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Global Elderly Health Market Size, Segmentation, Trends and Growth Analysis Forecast by 2030

  •   DLR4878
  •   May, 2024
  •   Pages: 350
  •  Global

Elderly Care  Market Overview and Analysis :

The Elderly Care Market was currently valued at USD 2.5 trillion in the year 2022 and is expected to register a CAGR of 7.76% reaching USD 3.1 trillion by 2030.

Elderly Health Market

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Elderly care, or simply products and services serves the needs of old adults. It encompasses assisted living, adult daycare, long-term care, nursing homes, hospice care, and home care. Elderly care emphasizes the social and personal requirements of senior citizens who wish to age with dignity while needing assistance with daily activities and with healthcare. Much elderly care is unpaid. Elderly care products and services include a broad range of practices and institutions, as there is a wide variety of elderly care needs and cultural perspectives on the elderly throughout the world.

The Increasing geriatric population and the growing awareness among consumers regarding home care services is a significant factor fueling its market growth. Besides, this upsurge in technological advancement including the development of robots capable of assisting elderly people in carrying out day-to-day operations is estimated to boost its market growth. Also, various government organization is supporting this industry, thus fueling market growth. 

Segmentation  :

The Elderly Care Market is Segmented

By Products :

  • Housing
  • Assistive Devices
  • Personal Care Productsy

By Services :

  • Homecare Services
  • Community Based Services
  • Institutional Care

By Age :

  • Age Group 65 to 74
  • Age Group 75 to 84
  • Age Group 85
  • Older

By Gender :

  • Male
  • Female

By End Users :

  • Hospitals
  • Elderly Nursing Home
  • Homecare

The market report values USD 2765.7 billion in 2022.

Elderly Health Market Seg

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Driver & Restraints :

Globally Increasing Geriatric Population

Elderly care is referred to as senior care, which includes meeting all the requirements of senior citizens at different stages. It includes products and services that make the daily activities of aged people simple and easy. The need for elderly care increases with the growing age as aged people require physical as well as emotional assistance to lead a productive, healthy, and independent life.

Eldercare services include assisted living, adult day care, long-term care, short-term care, hospice, and home care. In October 2022, WHO reported that the share of the population aged 60 years and over will increase from 1 billion in 2020 to 1.4 billion. By 2050, the world's population of people aged 60 years and older will double (2.1 billion). The number of persons aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million. Thus, such instances show that the market is expected to witness high growth over the forecast period.

Technological Advancements

In developed nations, elderly care services are in high demand, and with growing medical science technology, developing nations are also opting for these services. Elderly care services are divided into medical and non-medical services. After surgeries or any injuries, the services offered to the elders are mainly medical, while emotional problems or neurodegenerative diseases include both medical and non-medical services. In September 2021, Amazon reported the commencement f a new subscription service called “Alexa Together,” designed for families with aging family members who are still living independently, but who may need extra support. The USD 19.99 per month subscription expands on Amazon’s existing product, Alexa Care Hub, an earlier investment in elder care, by taking many of Care Hub’s features and adding on new protections, like an urgent response feature and access to a professional emergency helpline. Thus, such product developments are contributing to the market’s growth. 

Covid - 19 Impact on Elderly Care Market :

 The COVID-19 pandemic has drastically changed the lives of countless members of the general population. Older adults are known to experience loneliness, age discrimination, and excessive worry. It is therefore reasonable to anticipate that they would experience greater negative outcomes related to the COVID-19 pandemic given their increased isolation and risk for complications than younger adults. Thus, the demand for elderly care products significantly increased and COVID-19 surged the demand for elderly care products. 

Segmental Analysis :

Personal Care Products By Product Types are Expected to Witness Significant Growth Over the Forecast Period

Personal care may include assistance with getting up and going to bed, support with washing, oral care, bathing, and dressing, hair care, and shaving, skincare and care of toenails/fingernails, assisting with visits to the toilet or changing incontinence aids, help with housework, including washing up, cleaning and laundry, cooking meals and helping with feeding if necessary and prompting and administering medication.

Europe By Geographical Segment is Expected to Dominate the Market Over the Forecast Period 

Europe currently dominates the elderly care services market with a significant share of the market revenue. The presence of prominent market players in the region is driving the market's growth and increasing awareness regarding elderly care services. The UK supports all kinds of elderly care services, including daycare, institutional services, vocational rehabilitation services, etc., to the elderly population, which adds impetus to the growth of the market in the region. Moreover, more than 50% of the people in Europe are above 65 years of age, which also offers lucrative growth opportunities for the market during the forecast period. For instance, in February 2023, Eurostat reported that in 2022, more than one-fifth (21.1 %) of the EU population was aged 65 and over. 

Furthermore, the initiatives and product launches done by major key players are expected to drive market growth in the region. For instance, in September 2022, A ‘feel-good tech company’ promising to disrupt the elderly care industry launched in London. Many of the elderly people we serve have conditions such as dementia or struggle to move independently. Gubbe helpers can take them to the toilet, cook and feed them, change their bed sheets, and do other house chores. 

Elderly Health Market Table

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Competitive Landscape Of Elderly Care Market

The Elderly Care Market is highly fragmented due to the presence of many major players working globally and regionally. Some of the major players working in this market segment are

Key Players : 

  • Koninklijke Philips N.V.
  • Unicharm
  • Cardinal Health
  • Medtronic Plc
  • Interim Healthcare
  • Bayada Home Healthcare
  • Genesis Healthcare
  • Signature Healthcare
  • Sunrise Senior Living.

Recent Development

1) In November 2022: --Iveda launched IvedaCare, an AI assistant that enables users to effectively care for the people, places, and things that matter most. IvedaCare is the first scientifically validated at-home AI Caregiver service. The patented AI-driven, predictive software learns users’ lifestyle preferences in order to make informed decisions around health and security, effectively reducing false alarms and providing unparalleled peace of mind to caregivers using the technology.

2) March 2022: Ping An Insurance Company of China, Ltd. reported that its subsidiary Ping An Life has launched an elderly home care service. Building on the strength of Ping An's healthcare ecosystem and high-quality elderly care resources, the service brings together insurance protection for customers with a professional "one-stop" elderly care service for an easier and more affordable living experience. The launch of a home-based elderly-care service creates a 'closed loop' in an innovative "insurance + service" product ecosystem.

Frequently Asked Questions (FAQ) :

Q1. What is the current Elderly Health Market size?

The Elderly Care Market was currently valued at USD 2.5 trillion.

Q2. At what CAGR is the market projected to grow within the forecast period?

Elderly Care Market is expected to register a CAGR of 7.76% over the forecast period.

Q3. Which Region is expected to hold the highest Market share?

Europe region is expected to hold the highest Market share.

        Market Overview
        Market Drivers
            Growing Geriatric
            Technological Advancements
       Market Restraints
            High Cost of Instruments
        Porters Five Force Analysis
            Bargaining Power of Suppliers
            Threat of Substitute Products
            Intensity of Competitive Rivalry
            Threat of Substitute Products
            Intensity of Competitive Rivalry
MARKET SEGMENTATION (Market Size by Value - USD million)
  By Type
         Housing and Assistive Devices
         Personal Care Products
         Community Based Services
         Institutional Care
   By End Users
      Elderly Nursing Home
   North America
     United States
     United Kingdom
     Rest of Europe
     South Korea
     Rest of Asia-Pacific
  Middle East and Africa
     South Africa
     Rest of Middle East and Africa
  South America
     Rest of South America
   Company Profiles
      Koninklijke Philips N.V
      Cardinal Health
      Medtronic Plc
      Interim Healthcare
      Bayada Home Healthcare
      Genesis Healthcare
      Signature Healthcare
      Sunrise Senior Living

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Research Process

Data Library Research are conducted by industry experts who offer insight on industry structure, market segmentations technology assessment and competitive landscape (CL), and penetration, as well as on emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analysing historical trends and current market positions, our analysts predict where the market will be headed for the next five years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.

In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and SOFT) of the companies that active & prominent as well as the midsized organization



Primary Research

Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.

In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.

It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.

Secondary Research

Secondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.

Market Size Estimation

Both, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.

Forecast Model