Elderly Care Market Size is Projected to Reach USD 2,366.4 Billion in 2028, At CAGR of 6.8%: Markets N Research

The elderly care market is projected to grow at a CAGR of 6.8%, with estimated market size of USD 1,594.6 billion in 2021 to USD 2,366.4 billion by 2028.

Chicago, Nov. 21, 2022 (GLOBE NEWSWIRE) -- 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", states that 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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Industry Developments:

  • In June 2021, Webrock Ventures and Helathforce teamed up to introduce telehealth goods in South Africa, claims TechCrunch. The primary goal of the new enterprise, which has not yet been given a name, is to provide patients with scheduled and on-demand consultations with nurses, practitioners, and mental health professionals. A USD 3 million pre-Series A round has been completed by the venture.
  • In April 2021, TechCrunch, Quro Medical, a South African health tech startup, closed a USD 1.1 million round of funding. Quro Medical offers home services to manage ill patients in their homes to provide them with the greatest comfort and lower the risk of infection. Enza Capital and MohauEquity Partners took the lead in the round. To enhance the patient experience, the company wants to offer acute patient care at home.

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Elderly Care Market Dynamics: Drivers, Restraints, Opportunities

Drivers: Rising awareness regarding elderly care
Restraints: Lack of awareness about elderly care services in rural areas
Opportunities: The increasing elderly population

Report Highlights:

Report CoverageDetails
Forecast Period2022-2028
Forecast Period 2021 to 2028 CAGR6.8%
2028 Value Projection2,366.4 billion
Base Year2021
Market Size in 20211,594.6 billion
Historical Data for2018 - 2021
No. of Pages350
Segments coveredBy Product Type, By Service, By Application

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List of Key Players in Elderly Care Market:

  • LHC Group Inc.
  • Encompass Health Corporation
  • Exceptional Living Centers
  • Trinity Health
  • Right at Home LLC
  • Amedisys
  • Medtronic
  • Home Instead Inc.
  • Interim HealthCare Inc.
  • Living Assistance Services
  • Koninklijke Philips N.V.
  • FC Compassus LLC
  • BAYADA Home Health Care

Market Highlights:

Rising awareness regarding elderly care

The market will experience increased demand due to people's increasing awareness of home care services, adult care services, and other services worldwide. Growing demand for elderly care services and goods will drive the market's expansion due to the rapidly aging population's increased need for care. The prevalence of chronic illnesses like diabetes, cardiovascular disease, obesity, cancer, osteoporosis, and dental diseases is rising. These diseases can be avoided with the right medical advice, treatment, nutrition, and dietary recommendations.

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Segmentation of Global Elderly Care Market

Global Elderly Care Market – By Product Type

  • Pharmaceuticals
  • Housing and Assistive Devices

Global Elderly Care Market – By Service

  • Institutional Care
  • Homecare
  • Adult Day Care

Global Elderly Care Market – By Application

  • Heart Diseases
  • Cancer
  • Kidney Diseases
  • Diabetes
  • Arthritis
  • Osteoporosis
  • Neurological
  • Respiratory
  • Others

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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Regional Insights:

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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