Elderly Care Services Market Report 2024

This Elderly Care Services industry report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The elderly care services market size has grown strongly in recent years. It will grow from $967.57 billion in 2023 to $1.04 trillion in 2024 at a compound annual growth rate (CAGR) of 8%. The growth during the historic period can be attributed to the prevalence of chronic diseases, an aging population, government initiatives, changes in family structure, and increasing awareness.

The elderly care services market size is expected to see strong growth in the next few years. It will grow to $1.42 trillion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The projected growth during the forecast period can be attributed to the ongoing growth of the aging population, increased investment in healthcare infrastructure, the expansion of home care services, heightened awareness, and economic factors. Key trends expected to influence this period include integrated care models, healthcare innovations, advanced medical devices, technological advancements, and the expansion of telemedicine.

The growing prevalence of chronic conditions among seniors is anticipated to drive the expansion of the elderly care services market. Chronic conditions, such as diabetes, heart disease, and chronic respiratory illnesses, are long-term health issues that require continuous management. The rise in these conditions among seniors can be attributed to lifestyle factors such as poor diet, inactivity, smoking, and excessive alcohol consumption, as well as aging and genetic predispositions to diseases such as cardiovascular issues and cancer. Elderly care services offer specialized support to manage these complex health needs and improve overall well-being. For example, a report from the Alzheimer’s Association in May 2024 noted that the number of Americans aged 65 and older diagnosed with Alzheimer's dementia increased from 6.5 million in 2022 to an estimated 6.9 million in 2024. Consequently, the growing prevalence of chronic conditions among seniors is expected to drive the elderly care services market.

Leading companies in the elderly care services market are creating smart cloud-based platforms to enhance remote monitoring and deliver personalized care. These platforms use cloud technology to provide remote monitoring, management, and support for elderly individuals, aiming to improve their care and quality of life. For instance, in September 2022, UBTECH Robotics, a China-based leader in intelligent humanoid robotics and AI, introduced the UBTECH Smart Elderly Care Cloud-based Platform. This system, designed for seniors, integrates AI technology and offers services such as service management, daily care management, security and health monitoring, memory-loss prevention, emotional support, and rehabilitation. The goal is to create a reliable and secure platform that enhances the well-being and quality of life for the elderly.

In August 2021, Honor Technology Inc., a US-based company specializing in home care technology solutions, acquired Home Instead Inc. for an undisclosed amount. This acquisition aims to improve the professional caregiver and client experience and transform care for older adults. Home Instead Inc. is a US-based provider of personalized in-home care services for seniors, focusing on enhancing their quality of life through compassionate and professional care.

Major companies operating in the elderly care services market are Korian Group, Nichiigakkan Co. Ltd, BrightStar Care, ComForCare, RIEI Co. Ltd., Benesse Style Care Co. Ltd, NTUC Health Co-Operative Ltd, NMC ProVita International Medical Centre, Home Instead Inc, Econ Healthcare Group, Caring Senior Service, Living Assistance Services Inc., Orange Valley Healthcare, Cascade Living Group, Rosewood Care Group Inc., St Luke’s Elder Care Ltd, FirstLight Home Care, ApnaCare India Pvt, Epoch Elder Care, United Medicare Centre, SASCO Integrated Eldercare Centre, Samvedna Senior Care, Carewell-Service Co. Ltd., Always Best Care.

North America was the largest region in the elderly care services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the elderly care services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the elderly care services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Elderly care services include a variety of professional and personal support aimed at addressing the needs of older adults. These services cover assistance with daily activities, medical care, and emotional support, with the goal of enhancing seniors' quality of life, ensuring their well-being and safety, and promoting their independence and dignity.

The main types of elderly care services are homecare, institutional care, adult day care, and others. Homecare services are provided in the elderly individual's own home, allowing them to stay in a familiar environment while receiving necessary support to maintain their independence and quality of life. Service providers can be public or private, and the care addresses conditions such as diabetes, Alzheimer’s, respiratory diseases, neurological disorders, heart diseases, cancer, and others.

The elderly care services market research report is one of a series of new reports that provides elderly care services market statistics, including elderly care services industry global market size, regional shares, competitors with an elderly care services market share, detailed elderly care services market segments, market trends and opportunities, and any further data you may need to thrive in the elderly care services industry. This elderly care services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The elderly care services market includes revenues earned by entities such as therapy services, residential care, skilled nursing care, and health monitoring. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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