Elder Care Services Market

Global Market Study on Elder Care Services: Integration of Smart Technologies with Various Services Complementing Market Expansion

  • February-2021
  • PMRREP3427
  • 280 Pages
  • Healthcare
  • PPT, PDF, WORD, EXCEL

About the Report

Advancing insurance coverage of home healthcare services, along with progressing economies, social context of geriatric population, and altering family structures are pushing demand for elder care services. Elevating demand for elder care services has enabled foreign investors to expand the industry across regions. The market is expected to proliferate due to progressing service, declining fertility rates, expanding greying population, and advanced expenditures incurred in hospitalization. Persistence Market Report report analyzes the global elder care services market in 20+ high-growth regions, which reveals that these services are more widely used across Europe and North America. Institutional care plays a huge role in this space, supported by the required public expenditure. The report also dives deep into the trends, opportunities, and restraints affecting the market.

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Companies

  • 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
  • Carewell-Service Co., Ltd RIEI Co., Ltd
  • SASCO Integrated Eldercare Centre
  • Cascade Healthcare
  • Millennia Personal Care Services Rosewood Care Group Inc.
  • Rosewood Care Group Inc.
  • Pacific Healthcare Nursing Home

Historical Vs Future Outlook of Elder Care Services

Altering dynamics of demographics coupled with improving life expectancy has expanded the geriatric population pool across the world. Advancing medical and non-medical support by caregivers has propelled the expansion of the global elder care services market size. Dearth of family-based care, altering consumers’ preferences for care type, and integration of telemedicine and robotics have shaped the market to a great extent.

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According to Persistence Market Research’s analysis, the elder care services market has expanded at 6.2% CAGR from 2016 to 2020.

Elder care services are getting ‘smarter’ with the integration of wireless connectivity, mobile technology, Internet, and advanced preventive technology. Health monitoring has now become integrated with. There are several diet and nutrition tracking systems, health symptom monitoring, and medication adherence systems that utilize smart and real-time data to access abrupt body movements such as a fall, imminent hazards, etc.

COVID-19 has also surged the market for elder care services. The market was negatively impacted in the initial period of the outbreak. Massive influx of COVID-19 patients, and dearth of medical supervision and healthcare workers jolted the market. However, things gradually came back on track with updated safety protocols, reopening of care facilities, and teleconsultations. The geriatric population across the world has been observed to adopt virtual care services more than ever. In India, the geriatric population has adopted a large extent of medical diagnostic, care, and security services. Social isolation during lockdowns has pushed aged individuals to lap elder care services with the support of virtual socializing. Coronavirus caregivers have given massive focus and time to geriatric patients since they are relatively more vulnerable to infections and other medical conditions. Homecare services have seen a rise, with skilled and certified practitioners and physicians, primary nursing care, medical social services, illness-specific care, and daily care services. Telemedicine has also escalated amid the pandemic to support continuous care and monitoring, without the risk of visiting a hospital or care centre. For instance, Samvedna Senior Care provides elder care services over WhatsApp and Facebook. Orange Valley Healthcare has utilized offer “tele-geriatric” and “tele-dental” care services, along with collaboration with Khoo Teck Puat Hospital and National University Health System. With such alternative modes of consultations, reopening care facilities, and updated strategies of care regime, the elder care services market is expected to progress faster over the coming years.

Virtual care services and advanced nursing services for geriatric patients pose a steady outlook for growth. Persistence Market Research expects the global elder care services market to expand at a CAGR of over 8% through 2031.

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How is Expanding Geriatric Population Impacting Elder Care Services?

Fertility rate has drastically declined over the past few decades, especially in developed regions such as Europe and North America. As a result, unstable fertility rates have impacted the overall economic growth of regions.  The U.S. had a total fertility rate of around 1.78 babies per woman in 2020, which increased by 0.06% over 2019.

Disabilities among the geriatric population are also on the rise. Regions such as Europe and North America have their greying population expanding, burdened with terminal diseases such as dementia and other disabilities, which has also propelled the need for elder care services. Diseases such as Alzheimer’s and dementia due to ageing are on the rise, pivoting the growth of the elder care services landscape.

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What is the Commercial Potential of Smart Technologies in Elder Care Services? 

Manufacturers are dynamically infusing smart gadgets and wireless connectivity into the care regime of elders. Advanced communication modes along with features of remote and real-time monitoring are being used in the care regime of elders. Telemedicine has advanced in the domain of cardiology, dental, and other chronic complications. Such advanced virtual consultations and clinical data access nullify the hassle of physically visiting clinics, and offer high precision monitoring. For instance, Rosewood Care Group Inc., Samvedna Senior Care, and others have integrated the use of social media, virtual consultation, and remote monitoring elders. Recent challenges thrown by the COVID-19 pandemic led to the necessity of a safer and effective mode of consultation and care, for which, telemedicine and smart technology play a pivotal role. Therefore, next generation, smart technologies will hold great commercial potential in the elder care services market over the coming years.

How are High Costs of Hospital Centric-systems & Day Care Centres Fueling Demand for Elder Care Services?

High expenditure of hospitalization is pushing the growth of the market. High expenses are incurred for advanced diagnosis, care, and treatment regimes. High susceptibility of the geriatric patients to diseases and infections elevates hospitalization expenditures. Hospitals have an extensive system of stabilizing patients and referrals to community care service centres, which comprise organized support and care services for elderly patients.

Improving daycare facilities and increasing number of such care centres are also adding momentum to the revenue generated by elder care services. Several daycare centres are capable of providing medication and supervision by skilled medical professions. Increasing adoption of daycare facilities due to busy lifestyles and overall cost-effectiveness of such care facilities are increasing the industry of daycare facilities.

How are Government Schemes & Insurance Programs Benefitting Elder Care Services?

Healthcare systems and governments of several geographies have taken crucial decisions in the past to support care of the geriatric population. In the U.S., the Nursing Home Reform Act protects and assists home and care facility patients from abuse and negligence. The act complies Medicare and Medicaid for the regulatory rules, stating “nursing home must provide services and activities to attain the highest practicable physical, mental, and psychosocial well-being of each resident in accordance with a written plan of care”. The rule demands nursing homes to have sufficient nursing staff and comprehensive care plans for patients, maintaining all the sufficient parameters and nutrition status, including other guidelines. Medicare is a federal health insurance program that covers the expenses of U.S. citizens over the age of 65 years. The payment is mandatory for long-term care under Medicare, including Medicare Hospital Insurance and Medical Insurance. Germany has Long Term Care Insurance that provides financial resources for caregivers. Insurance providers abide by these rules to pay care services or give cash benefits to private caregivers. In France, the Social Security System handles elder care, with the Social Health Insurance (SHI) and Social Retirement Insurance (SRI).

With such robust government schemes and insurance programs, the elder care services market is expected to be benefitted and grow further over the coming years.

elder-care-services-market

Country-wise Insights

 

Why is the Opportunity for Elder Care Services Big in the U.S.?

The U.S. holds an ocean of opportunities for the elder care services market. Advanced healthcare system, high hospital expenditure, robust insurance policies, and awareness regarding elder care services create a vast horizon of growth for the market in the country. The U.S. has recorded a fall in fertility rates owing to the financial crisis, recession from 2008, and the ongoing economic turmoil and shrinking workforce. The Centers for Disease Control and Prevention (CDC) has stated that, there has been a drop of 7% of teen birth rates from 2017 to 2018. The age of childbearing women has also increased, which has resulted in numerous medical complications, such as genetic defects and post-pregnancy complications for mothers.

The healthcare system of the U.S. is well renowned for its advanced infrastructure and expenditure. The regime of care centres and hospitals abide by regulatory rules and insurance policies. Massive hospital bills incurred, other than Medicare, escalates the market in the country.

The settling up of various retirement communities and villages are also in trend, which facilitates the independent living of retired elder individuals. Such retirement communities and villages offer various levels of care at the same facility.

There is integration of wireless connectivity and advanced devices into the care regimes of elder cares. Key players in the domain are actively capitalizing on wireless connections to deliver wellbeing services and care through remote access. In the U.S., elder care service providers are utilizing mobile technology and smartphones and tablets to facilitate better care for the elderly.

How is Expanding Greying Population in France Leading to its Dominance in the Europe Elder Care Services Market?

Rising number of geriatric patients with disabilities is aiding the growth of the elder care services market in Europe. France owns a robust established system to care for its elder patients. The Social Health Insurance (SHI) and Social Retirement Insurance (SRI) covered under the Social Security System plays a pivotal role in the care of poor and isolated, frail, elderly patients. The country has an employment-based social health insurance (SHI) system, which has been attaining universal health coverage (UHC) from 2000. France owns a universal health care system that is majorly financed by government national health insurance policies. In France, the Éstablishment d'hébergement pour personnes âgées dépendantes (EHPADs) takes care of elder people after retirement. EHPADs house geriatric people of the age above 60 years, with physical and/or mental ailments, in their retirement homes. There are over 7,200 EHPADs and over 10,000 home care services in the country with 1.4 million elderly individuals, with the support of 700,000 workers.

Why is the Elder Care Services Market in the U.K Flourishing?

The U.K has several elder care centres and introductory live-in care agencies that thrive in providing care and support like families do. Caregivers are made to qualify according to rigorous standards of skills to support elder patients. Care and nursing homes in the United Kingdom are increasing with live-in care. Elderly care at home is dynamically evolving, where hospices, nursing homes, and residential homes are commonly adopted. The standard of elderly care in the U.K. is impressive, with rigorous inspections related to comfort, hygiene, safety, health, and care. The United Kingdom Care Association is associated with live-in care providers, and manages to provide oversea assistance and care, and is regulated under the Care Quality Commission.

Which Forces are Driving the Gigantic Elder Care Services Market in Japan?

Japan protects its elder population under Japan’s Ministry of Health, Labour, and Welfare, which allows the state to take care of the burden of expenses of elder individuals. The state makes co-payment more transparent, and integrates healthcare and welfare services through unified financing.

Well-developed infrastructure, management, and design of support services for elder care facilities and retirement housing is flourishing the elder care services market in the country.

Category-wise Insights

Which Factors are Fueling Massive Growth of Institutional Elder Care Services?

Institutional care holds a global share of 69.2% in the service segment of the market. The extensive care regime of institutional care fuels its dominance in the service segment. Daily routines, guidance, support, and rehabilitation are an active part of institutional care services. The fee for care at institutional care centres is defined by the client's budget capabilities for long-term care. The massive adoption rate of institutional care centers is due to a comfortable and safe lifestyle provided at these institutions.

Why is Public Expenditure Important for Elder Care Services?

Public expenditure holds a global giant share of 63.9% in the financial sourcing segment. There are several schemes, reimbursement policies, and dedicated special programs by state and national governments of various geographies such as North America, Europe, East Asia, and others, which is pushing public expenditure upwards as far as elder care services are concerned.

Competitive Landscape 

Manufacturers in the elder care services market are aiming at strategic collaborations with other key players to strengthen their offerings of home-based care, community-based care, and institutional care. Several companies are eyeing acquisitions to expand their portfolios in elder care services. For instance, in 2016, Korian Group acquired Casa Reha in Germany. In 2017, the company merged into the Senior Living Group its Belgian subsidiary. Several companies have earned accreditation, which elevated their service portfolio, such as ProVita International Medical Center received a 3-year accreditation from the Commission on the Accreditation of Rehabilitation Facilities (CARF) International, in July 2017. Many companies have integrated smart technologies and communications in the care regime of elders. For instance, Samvedna Senior Care deployed training on social media platforms for the care of geriatric patients. Orange Valley partnered with National University Health System and Khoo Teck Puat Hospital to offer “tele-dental” care services and “tele-geriatric”, respectively.

Leading players in the domain of elder care services:

  • 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

*The list is not exhaustive, and only for representational purposes. Full competitive intelligence is available in the report.

Scope of Report

Attribute

Details

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

USD Million for Value and Units for Volume

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East & Africa

Key Countries Covered

  • U.S.
  • Canada
  • Brazil
  • Argentina
  • Mexico
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • Australia
  • New Zealand
  • GCC Countries
  • Turkey
  • Northern Africa
  • South Africa

Key Segments Covered

  • Service
  • Financing Source
  • Region

Key Companies Profiled

  • 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
  • Carewell-Service Co., Ltd RIEI Co., Ltd
  • SASCO Integrated Eldercare Centre
  • Cascade Healthcare
  • Millennia Personal Care Services Rosewood Care Group Inc.
  • Rosewood Care Group Inc.
  • Pacific Healthcare Nursing Home

Report Coverage

  • Market Forecasts
  • Brand Share Analysis by Region
  • Competition Intelligence
  • Market Volume by Each Segment
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives

Customization & Pricing

Available upon Request

Elder Care Services Market by Category

Service

  • Home-based Care
  • Community-based Care
  • Institutional Care

Financing Source

  • Public Expenditure
  • Private Source
  • Out-of-Pocket Spending        

Region

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • The Middle East and Africa (MEA)

Key Questions Answered in Report

Q1. Which is the most lucrative market for elder care services? 

Europe currently leads the global elder care services market. Revenue in Europe is estimated to reach 35% of total world demand by 2031.

Q2. Which is the dominating financing source for elder care services? 

Public expenditure is highly sought-after in every market. Numerous public schemes and programs allotted with massive budgets for elder care regimes are driving the dominance of the segment.

Q3. Which service accounting is driving market growth?

Institutional care is the leading service segment in the market, owing to its advanced care regime, and massive adoption due to its cost efficacy, safety, and comfort. 

Q4. Which are some of the leading companies offering elder care services? 

Some of the leading companies in this space are Benesse Style Care Co., Ltd, Econ Healthcare Group, Epoch Elder Care, St Luke's Elder Care 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, and GoldenCare Group Private Limited.

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