Elder Care Services Market

Market Study on Elder Care Services: Robotic Care Technology to Gain Prominence Over Coming Years

Elder Care Services Market Segmented By Home-based Elder Care Services, Community-based Elder Care Services, Institutional Elder Care Services for Public Expenditure, Private Source Funding and Out-of-Pocket Spending Financing Source

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

Market Snapshot

The global elder care services market was valued at US$ 1.1 Bn in 2020, and is expected to register a CAGR of 7.6% over the forecast period (2021-2031). As per Persistence Market Research’s latest projections, institutional care holds a substantial market share of over 70%. On a global scale, elder care services account for less than 1% share in the overall health care services market.

Elder Care Services Market Value (2020)

US$ 1.1 Bn

Projected Market Size (2031)

US$ 2.6 Bn

Global Market Growth Rate (2021-2031)

7.6% CAGR

Share of Top 5 Countries

59%

Find Out More about the Report Coverage

Companies

  • Eldercare Services.
  • Korian Group
  • ProVita International Medical Center, LLC
  • Home Instead, Inc
  • Living Assistance Services, Inc.
  • Benesse Style Care Co., Ltd
  • Econ Healthcare Group
  • Epoch Elder Care
  • St Luke's ElderCare Ltd
  • India Home Health Care
  • Samvedna Senior Care
  • ApnaCare India Private Limited
  • Nichiigakkan Co. Ltd
  • Golden Years Hospital
  • 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.
  • Pacific Healthcare Nursing Home
  • United Medicare Pte Ltd

Demand Analysis of Elder Care Services from 2016 to 2020 Vs Market Outlook for 2021 to 2031

Revenue generated by elder care services is being boosted by improved day-care facilities and an increase in the number of elderly care centres. Several day-care centres are equipped to provide medication as well as medical supervision by qualified medical personnel. The day-care facilities sector in the senior care industry is growing as a result of rising adoption of day-care services due to busy lifestyles and the overall cost-effectiveness of such care facilities.

With the advent of mobile technology, various devices track diet and nutrition, medication adherence, and health symptoms that require the immediate attention of health practitioners. A few applications offer the reporting of abrupt body movements such as a fall or imminent hazard. Chronic conditions of the elderly and preventive care technology are opening up niche markets such as diabetes-targeted applications and messaging tools.

Recent challenges posed by COVID-19 prompted the development of a more secure and effective mode of consultation and care, for which telemedicine and smart technology are critical in the home healthcare services market space. As a result, next-generation, smart technologies will have a lot of commercial potential in the elder care services sector, which is expected to register a CAGR of 7.6% over the forecast period (2021-2031).

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Why Has Demand for Elder Care Services Been Rising Faster With Each Passing Year?

Elder care service providers are pursuing strategic partnerships and acquisitions of other important players in order to improve their home-based care, community-based care, and institutional care offerings. Several organisations are looking to extend their elder care service portfolios through acquisitions.

With increasing demand for robotic assistance in eldercare facilities, key elder care service providers are moving toward the mass production of robots for providing care services for the elderly. Furthermore, manufacturers are dynamically infusing smart gadgets and wireless connectivity into the care regime of elders.

Continuous strategic initiatives by prominent players to develop and launch advanced products for home-based care and aged care facilities are anticipated to significantly support market growth of elderly care providers.

For Instance:

  • In August 2021, Age Care Labs announced the completion of its acquisition of Epoch Elder Care, a provider of expert dementia care and assisted living homes for elders.
  • In 2020, NTUC Health merged its portfolio of eldercare services brands: Silver Circle, SilverACE, SilverCOVE, and Care@Home, as well as the Unity brands into a single ‘NTUC Health’ brand. This makes it easier for individuals and families to use the full range of aged care and active ageing services.
  • In 2019, Orange Valley Healthcare won the Singapore Health Quality Service Award 2019 for outstanding efforts toward quality care and services for residents.
  • In September 2016, Paras Hospitals, Gurgaon, in association with Samvedna Senior Care, on World Alzheimer’s Day, announced the setting up of the first memory clinic / mental health screening centre.

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What are the Factors Stunting Demand for Elder Care Services to Some Extent?

Aged care homes usually have low profits. Providers are offering lucrative offers such as premium services that do not fall under the regulated structure of governments to make profits from aged care services. In addition to this, at several facilities, service providers receive low reimbursements owing to tightly controlled government programs and insurance companies, which is one of the major restraints for market growth of senior care services.

Increase in the number of elderly citizens along with rise in the prevalence of chronic illnesses has led to increasing demand for health services. Decrease in healthcare professionals has added to the healthcare shortage problems.

Various elderly care centres provide services only for assisted living and general activities due to lack of well-qualified professional staff for supervision of the geriatric population. Owing to this, several senior care centres does not meet the required standard of services, which is another market restraint.

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Country-wise Insights

Why are Elder Care Services Hugely Popular across the U.S.?

The U.S. market currently holds more than 90% revenue share in North America and is expected to continue growing rapidly through 2031, owing to large number of geriatric care agencies, favourable reimbursement policies, technological advancements, and rising aging population in the region.

What Makes the U.K a Lucrative Market for Elder Care Services in Europe?

The U.K. dominates the European market for elder care services owing to the presence of prominent players. Furthermore, growing social services for the elderly, such as counselling, referrals, day care, rehabilitation services, and health promotion would help the market grow even more.

Will India Be an Emerging Market for Elder Care Services?

Improvements in geriatric care services, such as the availability and skills of caregivers, increased technological innovation in geriatric care services, and favourable government policies for the elderly are major factors attributed to the growth of the market in India.

Category-wise Insights

How is Institutional Care Driving Market Growth by Service?

By service, institutional care is set to hold high market share of 70% in 2021, and surge at 9% CAGR during the forecast period. Primary factors that support the massive adoption of institutional care are low cost for long-term care, advanced care regime, safety, and comfort.

Which Financial Source Segment Accounts for Highest Market Share for Elder Care Services?

By financing source, public expenditure is expected to hold over 65.5% of the market share in 2021, and is expected to continue growing at a moderate rate due to better provision of schemes and reimbursement policies, which can strengthen human capital and improve productivity.

Impact of COVID-19

The COVID-19 pandemic has negatively impacted the market for eldercare facilities. The market was disturbed by a large number of COVID-19 patients and scarcity of medical supervision and healthcare staff.

During lockdowns, social isolation led elderly people to seek elder care services with through virtual socializing. Geriatric patients received a lot of attention and efforts from coronavirus caretakers because they were more susceptible to infections and other medical issues.

With competent and certified professionals and physicians, essential nursing care, medical social services, illness-specific care, and daily care services, homecare services are on the rise. During the pandemic, telemedicine has grown in popularity as a way to provide ongoing care and monitoring without having to visit a hospital or a care center.

Updated safety protocols, reopening of care facilities, and tele consultations have helped things get back on track post COVID-19 onset. Virtual care services are being used by the ageing population all over the world at a higher rate than ever before.

Competitive Landscape

Key players are focusing on expansion in emerging regions as well as mergers & acquisitions, and joint ventures to strengthen their market presence in elder and home care services.

  • In July 2021, Korian Group announced the acquisition of 90% of the Santa Croce family group in order to enrich its medical and healthcare service offerings in the Piedmont region around Turin.
  • In Jan 2019, Home Instead Senior care partnered with GranPad to provide an enhanced integrated solution such as interactive remote care, which would create new opportunities for the delivery of technology-based home care across under-served populations and rural geographies.
  • In Sep 2019, Benesses opened a new facility - Medical Home Granda Takamiya - with 24/7 services and nursing staff.
  • In June 2017, Econ Healthcare Group became the first organization in to receive the Singapore Service Class (S-Class) certification.

Similarly, recent developments in elder care services have been tracked by the team at Persistence Market Research, which are available in the full report.

Elder Care Services Industry Report Scope

Attribute

Details

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

US$ Mn for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa

Key Countries Covered

  • U.S.
  • Canada
  • Brazil
  • Mexico
  • Argentina
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Switzerland
  • NORDIC
  • Russia
  • BENELUX
  • China
  • Japan
  • India
  • Australia
  • New Zealand
  • Singapore
  • South Korea
  • Thailand

Key Market Segments Covered

  • Service
  • Financing Source
  • Region

Key Companies Profiled

  • Eldercare Service
  • Korian Group
  • ProVita International Medical Center, LLC,
  • Home Instead, Inc.
  • Living Assistance Services, Inc.
  • Benesse Style Care Co., Ltd.
  • Econ Healthcare Group
  • Epoch Elder Care
  • St Luke's ElderCare Ltd
  • India Home Health Care
  • Samvedna Senior Care
  • ApnaCare India Private Limited
  • Nichiigakkan Co. Ltd.
  • Golden Years Hospital
  • Orange Valley Healthcare
  • NTUC Health Co-Operative Ltd.
  • GoldenCare Group Private Limited
  • Carewell-Services Co., Ltd., RIEI Co. Ltd.
  • SASCO Integrated Eldercare Centre
  • Cascade Healthcare
  • Millennia Personal Care Service
  • Rosewood Care Group Inc.
  • Pacific Healthcare Nursing Home
  • United Medicare Pte Ltd.

Pricing

Available upon Request

Key Segments Covered in Elder Care Services Industry Survey

By Service

  • Home-based Elder Care Services
  • Community-based Elder Care Services
  • Institutional Elder Care Services

By Financing Source

  • Public Expenditure on Elder Care Services
  • Private Source Funding of Elder Care Services
  • Out-of-Pocket Spending on Elder Care Services

Media Release

- FAQs -

The global elder care services market is worth US$ 1.2 Bn, and is set to expand 2X over the next ten years.

The market for elder care services is expected to reach US$ 2.6 Bn by 2031, expanding at a CAGR of 7.6%.

From 2016-2020, the market expanded at the rate of 5.8% CAGR.

Development of the home care services market, changing dynamics of home care services with internet/mobile technology, increasing adoption of residential aged care, and development of innovative robotic technology are key trends being witnessed across the landscape.

The U.S., China, Japan, U.K., and France are expected to drive most of the demand for elder care services.

North America is one of the key markets for elder care services. The U.S. is expected to account for more than 90% of the North American market.

Demand of elder care services is expected to register a CAGR of 6.6% over the forecast period.

Demand of elder care services is expected to register a growth rate of 10% over the next ten years.

ResMed Inc., Koninklijke Philips N.V., Merck & Co. Inc., Drive DeVilbiss Healthcare LLC, GlaxoSmithKline Plc., Fisher & Paykel Healthcare Limited, Sanofi SA, Pfizer Inc., and Eisai Co., Ltd are key companies providing elder care services.

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