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

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 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.

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. 

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?

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

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