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Assisted Living Market Report
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.
It is important to address the elephant in the room. In the recent G20 summit in Buenos Aires (December 2018), Japan had put forth it’s demand to include Aged Care in 2019 agenda. As the silver tsunami hits many countries in the world, the market stands divided into two – Prepared and Unprepared. Opportunity for services industries as well as manufacturing companies are immense in the prepared (immediate opportunity) and unprepared (near – mid-term opportunity) zone. It is imperative to compare both sides of the market.
Stratview Research brings a 360 degree analysis on the potential demand versus actual demand (available services) and projects the gaps that can be converted into opportunity. Major developed markets of assisted living / aged care such as Canada and USA in North America, The Netherlands, Germany and UK in Europe, Australia/ New Zealand and Japan in Asia-Pacific have been studied in depth and each segment of care or assistance has been analyzed to give clarity to companies involved in pharmaceuticals, diagnostics, medical devices, insurance, real estate/aged care homes, para medical (nurses and healthcare assistants), wearable devices, monitoring systems (ICT) across these regions. At the same time, potential markets such as China, Singapore, Malaysia, Sweden, Norway, Finland, Portugal and others which are ready with demands for assisted care living and would require products and services specially customized to suit the needs of population above the age of 60 years, have also been explored.
We believe that just growth forecast of markets are not enough to clarify the exact nature of demands and also identify the decision makers in this market. Not only from the marketing point of view, but sales strategists too need market information, especially when their products and services are focused on a particular age group.
The report from Stratview Research, analyses the decision makers, the purchasing power of this population, access to social media, internet, the type of assistance required per region and give further clarity. The readers of this report will agree that “one size doesn’t fit all”. Hence depending on the race, ethnicity and geography, the demands are bound to vary, globally. What works in Australia, may or may not work in Japan? What could be the possible hurdles in markets such as India? Why is aged care not an attractive segment in many countries? Are there enough policies to promote these segments? What all are covered under social insurance scheme? What is the scenario with private insurance?
What are the best business models that has helped countries such as UK or USA support their senior population? How open is China while adopting aged care in the main stream? Who buys these products? What is the purchasing power? Is it different across all the age group (60-90 years) or are there variations? Which is more attractive as a set up – hospice, assisted living (apartments or row houses), smart living?
All the above questions require clarity for the existing service providers and manufacturers, many of whom are still planning to enter the market. At the same time, it is imperative to look at the existing competition in this segment and prepare counter strategy. The report answers all the possible queries.
About The Author of The Report: The author has been tracking the aged care/ assisted living market for the last 7 years and his work has been published in major business magazines across the world. Key publications are listed below:
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