Nutritional Supplements to Account for One in Three Sales of Elder Care Products: Persistence Market Research
Published On : Jun 21, 2022
The elder care products market is being propelled by rising awareness about elder care, increasing incidence of age-related disabilities, and increasing government funding to promote affordable & accessible healthcare facilities to age-old people. Moreover, increasing elderly population over the past decade has been a major factor driving demand for elder care products across regions. The market is projected to expand at a CAGR of around 5.4% with expected value sales of around US$ 38.61 Bn by 2032.
- As per reported data by the World Health Organization in 2021, between 2015 and 2050, the proportion of the world's population over 60 years will nearly double from 12% to 22%. In 2050, 80% of older people will be living in low- and middle-income countries. By 2030, 1 in 6 people in the world will be aged 60 years or over.
The changing trend of the elderly population electing to live independently is also promoting the usage of elder care products. Increase in life expectancy has resulted in a rise in the proportion of elderly people in the general population. As the aging population grows, terminal illnesses, dementia, and other significant disabilities have become more prevalent. As a result of the rising standard of living, specialized elder care products such as assistive devices and accessories are now being manufactured on a large scale.
Mergers and acquisitions aid manufacturers in maintaining their stance in the industry and generate more income. Collaboration efforts are boosting sales and aftersales service operations, allowing manufacturers to increase their revenue share in the market.
- In March 2022, Cardinal Health Inc. released the first surgical incise drape incorporating antiseptic chlorhexidine gluconate (CHG).
Key Takeaways from Market Study
- Nutritional supplements held around 35.6% market share at the end of 2021.
- By type of care, chronic illness care contributed nearly 74.1% revenue share in 2021, in the global market.
- By end user, hospitals are more preferred and the segment held a market share of around 44.5% in 2021.
- Around 36.9% of the global market share was accounted for by North America in 2021.
“Increasing demand for retirement living and growing geriatric population are expected to drive market growth over the coming years,” says an analyst of Persistence Market Research.
Key manufacturers are working on developing innovative products that are not only suitable and required for quicker recovery but also for enhancing the comfort level of elderly patients, in order to stay competitive in the market.
Furthermore, because older people are more susceptible to infections, there is a need to develop diverse elder care products for early recovery to significantly reduce the length of hospital stay. As a result, a majority of producers are concentrating on the development and approval of new products.
- In October 2021, Amway launched peppermint, grown organically and containing essential nutrients, under the Nutrilite brand. It represents a new method of nutrient delivery.
- In August 2021, B. Braun Medical Inc. announced that the U.S. Food and Drug Administration cleared its hemodialyzer, Diacap® Pro. This new dialyzer offers improved performance and user handling.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the elder care products market in its latest study, presenting a historical demand assessment of 2017 – 2021 and projections for 2022 – 2032.
The research study is based on the product (incontinence products, consumables, assistive devices, and nutritional supplements), type of care (home care and chronic illness care), and end user (hospitals, nursing care facilities, and home health care), across seven key regions of the world.
For additional insights on how growth of the elder care products market will unfold over the decade, write to the analyst at email@example.com
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Elder Care Products Market
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