Global revenue of the elder care services market reached ~US$ 1 Bn in 2018, disclosed the new research study by Persistence Market Research (PMR). According to the report, the institutional elder care services segment is expected to witness a CAGR of ~ 8% in the forecast period (2019-2029), primarily due to significantly including all nursing, medical clinic diagnostics and laboratory service, and other emergency room services. Also, institution elder care services involve long term 24hour care service for medical and non-medical conditions. Home-based elder care services are associated with a lower risk of re-hospitalization that results in increasing the business growth in the forecasted period as these care services include medical and non-medical care.
Community-based elder care services are intended to provide care and companionship to the geriatric population who require help or supervision. The essential objectives of community-based elder care service centers are to postpone or avoid institutionalization, and to empower socialization among elderly that result in enhancing the revenue growth in the elder service care market.
The public expenditure segment captured the biggest share of the overall elder care services market in 2018 and was estimated around ~US$ 660 Mn. The government controls the cost of medicine, treatment, and therapeutic services through regulation and negotiation with the private insurers and hence subsequently eliminates the administrative cost, thereby driving market growth.
Private source for elder care services market is assessed to develop at an impressive CAGR of ~9% over the projection time frame. Private insurance can be either directly purchased by the insurer or is offered by the organization to employees. Private insurance can be divided into hospital cover insurance or general treatment coverage insurance.
The Demand for Home-based Elder Care Services at Pace
According to the PMR report, the worldwide market for elder care services, shows healthy development prospects for the market during the next ten years. Home-based elder care services are another common type of elder care services where a medical caretaker or other helper live full time in a senior's home or spend a portion of the day in home watching out for the patient’s need.
The home-based elder care services segment is relied upon to develop from ~US$ 76 billion in 2019 to ~ US$153 billion by the end of 2029 at a CAGR of ~7% in determined period, driven by an increasing geriatric population. Shortage of the US home health helpers and doctors, a booming senior population, and increasing prevalence of chronic diseases are the driving factors for the growth of home-based elder care services segment.
Investments in Asia Pacific Widening Market Scope
Factors such as the expanding aging population, favorable infrastructure for elder care services in emerging economies, changing family structure, and increases awareness levels among the elderly population towards sound way of life is likely to drive the demand for elder care services in the Asia pacific region. The developments in healthcare infrastructure, favorable reimbursement policies, and rising awareness are main reasons behind the established market in developed regions. In contrast, elder care services provider is relatively low in developing regions such as Asia and Latin America, which represents scope of further introduction of elder care services provider in these regions.
Additionally, increasing healthcare spending, growing awareness among patients, rising number of older patients suffering from disabilities and chronic diseases, increase in the number of facility in developing countries are expected to result in major opportunities for key players in the elder care services market. PMR’s research analyzes that the Asia Pacific region for the elder care services market is expected to grow by an impressive CAGR ~ 10% and around ~ 27% of market share and opens new opportunities for key players to expand their revenue by entering this region.
This study underlines key opportunities in the elder care services market and finds that the market would exhibit growth at a value CAGR of ~ 8% during the forecast period. For in-depth information on elder care services market, write in to the analyst at email@example.com