LONDON, April 21, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the services for the elderly and persons with disabilities market, telehealth technology is extensively gaining popularity among the services for the elderly and persons with disabilities market trends. Telehealth technology is being used by service providers to improve the quality of care being offered to patients through the use of digital and communication technologies that can be remotely accessed as well. Telehealth provides a wide range of diagnostic, therapeutic, and care management services and supporting tools for family caregivers. It includes other technologies and services such as virtual visits conducted over live video, e-mail services, remote patient monitoring, and activity monitoring depending on individual needs. Major companies offering telehealth services include 19 Labs (United States), 3Derm Systems (United States), A & D Medical (San Jose, CA), Advanced ICU Care (United States), Advanced TeleHealth Solutions (United States), and Amtech GmbH (Germany).
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The global services for the elderly and persons with disabilities market size is expected to grow from $404.37 billion in 2021 to $463.68 billion in 2022 at a compound annual growth rate (CAGR) of 14.7%. The growth in the market is mainly due to the companies' rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The services for the elderly and persons with disabilities market share is expected to reach $768.26 billion in 2026 at a CAGR of 13.5%.
Rapid growth in the geriatric population is expected to drive the demand for elderly care services during the forecast period. The older population is prone to many physical disorders that increase the demand for services for the elderly and persons with disabilities. The proportion of people over the age of 65 years is expected to increase globally, and with it, age-related neurological disorders are also expected to increase. For example, the elderly population aged 65 and above was estimated at 727 million in 2020 and is projected to increase by more than double by 2050, reaching 1.5 billion persons. Therefore, the rise in the geriatric population would lead to an increase in the demand for patient handling equipment, thereby boosting the market for services for the elderly and persons with disabilities during the forecast period.
Major players in the services for the elderly and persons with disabilities market are CK Franchising Inc., Right at Home Inc., Home Instead Inc., Living Assistance Services, Brookdale Senior Living Inc., Senior Care Centers of America, and BAYADA Home Health Care.
TBRC’s global services for the elderly and persons with disabilities market outlook is segmented by service type into institutional care, adult day-care, home care; by service provider into public expenditure, private expenditure, out-of-pocket spending; by end-user into elderly, disabled adults.
Western Europe was the largest region in the services for the elderly and persons with disabilities market in 2021. Asia Pacific was the second-largest region in the services for the elderly and persons with disabilities market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Services For The Elderly And Persons With Disabilities Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide services for the elderly and persons with disabilities market overviews, services for the elderly and persons with disabilities market analyze and forecast market size and growth for the whole market, services for the elderly and persons with disabilities market segments and geographies, services for the elderly and persons with disabilities market trends, services for the elderly and persons with disabilities market drivers, services for the elderly and persons with disabilities market restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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