- September 21, 2020
- Category: Consumer Goods and Services, Other Industry Reports
Global Elderly Care Products and Services Market is valued approximately USD 832.8 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 3.90% over the forecast period 2020-2027. Elderly Care Products and Services are referred to as a senior care, is specialized care that is designed to meet the needs and requirements of senior citizens at various stages. The elderly care is a broader team, as it encompasses everything from assisted living and nursing care to adult day care, home care and even hospital care. Also, comorbidities such as renal insufficiency, diabetes, arthritis and metabolic changes are common among the elderly population that make them more susceptible to infection. Also, the key players are focusing on strategies such as product launch, innovation and merger & acquisition to sustain themselves amidst fierce competition. The growth of the market is attributed owing to rising geriatric population and increased comorbid conditions and the decrease in activity of the immune system of elderly population. As per the United Nations’ Report: World Population Prospect-The 2017 Revision, worldwide population of people aged over 60 years is projected to reach 1.3 billion by 2030 from 962 million in 2017 (13% of world population). Similarly, as per the Office for National Statistics (United Kingdom) in 2016, the population of the United Kingdom is 65.6 million and is anticipated to reach 74 million by 2039. In 2016, 2.4 % of population were aged 85 and over and 18% of UK population were aged 65 and over. Thus, the need for elderly care products and services would increase thereby, aiding the growth of the market. However, High cost of geriatric care services and lack of proper geriatric care services in developing countries is hampering the growth of the market during the forecast period of 2020-2027.
The regional analysis of global Elderly Care Products and Services market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Europe is the leading/significant region due to the large dominant players in the region including Koninklijke Philips and Medtronic Plc. The increasing social services in U.K. covering multiple services from counselling, day care, referrals, vocational rehabilitation and habilitation services to the elderly people will further support the region growth. Whereas Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027.
Major market player included in this report are:
Koninklijke Philips N.V
Bayada Home Healthcare
Right At Home
Sunrise Senior Living
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
65 to 74
75 to 84
85 and older.
Elderly Nursing Home
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Elderly Care Products and Services Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers