The prevalence of chronic diseases and other disorders is increasing rapidly across the globe. A considerable rise in the geriatric population and the escalating rate of patients diagnosed with diabetes, cancer, and other diseases are increasing the demand for elder care services. Individuals are concentrating on self-care during the stay-at-home orders implemented by various countries on the grounds of the new coronavirus pandemic. As many people are staying at home, they are concentrating on elderly care. Therefore, the elder care market is projected to see an increase in growth rate during the forecast period of 2021-2031.
The exhaustive report presented by the team of analysts at TMR hits a bull’s eye in terms of analysis of the various factors influencing the growth rate of the elder care market. These factors include the competitive landscape, key trends, and also regional analysis of the elder care market. Market stakeholders can greatly benefit from this thoroughly researched report. Furthermore, this report also provides deep insights regarding the effect of the COVID-19 outbreak on the elder care market.
The market players in the elder care market are collaborating with mergers, acquisitions, partnerships, and joint ventures. The players are also investing in research and development activities such as on technologies pertaining to robotic assistance for the elderly population in order to maintain their market dominance. Furthermore, the infusion of digital technology in monitoring the health of elderly population is likely to provide huge growth opportunities to the elder care market. Recently, Health-tech Company HCAH has raised funds from ABC World Asia to maintain its market presence. It is offering its services through its proprietary digital technology platform to elderly care services, home ICU, in-patient rehab transition care centers, and others for assisting the geriatric population. Such developments are likely to promote promising growth in the elder care market.
Well-established players operating in the elder care market are namely, Koninklijke Philips N.V, United Medicare Pte Ltd. Extendicare, Prolifico, Interim HealthCare Inc., LLC, Koninklijke Philips N.V, and FC Compassus LLC.
Change lifestyle of older adults has given expanded the array of elderly care service offerings such as home care, nursing care, and many others. Increasing demand for residential care facilities for the geriatric population suffering from chronic diseases is likely to accelerate the growth of the elder care market. Based on the product type, the elder care market can be segmented into pharmaceuticals, housing, and assistive devices. The geriatric population requires assistance and care due to prevalence of certain age-related disorders. So the assistive devices segment in homecare may gain traction. These factors may propel the growth of the elder care market. On the basis of service, the market can be segmented into home care, institutional care, and adult day care. The home care segment is gaining popularity due to the facilities that provide comfort to aged patients. This aspect is likely to hold promising revenue potential for the elder care market. The market is segmented into heart diseases, diabetes, cancer, kidney diseases, and others. The heart diseases segment is expected to show substantial growth due to the rising cases of people suffering from blood pressure and cardiovascular diseases. All these factors are likely to provide massive growth opportunities in the elder care market.
The regions under the elder care market are North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. The elderly population in the U.S is high and the scope for elderly care is expected to increase in the near future. Whereas, Europe may show a substantial growth trajectory due to the increasing cases of chronic illness in the ageing population and the initiatives by government bodies for the long-term care of elderly patients. The avenues in Asia Pacific are expected to boost the growth of the elder care market.
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