Elderly Care Market Report 2024

This Elderly Care 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 market size has grown strongly in recent years. It will grow from $1.64 trillion in 2023 to $1.78 trillion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth during the historic period can be attributed to the rising prevalence of elderly diseases, an increasing number of older adults, greater awareness of home care services, heightened need for care, and increased healthcare awareness.

The elderly care market size is expected to see strong growth in the next few years. It will grow to $2.44 trillion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The anticipated growth in the forecast period can be attributed to expanding healthcare services and facilities, increasing cases of chronic diseases, greater awareness of elderly care, rising demand for elderly care products, and a growing need for elderly care services. Key trends expected during this period include technological advancements, innovations in integrated care models, developments in advanced medical devices, creation of personalized care plans, integration of artificial intelligence, and the adoption of smart home technologies.

The expanding global geriatric population is anticipated to drive the growth of the elderly care market in the future. This rise in the elderly population is attributed to longer life expectancy, advancements in healthcare, and declining birth rates, resulting in a larger share of older adults in the overall population. Elderly care services encompass various supportive measures, such as medical management, personal care, and health monitoring, to effectively handle chronic diseases and improve the quality of life for seniors. For instance, the World Health Organization reported in October 2022 that the global population of individuals aged 60 and older is expected to reach 1.4 billion by 2022, up from 1 billion in 2020. Additionally, it is projected that by 2030, one in six people worldwide will be aged 60 or older. Consequently, the increasing geriatric population is expected to drive the expansion of the elderly care market.

Leading companies in the elderly care market are focusing on developing secure and multifunctional communication platforms, such as all-in-one health monitoring mobile apps, to improve care quality and overall well-being for elderly individuals. An all-in-one health monitoring mobile app is a comprehensive digital tool designed to consolidate various health tracking features into a single platform. For example, Avanlee Care Inc., a US-based AI-powered healthcare tech company, launched the Avanlee app in July 2021. This app is designed to assist family caregivers by integrating tools and services that simplify caregiving, allowing for secure communication, health monitoring, and medication management. The app operates on a HIPAA-compliant network, providing secure communication through text, phone, or video calls among family members.

In August 2021, Honor Technology, Inc., a US-based company specializing in professional in-home care services, acquired Home Instead, Inc. for an undisclosed amount. This acquisition is aimed at enhancing the care experience for older adults by improving the caregiving workforce through professional development and technology integration. It also seeks to revolutionize care solutions and broaden service offerings to meet the needs of an aging population. Home Instead Inc. is a US-based provider of personalized home health care services for the elderly.

Major companies operating in the elderly care market are Stryker Corporation, Boston Scientific Corp., Orpea Groupe S.A, Interim HealthCare Inc., Right at Home LLC, LHC Group Inc., Bayada Home Health Care Inc., Extendicare Inc., Arjo AB, Exceptional Living Centers, Home Instead Inc., RIEI Co. Ltd., Cascade Healthcare Services LLC, NTUC Health Co-Operative Ltd., Econ Healthcare Group, St Luke's ElderCare Ltd., Rosewood Care Group Inc., Orange Elderly Care Homes, United Medicare Pte. Ltd., Samvedna Senior Care Pvt. Ltd., Singapore Amalgamated Services Co-operative Organisation Ltd. (SASCO), Vesta Elder Care Pvt. Ltd.

North America was the largest region in the elderly care market in 2023. The regions covered in the elderly care market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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

Elderly care encompasses services designed to support the physical, emotional, and social needs of older adults, including medical management, personal assistance, and companionship to improve their quality of life. This care can be provided in various settings, such as at home with the help of home health aides or in specialized facilities such as nursing homes and assisted living communities, all with the aim of ensuring safety, comfort, and well-being.

The main types of elderly care include independent community living, assisted living, nursing care, in-home care, daycare, hybrid care, and palliative care. Independent community living offers housing options for seniors who are generally healthy and able to manage daily activities independently. This category covers various durations, including short-term and long-term, and addresses a range of conditions such as heart disease, diabetes, arthritis, cancer, kidney disease, osteoporosis, neurological issues, and respiratory problems. The end users of these services include hospitals, elderly nursing homes, home care providers, and other care facilities.

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

The elderly care market includes revenues earned by entities by providing services such as personal care assistance, companionship, therapy services, residential care, respite care, and in-home care services. 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.

This product will be delivered within 3-5 business days.