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    Elderly Care Services Market Report

    Elderly Care Services Market Report
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    Global Elderly Care Services Market, Dynamics, and Market Analysis
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    Impact of COVID-19 on Elderly Care Services Market

    Covid-19 has impacted the market dynamics, competition, and global...

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    Impact of COVID-19 on Elderly Care Services Market

    Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.

    Note: The summary below might not have included insights on covid impact since we have large number of reports.

    Market Insights

    The Global Elderly Care Services Market is projected to grow from USD 895.6 million in 2020 to USD 1,310.9 million by 2026 at a CAGR of over 6.6% during the forecast period.

    Figure: Global Elderly Care Services Market Size, 2020-2026 (USD Million)

    Elderly-Care-Services-Market-Forecast

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    What is Elderly Care Service?

    Elderly care, also known as senior or geriatric care is specialized care that is designed to cater to the requirements and needs of senior citizens at various stages. As such elderly care is a wider term, as it encompasses everything from assisted living stay and nursing care to adult daycare, hospice care, and even home care. It includes a broad range of services that are meant to improve the health and living standards of senior adults. This sector has gained traction in the past few years as the geriatric population is increasing.

    Key Players

    Key players operating in the global elderly care services market are-

    • Karl Storz Elderly Care Services (The U.S),
    • FUJIFILM Corporation (Japan),
    • Biovision Elderly Care Services, LLC (The U.S),
    • Dr. Fritz Endoscopy GmbH (Germany),
    • STERIS Instrument Management Services,
    • Inc (The U.S),
    • DRE Veterinary (The U.S),
    • PENTAX Medical (Japan),
    • Richard Wolf GmbH (Germany),
    • Medtronic Plc (Ireland), and
    • B. Braun Melsungen AG (Germany).

    Market Dynamics

    Improving insurance coverage of home healthcare facilities coupled with progression economies, the social context of an aging population, and altering family structures are encouraging the need for elderly care services, thus augmenting the market growth.

    • The surging demand for elderly care services has helped foreign investors to expand the sector across various countries across the globe.
    • Moreover, declining fertility rates, increasing healthcare expenditures, and rising greying population lead to higher hospitalization of senior adults, thereby, boosting the industry growth.
    • However, a limited workforce, as well as poor medical insurance coverage in developing countries, are likely to hinder the market expansion.

    Segment Analysis

    Service Type Trends

    Based on service type, the global elderly care services market has been bifurcated into home care, adult daycare, and institutional care.

    • Among these, the home care segment witnessed the highest market share in 2020 and is projected to grow at a healthy CAGR during the forecast timeline.
    • This is mainly ascribed to the rising elderly population, patients recovering from surgery, and the prevalence of chronic diseases, which are likely to surge the need for home care services.

    Regional Trends

    By region, the North American market witnessed the largest market share in 2020 and is projected to grow at a steady CAGR during the assessment period.

    • This can be attributed to rising pet healthcare insurance, the constant development of reimbursement policies along the presence of wide varieties of long-term care centers in the U.S, which are bolstering the market in North America.
    • Moreover, the growing number of geriatric care agencies and converging trends of the aging population further propel regional growth.

    COVID-19 Impact on Global Elderly Care Services Market

    The ongoing COVID-19 pandemic moderately affected the elderly care services industry in the initial period of the outbreak. The massive influx of COVID-19 patients, and lack of medical supervision and healthcare professionals jolted the market. Social isolation during nationwide lockdowns has forced aged individuals to consider elder care services in support of virtual socializing. The coronavirus caregivers have given massive focus and time to geriatric patients as they are relatively more vulnerable to infections and other medical conditions.

    Critical Questions Answered in the Report

    • What are the key trends in the global elderly care services market?
    • How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
    • What is the impact of COVID-19 on the global elderly care services market?
    • What are the key strategies adopted by the major vendors to lead in the global elderly care services market?
    • What is the market share of the top vendors?

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    Target Audience

    • Elderly care service providers
    • Old age homes
    • Hospitals
    • Pharmaceutical companies
    • Senior care clinics

    Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at [email protected].

    Frequently Asked Questions (FAQs)

    The elderly care services market is expected to reach USD 1,310.9 million in the foreseeable future.

    Karl Storz Elderly Care Services (The U.S), FUJIFILM Corporation (Japan), Biovision Elderly Care Services, LLC (The U.S), Dr. Fritz Endoscopy GmbH (Germany), STERIS Instrument Management Services, Inc (The U.S), DRE Veterinary (The U.S), PENTAX Medical (Japan), Richard Wolf GmbH (Germany), Medtronic Plc (Ireland), and B. Braun Melsungen AG (Germany) are among the key players in the elderly care services market.

    The elderly care services market is expected to witness an impressive growth of 6.6% CAGR in the coming years.

    North America witnessed largest share in the elderly care services market in 2020.

    The home care segment is expected to grow at a healthy rate in the elderly care services market in the coming years.

    Improving insurance coverage of home healthcare facilities coupled with progression economies, the social context of an aging population, and altering family structures are the factors driving the growth of elderly care services market.

    Elderly care service providers, Old age homes, Hospitals, Pharmaceutical companies, Senior care clinics are the target audience in the elderly care services market.

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