Global Elder Care Market: Introduction
Increase in geriatric population is a major factor boosting the growth of the global elder care market. This is attributed to rise in prevalence of various diseases among the population. Changing social and economic conditions in most countries across the globe fuels the growth of the global elder care market. Rise in demand for residential care facilities among elderly people suffering from chronic ailments such as dementia and Alzheimer’s is expected to drive the market in the next few years.
Key Drivers of Global Elder Care Market
Increase in Geriatric Population
The global geriatric population continues to increase at an unprecedented rate. Presently, 8.5% people across the world (617 million) are aged 65 years and above. According to a new report, An Aging World: 2015, the percentage is projected to jump to nearly 17% of the world’s population by 2050 (1.6 billion). According to the National Institutes of Health, the population aged 65 and above in the U.S. is anticipated to nearly double in the next three decades, from 48 million to 88 million by 2050. The global population aged 80 and older is expected to more than triple between 2015 and 2050, from 126.5 million to 446.6 million. The population aged 80 and older in some countries in Asia and Latin America is likely to quadruple by 2050. According to the WHO, the global population is increasing at the annual rate of 1.7%, while the population over 65 years is increasing at a rate of 2.5%. The fastest growing population segment in most countries is adults older than 80 years, which, according to the United Nations estimates, is likely to make up nearly 20% of the world’s population. Nutritional risk factors in the elderly population and careful screening can intervene in the early stages, which can be termed valuable and effective.
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Rise in Prevalence of Cardiovascular Diseases
Globally, cardiovascular conditions accounted for 17.6 million deaths in 2016, compared to 17.9 million in 2015. Cardiovascular diseases (CVDs) are disorders of the heart and the blood vessels. These include coronary heart disease, cerebrovascular disease, rheumatic heart disease, and other conditions. Cardiovascular diseases is the leading cause of mortality in the U.S., followed closely by cancer and chronic respiratory diseases. According to a report, about 48% of the adult population in the U.S. is living with a form of cardiovascular disease.
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North America to Account for Major Share of Global Elder Care Market
- In terms of region, the global elder care market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America is projected to account for major share of the global elder care market during the forecast period. This is attributed to well-established health care infrastructure and associated elder care activities. Families prefer providing utmost care to elderly family members and others. This is expected to drive the market in North America in the next few years.
- However, the market in Europe is likely to grow at a rapid pace in the near future. This is attributed to high awareness among the people to provide utmost comfort to elderly people. Elder care has been improving in Asia Pacific, especially due to initiatives by governments to provide maximum health care and stability through several schemes.
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Key Players Operating in Global Elder Care Market
The global elder care market is highly consolidated owing to the presence of small number of key players. Leading players operating in the global elder care market include:
- Benesse Style Care Co., Ltd.
- ECON Healthcare Group
- Epoch Elder Care
- St Luke's ElderCare Ltd.
- Latin America Home Health Care
- Samvedna Senior Care
- ApnaCare Latin America Private Limited
- Nichiigakkan Co. Ltd.
- Golden Years Hospital Orange Valley Healthcare
- Orange Valley Healthcare
- NTUC Health Co-Operative Ltd.
- GoldenCare Group Private Limited
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Global Elder Care Market: OverviewThe report details an exhaustive account of this market along with numerous associated factors.
Some of the factors included in the report are drivers, restraints, competitive analysis, latest trends and opportunities, geographical outlook, and many other aspects.
The global elder care market has also been described on the basis of its prime segments, which are expected to provide key insights to the readers.
From an overall perspective, the report is expected to exist as a valuable publication to businesses which are already operating in the global elder care market, as well for those who intend to newly establish themselves in this environment.
A rising demand for residential care facilities for elderly people suffering from chronic ailments such as dementia and Alzheimer’s is also expected to stoke the market’s growth during the next few years.
Of these, North America grabs the lion’s share in terms revenue gained thanks to the presence of a strong healthcare infrastructure along with associated elder care activities.
The overall elder care services market is estimated to be valued at US$ 927.1 billion in 2017 and is slated to reach a market value nearly US$1767.3 billion in the year end 2025.
This billion dollar market is projected to grow progressively at a CAGR of 8.4% during the assessment period.The overall market is segmented into service type, financing source and region.
Forecast by service typeBased on service type, the market is sub-segmented into institutional care, home-based care and community-based care.
The institutional care segment is projected to account for nearly 75% of revenue share of the market in 2025 and remain lucrative throughout the forecast period.
However, by 2025, the community-based care remains the second leading sector to account for nearly 18% revenue share of the market.Request For Report Sample: https://www.researchreportinsights.com/report/sample/110114971/Elder-Care-Services-MarkForecast by financing sourceIn terms of financing source, the overall market is sub-segmented into out-of-pocket spending, public expenditure and private source.
The public expenditure majorly finances the overall elder care services market, exhibiting a CAGR of 7.9% during the assessment period.
Home wellness care services have become very prevalent for elderly people.
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