February 25th, 2022 Persistence Market Research Releases
The Elder Care Services Market is slated to grow on a stellar note going forward. The current situation is that digitization, which has the capacity of changing the dynamics of any vertical, has made a beeline to the healthcare vertical. The world out there no more depends on references for choosing healthcare services but goes for 360-degree research before arriving at the final decision. This would be the digitized healthcare vertical in the future.
As per Persistence Market Research’s revised industry analysis, the global elder care services market is expected to witness high growth from US$ 1.1 Bn in 2020 to over US$ 2.6 Bn by 2031, at a CAGR of around 7.6% over the next ten years.
Elderly care services include assisted living, nursing care, adult day care, home care, and long-term care. The geriatric population’s high susceptibility to illnesses and infections leads to significant financial burden on the individual and families. The elderly who are discharged from hospitals can receive care from trained caregivers at home or at long-term care facilities. This system is comparatively more economical and also produces better outcomes because older people are more prone to hospital-acquired infections and experience less anxiety at home.
Changing family structure is a prime driver for the elderly care service market. With the trend of nuclear families, the elderly are exposed to emotional, financial, and physical insecurities. Adding to this is the increase of the young working population, which is unable to devote time to care for the elderly.
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Introducing care robots is also creating huge opportunity in the market, as the elder care services segment would require an increasing amount of resources and skilled workforce. Robotic caregiver technology is a solution set to replace human caregivers to some extent.
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Key Takeaways from Market Study
“Increasing options for elder care services and strict health & safety regulations by governments and associations will provide fruitful growth opportunities for market players,” says an analyst of Persistence Market Research.
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R&D activities, product launches, joint ventures, and mergers & acquisitions are key strategies being adopted by providers of elder care services.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the elder care service market in its latest study, presenting historical demand assessment of 2016 – 2020 and projections for 2021 – 2031.
The research study is based on the service (home-based care, community-based care, and institutional care) and financing source (public expenditure, private source, and out-of-pocket spending), across seven major regions of the world.
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