Increasing Geriatric Population Worldwide and Focus on Increase in the Awareness of the Elderly Care Market

According to the new market research 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 and Others)- Market Trends and  Forecast to 2027. Elderly Care Market is expected to gain market growth in the forecast period of 2020 to 2027. Data Bridge Market Research analyses that the market is growing with a CAGR of 7.0% in the forecast period of 2020 to 2027 and expected to reach USD 1,944,028.05 million by 2027. Geriatric population, rising chronic illness in ageing population and rising awareness of home care services are the major factors for the market growth.

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Elderly Care Market report performs market competition by top manufacturers, with respect to production, price, revenue (value) and each manufacturer. This report also provides an exhaustive analysis of geographical scenario of the Elderly Care industry including detailed analysis of market scope, share, year on year development and opportunity analysis about the major regions. With this business research document, get answers to several market related queries such as what is the overall market size in 2021? Which region is expected to have a high demand for a product in the forthcoming years? What are the market openings for current and entry-level players?

Increasing geriatric population worldwide and increase in the awareness of elderly care among people is driving the growth of the market. Due to the change in life style of old people are now inclined towards elderly care and it provides multiple benefits such as home care, nursing care and others.

Key Market Competitors Covered in the Report

• Right at Home, LLC
• Koninklijke Philips N.V.
• BAYADA Home Health Care
• Econ Healthcare Group
• Home Instead, Inc.
• ORPEA GROUPE
• St Luke’s Eldercare Ltd.
• Rosewood Care Group
• Medtronic
• Interim HealthCare Inc
• United Medicare Pte Ltd.
• Trinity Health
• Exceptional Living Centers
• Amedisys
• Living Assistance Services, Inc.
• ElderCareCanada
• LHC Group, Inc.
• Encompass Health Corporation
• Extendicar
• Prolifico
• FC Compassus LLC

Elderly Care Market Scenario

According to Data Bridge Market Research the market for elderly care in North America region has the highest market share followed by Europe and Asia-Pacific. The market leader Koninklijke Philips N.V accounts an estimated market share of approximately 25.0% to 27.0% in the Asia-Pacific region. The company has involved in taking strategic decision in order to increase their business as well as strengthening their position in market. For instance, In November, Philips India Ltd has expanded its healthcare home services sector which is involved in providing extensive services and high-quality health care facilities at home.

On the basis of product type, the market is segmented into pharmaceuticals and housing and assistive devices. In 2020, housing and assistive devices is expected to dominate the growth of the elderly care market, due to the requirement of assistive devices in homecare of elderly patients and growing geriatric population; those are not capable of self-assistance fuels the growth of the market in the forecast period of 2020 to 2027.

On the basis of service, the market is segmented into homecare, institutional care and adult day care. In 2020, homecare segment is expected to dominate elderly care market as homecare is designed in a way which enables comfort to aged patients and population and rising geriatric population globally is leading the growth of the market in forecast period of 2020 to 2027.

On the basis of application, the market is segmented into heart diseases, respiratory, diabetes, osteoporosis, cancer, neurological, kidney diseases, arthritis and others.  In 2020, heart diseases segment is expected to dominate the growth of the market due to the growing incidences of hyper tension, blood pressure, cardiovascular diseases amongst elderly patients, leading the growth of the market in the coming year.

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Competitive Landscape and Elderly Care Market Share Analysis

North America dominated the global elderly care market as geriatric population in North America are more inclined towards elderly care services due change in lifestyle as well as awareness is high among older people. People are taking benefits and getting dependent on the facilities provided in this region with better health care infrastructure. For instance, various health coverages are provided among people due to which geriatric people are able to take the benefits of elderly care at doorsteps.  The Asia-Pacific region is expected to grow with the highest growth rate in the forecast period of 2020 to 2027 because of increasing geriatric population associated with number of diseases.  In Asia-Pacific, China may dominate the market growth as it has high geriatric population. For instance, according to Time USA, LLC, it has been estimated that by 2050, approximately 330 million Chinese will be over age 65.

• In November 2019, Amedisys has acquired Asana Hospice which will be targeted to close on January 1st, 2020. By this acquisition the company will enhance its service offering in the market.

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