Aging is a natural process concerning physiological, cellular, psychological, social changes of an organism over a period. It is not just restricted to a single region rather affecting the whole world. By 2050, the world's population aged 60 years and older is expected to reach 2 billion, up from 900 million in 2015. Currently, 125 million people are aged 80 years or above. Countries like India where the population pyramid was of expanding type will soon show a change due to the aging and increased life expectancy. —
However, Ageing is not just a story about declining economic potential. The other side of the coin shows rising demand for products and services that are tailored to the needs of elderly people. The aging population will create unprecedented demand for the senior care industry and would open door for agents and brokers to increase their business in the elderly care service. Demand for retirement homes and care services is expected to grow quickly in the coming decades. Collaborations between the government, care providers, insurers and patients are a precursor to any significant change involving elderly care service. Moreover, the in-home care industry also provides good employment opportunities for women and minorities (who, together, represent most of the personal care workforce), with job growth for aides projected to increase by 26% through 2024 in US alone. The global elderly care service market is segmented based on service type (Institutional care, Adult daycare and Home-based care), funding type (Public expenditure, Private expenditure and Out-of-Pocket Spending), service provider (public and private). These are the major focus areas considered while analyzing and defining the penetration of Elderly care services in major regions/countries globally.
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Under the service type segment, in 2018, the Institutional Care dominated the global elderly care service market with maximum share in terms of revenue. Based on estimation, the segment occupied a 69.7% share in 2018. However due the changing market trend, Home-Based Care is anticipated to register the highest CAGR of 9.29% during the forecast period 2019-2025. Unfortunately, while aging members of Indian population need constant support, they have been a largely neglected demographic by governments, organizations, individuals and even their own children. It is therefore crucial that interventions to improve the quality of life of the elderly would increase exponentially. This can be done by certain government measures to increase awareness about Elderly care institutions and daycare facilities among others. Moreover, government can take initiatives to increase funding in order to provide old age people with higher stander of living under constant assistance.
Moreover, in 2018 among the funding type, Public funding was the most common mode of funding for the elderly care service, with a prominent share of 64.8%, however, Out-of-Pocket segment is projected to witness reasonable CAGR of 8.94% during the forecast period. To conclude, Elderly care services are being adopted by elders at a very accelerating pace. It has been observed that the market size as well as adoption rates are reaching all-time highs at global scale and do not show any sign of slow down. These services can be provided by both public and private service providers. Global Elderly care derived revenue of US$ 1,000.7 billion in 2018 and is expected to fetch US$1,744.6 billion by 2025 displaying tremendous CAGR of 8.31% over the forecast period 2019-2025.
Numerous companies have earmarked their presence in the global Elderly care service market with a continued focus on product innovation, investments, business expansion, and business collaborations. They continue to offer wide range of Elderly care services that cater to the growing elderly population's need. With an objective to stimulate the overall adoption of Elderly Care services across the developing and developed nations specifically in the Asia-pacific, Latin America and Middle East region, market leaders have adopted various strategies to enhance the penetration of elderly care institutions. Some of the major players operating in the global Elderly care service market include Benesse Holdings Inc., Amedisys Inc, St Luke’s Eldercare Ltd., Brookdale Senior Living Inc., Econ Healthcare Group Inc, Bayada Home Health Care, Epoch Elder Care, Kindred Healthcare LLC, Nichii Gakkan Co. Ltd and ApnaCare Private Limited among others.
Global Elderly Care/senior care service market generated revenue of US$ 1,000.7 billion in 2018. The sector is expected to grow at a CAGR of 8.31% during the forecast period 2019-2025, to reach a market valuation of US$ 1,744.6 billion by 2025. Europe dominated the global Elderly Care service market, accounting for a revenue share of 37.2% in 2018. However, growing aging population in countries such as Japan and China, Asia-Pacific elderly care service market is expected to witness highest CAGR growth of 10.6% during the analyzed period.
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Table of Contents
1. MARKET INTRODUCTION
2. RESEARCH METHODOLOGY OR ASSUMPTION 19
3. INDUSTRY PERFORMANCE 21
4. EXECUTIVE SUMMARY 22
5. MARKET OVERVIEW 25
6. USED CASE STUDY OF ELDERLY CARE SERVICE 36
7. LEGAL & REGULATORY FRAMEWORK 41
8. DEMAND AND SUPPLY SIDE ANALYSIS 47
9. MARKET INSIGHTS BY SERVICE TYPE 56
10. MARKET INSIGHTS BY FUNDING SOURCE 63
11. MARKET INSIGHTS BY SERVICE PROVIDER 68
12. MARKET INSIGHTS BY REGION 72
13. COMPETITIVE SCENARIO 133
14. TOP COMPANY PROFILES 137
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