Rising 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.
Staggering expense of elder care services will be a noteworthy market obstructing factor. Additionally, the absence of elder care service benefits in developing nations will impede the development of business in the long run.
Recent Trends Shaping the Elder Care Services Market
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 elder care services has switched towards new technology. Various devices track diet and nutrition, medication adherence, and health symptoms that require immediate health practitioner attention. Chronic conditions in elderly, and preventive care technology are opening up niche markets such as diabetes-targeted applications and messaging tools.
The rising trend of the collaborative consumption business model has applications in elder care service and nursing service markets. These services include, nursing procedures such as wound management, medical appointment escort with assistance in daily activities. These services offered on-demand, have convenience for elderly patients who need occasional care support. Such services also initiate cost savings from the potential institutionalization and providing alternative opportunity for family caregiver.
Restraining Factors Impacting the Elder Care Services Market
In spite of the fact that the demand for elder care services is huge worldwide, there is a lack of qualified professionals for such services. Owing to shortage of staff and limited qualification, several elderly care centers do not meet the standards of elder care services. Lack of awareness regarding senior care services in Asian countries is a prominent factor hampering the growth of the elder care services market in the region.
In addition to this, several facilities receive low reimbursements owing to tightly controlled reimbursements from government programs and insurance companies. Thereby, hampering the elder care services market growth.
Europe Holding a Significant Market Share
Europe is the prominent regional market for elder care services due to increasing prevalence of chronic disorders, growing elderly population, and favourable reimbursement policies. Europe holds significant share in the elder care services market with ~ 36% of total revenue and is expected to grow with a CAGR ~ 7% in the forecast period. On the other hand, North America represents second most lucrative region in the elder care services market and is expected to grow ~ 6% in the forecasted period with ~ 30% of market share due to adoption of healthcare services and technological advancements.
The Asia Pacific elder care services market is expected to grow at a most noteworthy rate because of large elderly population and growing number of chronic diseases in the region.
Leading Market Players in the Elder Care Services Market
Epoch Elder Care, St Luke's ElderCare Ltd, Korian Group, ProVita International Medical Center, LLC (NMC Healthcare), Home Instead, Inc., Living Assistance Services, Inc., Cascade Healthcare, Econ Healthcare Group, India Home Health Care, Samvedna Senior Care, Rosewood Care Group Inc., Benesse Style Care Co., Ltd., ApnaCare India Private Limited, Nichiigakkan Co. Ltd, Golden Year Hospitals, Orange Valley Healthcare, NTUC Health Co-operative Ltd, GoldenCare Private Limited, Carewell-Service Co., Ltd., RIEI Co. Ltd, SASCO Integrated Eldercare Centre, Millennia Personal Care Services, Pacific Healthcare Nursing Home, United Medicare Pte Ltd are key companies operating in the global elder care services market.
Various elder care service providers are enhancing their capacity such as, in Sept 2016, United Medicare Pte Ltd. reported to have three facilities at, Tao Payoh, Elizabeth Drive, and Queensway with total bed capacity of 689. Similarly, in Jan 2016, Ministry of Health, Singapore approved Pacific Healthcare Nursing Home under the Medical and Elderly Care Endowment Schemes.
A comprehensive view of the elder care services market has led our analysts to conclude that, the market is growing at an impressive rate, with North America and Europe holding a large chunk of the global elder care services market. Increase in the number of patients suffering from chronic disorders and favorable reimbursement policies are spurring the growth of the market.
Persistence Market Research (PMR) recently published a market study on the global market for elder care services. The study provides detailed assessment on the key market dynamics, including drivers, trends, opportunities restraints, and detailed information about the elder care services market structure. The market study presents exclusive information about how the elder care services market will grow during the forecast period of 2019-2029.
Key indicators of market growth, which include Year-on-Year (Y-o-Y) growth of the market and compounded annual growth rate (CAGR) are explained in PMR’s study in a comprehensive manner. Other information includes market size analysis by region, by financing sources, and by service type, which help in deep understanding of the different types of services and financial sources offered to elderly population. The other information contains market value analysis, which includes year wise growth of elder care services, detailed analysis of industry trends in the forecast period. This information can help readers understand the quantitative growth prospects of the elder care services market during the forecast period.
The study is relevant for established elder care service providers and new entrants in the service market can help them in developing appropriate strategies to grow in the market. Business researchers and industry experts can leverage the information and data presented in PMR’s study.
The study also includes statistics as well as facts related to macroeconomic factors that are impacting developments in the market. It also offers actionable insights based on the future trends in the elder care services market. Furthermore, small businesses and new entrants in the elder care services market too can make use of the information presented in this study, based on which, they can make appropriate business decisions in order to gain momentum in the market.
Key Segments of the Elder care services Market
PMR’s study on the elder care services market offers information divided into three important segments— service type, financing source, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.
Key Questions Answered in PMR’s Elder Care Services Market Report
Elder care services Market: Research Methodology
In PMR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the elder care services market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analyst ensure accuracy and reliability of the conclusions.
Secondary resources referred to analyst during the preparation of the elder care services market study include statistics from government healthcare organizations, medicines journals, research journals, press release, annual reports_bk_01_01_2020, white papers, directories, and databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary resources and secondary resources acts as a validation from companies in the elder care services market, and makes PMR’s projection on the growth prospects of the elder care services market more accurate and reliable.