United Medicare Pte Ltd. (Singapore) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Trinity Health (United States), Exceptional Living Centers (United States), Amedisys (United States), ElderCareCanada (Canada), LHC Group, Inc. (United States), Encompass Health Corporation(United States) and Extendicare (Canada).
Segmentation Overview
AMA Research has segmented the market of Global Elderly Care Facilities market by Type (Pharmaceuticals and Housing and Assistive Devices), Application (Heart Diseases, Cancer, Kidney Diseases, Diabetes, Arthritis, Osteoporosis, Neurological, Respiratory and Others) and Region.
On the basis of geography, the market of Elderly Care Facilities has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by Financial Sourcing, the sub-segment i.e. Public and Government Expenditure will boost the Elderly Care Facilities market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Service Type, the sub-segment i.e. Home Care [Health Care, Medical Care, Physiotherapy services] will boost the Elderly Care Facilities market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
High Demand due to Changing Demographics and Changing Social and Economic Conditions in most Countries around the Globe
Market Growth Drivers:
Increasing Elder Care Services and Rising Number of Diseases and Rising Demand for Residential Care Facilities for Elderly People Suffering from Chronic Ailments such as Dementia and Alzheimer’s
Challenges:
Less Supply of Care Services and its Rising Demand
Restraints:
The Concern Regarding Cost of elderly Care Services as well as Affordability and Lack of Qualified Staff and Reimbursements Policies
Opportunities:
Growing Outdoor Elderly Care, Nursing Homes, and Health Care and High Demand due to Technological Advancements and Cost-Effective Medical Treatment Provided for the Elderly by the Government
Market Leaders and their expansionary development strategies
In November 2019, Amedisys has acquired Asana Hospice which will be targeted to close on January 1st, 2020. By this acquisition, the company will enhance its service offering in the market.
In May 2023, Bridge Health, a healthtech company funded by Kris Gopalakrishnan, announced a strategic alliance with a real estate player, Primus Senior Living, for seniors in the country. As part of the partnership, they will launch a managed eldercare service, called One Care, which is a year-long, customised health plan that will bring proactive care and emergency services under one roof to revolutionise geriatric care.
Key Target Audience
Elderly Care Facilities Providers, Medical Equipment Manufactures, Government Regulatory Bodies, Government Research Organizations, Private Research Organizations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.