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  • Elderly Care Services Market Analysis | 2021-2026

    Elderly Care Services Market Analysis | 2021-2026

    Elderly Care Services Market Analysis | 2021-2026
    Report code - SRHL270 Delivery - 2 Weeks
    Elderly Care Services Market Size, Share, Trend, Forecast & Competitive Analysis: See more...

    Market Insights

    The Elderly Care Services Market was estimated at US$ 895.6 million in 2020 and is expected to grow at a healthy CAGR of 6.6% during 2021-2026 to reach US$ 1310.9 million by 2026.

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    What is the 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 day-care, 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.

    Elderly Care Services Market Report Overview

    Market Size in 2026

    USD 1310.9 Million

    Market Size in 2020

    USD 895.6 Million

    Market Growth (2023-2028)

    Over 6.6%

    Base Year of Study

    2020

    Trend Period

    2015-2019

    Forecast Period

    2021-2026

    Segments Covered

    By Service Type (Home Care [Health Care {Medical Care, Physiotherapy services, Palliative Care, Others}

    By Non-Medical Home Care {Rehabilitation, Homemaking and Meals, Others}]

    By Institutional Care [Nursing Homes {Palliative Care, Hospice care}, Independent Senior Living, Hospital-based, Assisted Living)

    By Financial Sources (Public and government expenditure, Private Sources)

    By Region (North America, Europe, Asia-Pacific, & the Rest of the World)

    Dominant Region

    North America is expected to be dominant throughout the forecast period.

    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 a rising greying population lead to higher hospitalization of senior adults, boosting industry growth.

    • However, a limited workforce, as well as poor medical insurance coverage in developing countries, are likely to hinder market expansion.

    COVID-19 Impact

    The 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 the 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.

    Segments Analysis

    Service Type Trends

    The global elderly care services market has been bifurcated into home care, adult day care, and institutional care.

    • Among these, the home care segment witnessed the highest market share 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 Analysis

    The North American market witnessed the largest market share 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 a wide variety 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 aging population trends further propel regional growth.

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    Key Players

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

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

    Target Audience

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

    Critical Questions Answered in the Report

    • What are the key trends in the global elderly care services market?
    • How has the market (and its various sub-segments) 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?

    Report Features

    This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Elderly Care Services Market

    How lucrative is the future?

    The market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

    Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to 3 players).
    • SWOT analysis of key players (up to 3 players).

    Market Segmentation

    • Current market segmentation of any one of the product types by application type.  

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances.

    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 Needleless connectors, please send your inquiry to sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

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

    The Elderly Care Services Market is projected to reach USD 1,310.9 million by 2026.

    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.

    North America witnessed the largest share of the elderly care services market.

    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 the elderly care services market.

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