The report “Elderly Care Market by Product Type (Pharmaceuticals, Housing and Assistive Devices), Service (Institutional Care, Homecare, Adult Day Care), Application (Heart Diseases, Cancer, Kidney Diseases, Diabetes, Arthritis, Osteoporosis, Neurological, Respiratory, Others) – Global Forecast to 2028″ The elderly care market is projected to grow from USD 1,594.6 billion in 2021 and is projected to reach USD 2,366.4 billion by 2028; it is expected to grow at a CAGR of 6.8% from 2022 to 2028. The prevalence of chronic illnesses and other disorders is rising quickly. The demand for elderly care services is rising due to the sizeable increase in the elderly population and the rising number of people being diagnosed with diabetes, cancer, and other illnesses, thus driving the elderly care market growth. People focus on self-care during the stay-at-home orders in place by various countries due to the new coronavirus pandemic. They focus on providing for the elderly, as many stay home. As a result, it is anticipated that the growth rate of the elderly care market will increase throughout the forecast period.
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The adult daycare category in the elderly care market is expected to be the fastest-growing segment during the forecast period
The adult daycare category is projected to grow the fastest during the forecast period. It allows seniors to continue living in their homes and receive full-day care without changing their daily routines. Services come in both medical and non-medical forms. Recent years have seen an increase in technological advancements, which has resulted in the introduction of new multi-parameter diagnostic monitors and self-monitoring products. As a result, there was a significant need for such diagnostic equipment in adult day care, fueling the segment's expansion during the study period.
Heart diseases category of the elderly care market to record the highest CAGR from 2022 to 2028
The heart disease category is expected to account for the highest CAGR of the elderly care market from 2022 to 2028, attributable to an increase in people with cardiac disease. Due to the rise in chronic illnesses among the elderly and developments in preventative care technology, specialized markets for applications and messaging tools relating to heart disease are growing. Furthermore, the heart disease sector is expected to dominate market growth in the coming year as a result of the rising prevalence of hypertension, blood pressure, and cardiovascular diseases among older people.
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Asia Pacific is anticipated to grow at a significant rate in elderly care market share from 2022 to 2028
Asia Pacific is the fastest-growing region in the elderly care market. One of the main elements fueling the industry's rise is the rising elderly population in the APAC region. The Asia-Pacific region is leading the world in the phenomenon of an aging population and is experiencing an unparalleled rate of growth in the number of older individuals. According to a recent research piece, the region's elderly population is expected to grow to almost 1.3 billion people by 2050. In several APAC nations, aging populations are primarily caused by rising life expectancy, falling fertility rates, and elderly care services. Additionally, this region's growth has unrealized potential due to unmet medical demands, a sizable ageing population, and a low product penetration rate.
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Market Players
Key players in the elderly care market include LHC Group, Inc., Encompass Health Corporation, Exceptional Living Centers, Trinity Health, Right at Home, LLC, EXTENDICARE, Amedisys, Koninklijke Philips N.V., Medtronic, ORPEA GROUPE, FC Compassus LLC, Home Instead, Inc., Interim HealthCare Inc., Living Assistance Services, BAYADA Home Health Care, and others.
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