New York, NY, April 21, 2021 (GLOBE NEWSWIRE) -- Facts and Factors have published a new research report titled “Adult Day Care Services Market By Service Type (Home Care, Non-Medical Home Care, Institutional Care, and Others), By Service Provider Type (Public Organization and Private Organization), By Payment Source (Public Insurance and Private Insurance), and Age Group (60-70 years, 71-80 years, 81-85 years, and Above 86 years): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026”.
“According to the research report, the global Adult Day Care Services Market was estimated at USD 842 Billion in 2019 and is expected to reach USD 1,755 Billion by 2026. The global Adult Day Care Services Market is expected to grow at a compound annual growth rate (CAGR) of 8.5% from 2019 to 2026”.
Adult Day Care Services Market: Key Market Insights Overview
The elderly, who are at a higher risk of chronic diseases like diabetes, heart disease, arthritis, and respiratory disorders that need continuous monitoring, are expected to drive up demand. According to World Growth Prospects, there were 962 million people over 60 in the world in 2017, with 2.1 billion expected by 2050. The population of people aged 60 and over is growing at a higher rate than that of other age classes around the world. Furthermore, this demographic group has a greater prevalence of age-related illnesses such as renal insufficiency and arthritis, physiological changes, Parkinson's disease, organ defects, and nervous disorders. Furthermore, the adult day care services industry is expected to rise due to an expanding spectrum of services provided by elderly care centers and growing demand for care services over the projected era.
These providers assist patients in selecting the most suitable health plans and their specific conditions. Counseling and guidance, crisis planning, decisions on suitable accommodation choices, financial management, and personal care assistance are all available to the adult care managers. LivHome, Inc., for example, tackles safety concerns, promotes social interaction, and provides drug assistance. For patients in need, the organization has LivHome Connect senior care technology, which provides 24-hour direct remote care (ARC) from in-house registered nurses. A significant industry impediment would be the high cost of adult daycare facilities. In addition, the shortage of adequate adult care facilities in developed countries would stymie long-term business expansion. Nevertheless, the advancement of educational programs for people who want to work in this industry, as well as the development of high-quality facilities and an environment in which to increase sales and employee productivity, are both major growth opportunities.
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Key Questions Answered in this Report
1) What was the pre and post-business impact of COVID-19 on the Adult Day Care Services Market?
2) What is the market size, share of the Adult Day Care Services Market?
3) Who are the top market players in Adult Day Care Services Market?
4) What will be the future market of the Adult Day Care Services Market?
Key Offerings:
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by product, by types, end-user, applications, segments, and geography
- Competitive Landscape – Top key vendors and other prominent vendors
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Adult Day Care Services Market: Industry Major Market Players
- Brookdale Senior Living
- Extendicare Inc.
- Senior Care Centers of America
- BAYADA Home Health Care
- Right at Home
- LLC
- Amedisys
- ElderCareCanada
- Rosewood Care Group
- Kindred Healthcare Inc.
- United Medicare Pte Ltd.
- St Luke’s Eldercare Ltd.
- Living Assistance Services Inc.
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Adult daycare programs, also called adult day care centers, are a type of facility that provides non-resident assistance and services including nutrition, housing, and social support. These services, which are provided by a strong network of practitioners and nursing staff, serve adults and the elderly. Transitional treatment and recovery services are often sought following hospital release, and adult day care services play an important role in this. Daycare centers typically run for 10-12 hours a day and offer a variety of social resources to the adult community, such as meals, medicine, general observation, and emotional and psychological assistance. Many adult day care centers focus on a specific illness and provide programs related to that disease, such as cardiovascular disease therapy and services for medically or mentally impaired people. In addition to providing assistance, several adult day care centers have taken the opportunity to provide a screening and recovery facility for the patients who visit them. These diagnostic facilities are critical in the case of seriously sick patients, such as those with Alzheimer's syndrome, those in a coma, among others. Hospitalization rates have declined in recent years as a result of adequate service of adult daycare centers.
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Global Adult Day Care Services Market: Segmentation
Based on service type, the market is divided into home care, non-medical home care, institutional care, and others. The institutional care type is anticipated to hold the largest market share as Nursing homes and daycare providers, for example, offer far more adaptable services to older patients who are not bound by strict timetables, boosting the market segment's expansion. On the basis of service provider type, the market is segmented into public organizations and private organizations. The public organization holds the maximum share as this category of healthcare service provider provides high-quality patient care to all, regardless of their financial situation. Through negotiating and regulating the price of prescription, care, and medical facilities, the government reduces the operating costs of working with various private health insurers, thus driving the business growth sector. Based on payment source, the market is bifurcated into public insurance and private insurance out of which public insurance holds the largest market share it provides much more reliable health care for uninsured people who are either unable to afford or refused by private health insurers.
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Global Adult Day Care Services Market: Regional Analysis
In terms of sales share, North America dominated the industry, accounting for more than 40% of the total. The presence of a wide range of long-term care facilities across the United States, as well as the continued evolution of payment programs, are key factors contributing to its high share. The region's accelerated growth can be attributed to an increasing geriatric demographic with long-term medical needs, raising discretionary income, and increased knowledge of these healthcare services, to name a few reasons. Over the projected period, industry penetration rates are predicted to rise due to a growth in the number of geriatric care service providers and supportive government policies in these markets, such as the availability of reliable and sustainable social care facilities to the elderly. According to the Centers for Disease Control and Prevention (CDC), the population of Americans aged 65 and up is projected to reach 72 million by 2030, accounting for about 20% of the total population of the United States.
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This report segments the adult day care services market as follows:
Global Adult Day Care Services Market: By Service Type Segmentation Analysis:
- Home Care
- Non-Medical Home Care
- Institutional Care
- Others
Global Adult Day Care Services Market: By Service Provider Type Segmentation Analysis
- Public Organization
- Private Organization
Global Adult Day Care Services Market: By Payment Source Segmentation Analysis
- Public Insurance
- Private Insurance
Global Adult Day Care Services Market: By Age Group Segmentation Analysis
- 60-70 years
- 71-80 years
- 81-85 years
- Above 86 years
KEY REPORT POINTERS & HIGHLIGHTS:
- Statistically Validated Analysis of Historical, Current, and Projected Industry Trends with Authenticated Market Sizes Information and Data in terms of Value and Volume, wherever applicable
- Direct and Indirect Factors that Impacted the Industry as well Projected Rationales expected to affect the industry going forward
- Micro, Meso, Macro, and In-Depth Analysis of Technically relevant and Commercially viable Segments and Sub-segments of the Market
- Historical and Projected Company / Vendor / OEM / Supplier Market Shares, Competitive Landscape, and Player Positioning Data
- Historical and Current Demand (Consumption) and Supply (Production) Scenarios as well as Projected Supply-Demand Scenario Analysis
- Detailed List of Key Buyers and End-Users (Consumers) analyzed as per Regions and Applications
- Value Chain and Supply Chain Analysis along with Horizontal and Vertical Integration Scenarios
- Manufacturing and Production Cost Structure Analysis including Labor Cost, Raw Material Expenses, and Other Manufacturing Expenses, wherever relevant
- Overview of Key Marketing Strategies and Key Sales Channels Adopted in the Market
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