Global Elderly Care Services Market Outlook
Revenue, 2024
Forecast, 2034
CAGR, 2024 - 2034
Caring for the elderly is becoming increasingly important worldwide as the number of old-age individuals continues to increase steadily over time. Prompting a greater need for healthcare services and personalized support tailored specifically for this demographic group of people. As of 2024, the market for elderly care was estimated at $1.3 trillion and is anticipated to rise to $1.9 trillion by 2030 and ultimately reach $2.7 trillion by 2035. In this period, this market is expected to observe a Compound Annual Growth Rate of 7.1%.
A wide range of healthcare services are available to cater to medical and personal care requirements. These services encompass, in home care well as assisted living options.
Market Key Insights
- The Elderly Care Services market is projected to grow from $1.3 trillion in 2024 to $2.5 trillion in 2034. This represents a CAGR of 7.1%, reflecting rising demand across Home Healthcare, Nursing Care and Hospice Care.
Brookdale Senior Living Inc., EXTENDICARE, Gentiva are among the leading players in this market, shaping its competitive landscape.
- U.S. and Japan are the top markets within the Elderly Care Services market and are expected to observe the growth CAGR of 4.6% to 6.8% between 2024 and 2030.
- Emerging markets including India, Brazil and South Korea are expected to observe highest growth with CAGR ranging between 8.2% to 9.8%.
Transition like Integration of AI and IoT is expected to add $200.0 billion to the Elderly Care Services market growth by 2030
- The Elderly Care Services market is set to add $1.3 trillion between 2024 and 2034, with service providers targeting Assisted Living Facilities & Nursing Homes Service Type projected to gain a larger market share.
- With Aging population boom, and Rise of chronic illnesses, Elderly Care Services market to expand 99% between 2024 and 2034.
Opportunities in the Elderly Care Services
Governments are investing money to enhance the infrastructure, for healthcare and broaden the range of services available.
Growth Opportunities in North America and Asia-Pacific
North America Outlook
The healthcare systems in both the United States and Canada have developed infrastructure to cater to the needs of the elderly population. They have also made investments, in remote care solutions.
Asia-Pacific Outlook
The rising numbers of elderly individuals in Japan and South Korea have led to a growing need for eldercare services. Government supported initiatives are being expanded to cater to the rising demands, in this sector.
Market Dynamics and Supply Chain
Driver: Aging Population Boom, and Shift Towards Home-Based Care
Elderly care focuses on managing the health issues that affect older adults as they age and has also led to an increase, in services to address age related conditions.
Restraint: High Cost of Care, and Shortage of Skilled Caregivers
The increasing shortage of caregivers is affecting the quality and availability of services.
Opportunity: Growing Demand for Dementia Care and Expanding Telehealth Services
The expansion of telehealth services provides remote care choices for the elderly population and eases the burden on caregivers.
Challenge: Complex Regulatory Compliance
Supply Chain Landscape
AMN Healthcare
Encompass Health
Honor
CareLinx
Medline
McKesson
Families
Healthcare organizations
Government agencies
AMN Healthcare
Encompass Health
Honor
CareLinx
Medline
McKesson
Families
Healthcare organizations
Government agencies
Applications of Elderly Care Services in Home Healthcare, Nursing & Hospice
Seniors can benefit from receiving care at home through in home healthcare services such as physical therapy and skilled nursing provided by leading companies, like Comfort Keepers and Visiting Angels who offer personalized care.
Elderly individuals receive medical and personal assistance at nursing homes with prominent providers such, as Brookdale Senior Living and Genesis Healthcare leading the industry in this sector.
End of life support emphasizes providing palliative care services for comfort and relief. VITAS Healthcare and Kindred Healthcare are playing roles in delivering such compassionate hospice services to individuals in need.
Assisted living communities help individuals with their tasks and provide medical supervision. Atria Senior Living and Sunrise Senior Living are known companies in this field.
Recent Developments
Atria Senior Living introduced memory care initiatives tailored for individuals, with dementia.
Honor Technology spread its caregiving platform, throughout the United States.
Comfort Keepers launched a telehealth service to monitor the care of individuals remotely.