Global Aged Care Market: Snapshot
As the percentage of geriatrics in the global population increments, projected to be 17 percent (1.6 billion) by the end of 2050 by the National Institute of Aging, the demand in the global aged care will simultaneously gain momentum. But escalating consumer base is not the only driver for the global aged care market, which will also gain from the advent of robots, who have the potential of reducing nursing care cost, although their commercialization is still keenly awaited. Some of the other important factors augmenting the demand in the global aged care market are: reducing pricing, growing demand for nurses with specific skillset, the participation of a large number of startups and smaller players in the localized regions, technological advancement in the devices such as wearables and customized medications. This increasing percentage of geriatric population is not bounded by any geographical region, which is another favorable factor for the vendors operating in the global aged care market.
This report on the global aged care market provides comprehensive assessment of all factors on which the future of the market depends, and estimates its repercussions. It segments the market to understand the valuation of smaller aspects, takes stock of the potential of different regions, and profiles a number of current key players in order to represent the competitive landscape. This report has been developed by a group of professional market research analysts, aspiring to serve as a credible business document for the stockholders of the aged care market.
Most of us want to remain independent and stay in control, but due to growing age our ability starts to decline. Hence, the concept of aged care is introduced, for an easy and better living with proper nursing facility for the higher age group. It is also known as elderly care or eldercare. It emphasizes on the personal and social needs of senior citizens as they need some assistance in their daily activities and medical support who desire to age gracefully. A special act has been taken by the Australian Government for senior citizens known as The Aged Care Act 1997 for people who are unable to live independently of their own. It promises to provides them better and longer living. It is an important distinction that the designing of house, services, activities and employee training of global elderly care falls under the unpaid market sector. The main agenda is to ensure that eldercare services are targeted towards people and areas with the utmost need, it facilitate access to aged care services by those who need them, irrespective of culture, race, language, gender and economic background. Focus is also given on people who are homeless or lives in remote areas and special care is also provided for lesbian, gay, bisexual, transgender and intersex (LGBTI) group. Programs are being adopted for the community based care for older people those are Commonwealth Home Support Program (CHSP) and Home Care Packages Program. These provides coordinated and personalized home care and also offers four classes of package to assist aged people with simple, low, high and very high care needs.
Aged care market has lot to offer for the special service providers who are capable to run long-term as well as short-term aged care home, nutraceutical manufacturers, pharmaceutical manufacturers, senior care furniture manufacturers and real estate companies. Special products are being marketed for aged people such as smart seat hair protector, water proof seat protectors, and bed pads.
It has already made an impact in developed countries like USA, Canada, and Australia. The aged care market is gaining its popularity in the developing countries like China, Singapore and India, as the major proportion of population is above 65 years. More elderly people will take up aged care services in the future rather depending on their families for care and support as younger people are moving to different cities leaving behind their extended family.
Aged care market can be divided on the basis of services and geography. Services can be classified as home care services and residential care services.
In home care services, they provide medical or nonmedical benefits which include personal care, skilled-nursing care, companion facilities, physical therapy and medical social services. It also includes in-home hospice care provider.
In residential aged care, they provides well maintained accommodation for those whose care cannot be met in their own homes and thus needs a special care cell. There are again two categories in residential aged care facilities these are respite care and permanent care. Respite care offers short-term and temporary care in a residential aged care facility and supports both the older people and their care givers to live at home for as long as possible. They provide both high and low care facility. On the other hand permanent care offers tailor made individual needs in the residential aged care facility.
Some of the key players can be divided on the basis of pharmaceutical manufacturer like Pfizer, Novartis, Merck & Co., GlaxoSmithKline, AstraZeneca and Novo Nordisk. On the basis of nutraceutical manufacturer like Alkemists Labs, Asiamerica Ingredients, Inc., Barrington Nutritionals, Nutralliance, Inc., and Proprietary Nutritionals Inc. Senior care furniture manufacturers can be classified as Phoenix Contract, Inc., Flexsteel and Kwalu.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.