With geriatric population estimated to be crossing a mark of 2 billion by the end of the next three decades, the elder care services section still remains inadequately addressed. Industry experts continue to highlight the fact that the available options of elder care services are flawed, poorly organized, and insufficiently funded. However, while technological advances are rapidly transforming every industry worldwide, the next few years are expected to witness promising growth of the elder care services market, prominently driven by a range of cutting-edge technologies.
Persistence Market Research’s latest intelligence on the global market for elder care services, indicates healthy growth prospects for the market during the next eight years. Over the projection period 2018-2026, the US$ 999 Mn global elder care services market is likely to thrive at 8.5% CAGR.
Although proper insurance coverage of home healthcare continues to support the growth of elder care services market in developed regions, the market for elder care services in developing economies is still struggling to thrive, due to poor elder care infrastructure, dearth of trained professionals, and expensively prices services. During the assessment period, the market for elder care services is anticipated to witness changing dynamics of home care services for elders through advances in Internet and mobile technologies. Emergence of healthcare service providing firms concentrating on top notch elder care services on demand for robots, will continue to push the growth of elder care services market through 2026.
Specialized Apps Based on Tele-awareness to Boost Adoption
Increasing prevalence of diabetes and chronic obstructive pulmonary disorder (COPD) has become a major concern, which makes it imperative to provide proper care to patients who are unable to self-care. Research unravels that telehealth is being considered to be a promising means of providing healthcare to patients groups suffering from any of the aforementioned or similar conditions. Elder care service providers are now using specialized applications based on telehealth, to deliver an exclusive elder care service experience. Education and awareness about the use of technology will however restrict adoption to a certain extent.
Care-bots to be the Future of Elder Care Service Providers
Industry experts strongly support the prediction about emergence and widespread adoption of care giving robots (care-bots) to look after elderly population and bedside robots to take care of a growing patient pool at hospitals. These robots will provide extensive care services to patients as well as elderly people, including feeding, rehabilitating, assisting with meals, portering, and transporting them. Exhaustive elder care services provided by care-bots are foreseen to be an added advantage in terms of enabling the geriatric population to live longer, better, and satisfied. Another key benefit of adopting care giving robots is an improved level of social care, allowing people to stay connected others.
GladAge to Introduce Unified Solution Based on Blockchain Technology to Overcome Shortcomings in Elder Care Services System
Recognizing the flaws and shortcomings in the existing elder care services system, GladAge (Australia) has been working on creating a unified, decentralized solution that would tackle all the challenges that are likely to be encountered with in next few years. This solution is being developed on the base of Blockchain technology, and will possibly abolish the involvement of any third party in providing elder care services, which eventually results in high costs. The company looks forward to put forth a common platform offering everything that elderly people require, including senior care equipment, service providers, and real estate, besides healthcare.
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