PUBLISHER: The Business Research Company | PRODUCT CODE: 1429637
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429637
Services for the elderly and individuals with disabilities encompass non-residential social assistance programs designed to enhance the quality of life for seniors, those with intellectual and developmental disabilities, and people with disabilities.
The primary categories of services for the elderly and individuals with disabilities include institutional care, adult daycare, and home care. Adult day care involves a structured activity program in a professional care setting, catering to older adults in need of supervised care during the day or those facing isolation and loneliness. Various service providers include public expenditures, private expenditures, and out-of-pocket spending utilized by elderly and disabled adults.
The services for the elderly and persons with disabilities market research report is one of a series of new reports from The Business Research Company that provides services for the elderly and persons with disabilities market statistics, including services for the elderly and persons with disabilities industry global market size, regional shares, competitors with services for the elderly and persons with disabilities market share, detailed services for the elderly and persons with disabilities market segments, market trends, and opportunities, and any further data you may need to thrive in the services for the elderly and persons with disabilities industry. This services for the elderly and persons with disabilities market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The services for the elderly and persons with disabilities market size has grown strongly in recent years. It will grow from $471.29 billion in 2023 to $504.42 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth observed in the historical period can be linked to factors such as a decline in household size, economic expansion in emerging markets, a rise in the aging population, advancements in technology and mobile apps, government support for elder care, an increase in the prevalence of diseases, and reforms in health insurance.
The services for the elderly and persons with disabilities market size is expected to see strong growth in the next few years. It will grow to $654.91 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth anticipated in the forecast period can be attributed to factors such as improved healthcare access, a preference for community-based care, the rapid expansion of the aging population, changes in lifestyles, and rising household incomes. Notable trends expected in the forecast period include the adoption of telehealth technologies to enhance patient care quality, the implementation of electronic technologies for monitoring home health care services and reducing fraud, the embrace of big data technologies through collaboration with analytics companies for crucial insights into seniors' health, the development of customized services for individualized care addressing complex health issues, the adoption of electronic health records for secure storage and streamlined communication with residents' medical history, the incorporation of artificial intelligence for simplified software solutions, the use of robots to facilitate care facility transitions for elderly patients, investment in technologies for efficient patient data tracking and quality services for seniors, utilization of online funding platforms for welfare activities, the provision of integrated care services to broaden offerings and attract a larger customer base, and a focus on virtual service delivery to adapt to the dynamic environment influenced by the COVID-19 pandemic.
The expected decline in household size, combined with a rapidly aging population, is poised to contribute to the expansion of the market for services catering to the elderly and persons with disabilities. The reduction in household size is linked to a decrease in the number of individuals living together as a family unit. As of November 2022, data from the Public Policy Institute of California, a US-based non-profit institute, indicates a significant decrease in the average number of people per household, reaching 2.85 in 2021. The trend continued with a further 1.4% decline to 2.81 in 2022. Additionally, the rising aging population is creating heightened demand for services tailored to elderly individuals, thereby boosting market revenues. According to a report from the World Health Organization (WHO) in October 2022, it is projected that one in six people worldwide will be 60 or older by 2030, and by 2050, there will be 2.1 billion individuals aged 60 or older. The number of individuals aged 80 or older is expected to increase by 426 million between 2020 and 2050. The increased need for care services for the aging population contributes to the demand for services for the elderly and disabled, thereby propelling the growth of the market.
The rising prevalence of chronic diseases is anticipated to further propel the growth of the market for services for the elderly and persons with disabilities. Chronic diseases, also known as non-communicable diseases (NCDs), encompass long-term medical conditions that progress slowly over time and persist for extended periods, often for the duration of a person's life. Chronic diseases often necessitate prolonged care and management, particularly in old age. This heightened demand for ongoing care services includes medical support, nursing, and personal assistance. For example, as of January 2022, research published by the American Cancer Society, a US-based health organization, estimates 609,360 cancer deaths and 1.9 million new cancer cases in 2022 in the US alone, averaging around 1,670 fatalities per day. Consequently, the increasing prevalence of chronic diseases is a driving force behind the growth of the market for services for the elderly and persons with disabilities.
Numerous companies worldwide are incorporating robots to facilitate the transition of providing care facilities to elderly patients. For example, Eindhoven-based Bright Cape has developed SARA, which stands for Social and Autonomous Robotic Health Assistants. This initiative, part of the European EIT Digital Innovation Consortium, aims to alleviate the workload in healthcare and enhance the overall quality of treatment. In response to its aging population and declining labor force, Japan is implementing robots in nursing homes, workplaces, and schools.
Leading companies in the services for the elderly and persons with disabilities market are innovating with new products such as home-based elderly care services to broaden their customer base, increase sales, and boost revenue. Home-based elderly care services, also known as in-home care or home care, involve providing healthcare services to elderly individuals within the familiarity and comfort of their own homes. For instance, in March 2022, China-based Ping An Group introduced a home-based elderly care service as part of its insurance + service product ecosystem. This solution features a unique concierge service, 10 service scenarios, and a unified supervisory system for consumers. Supported by an intelligent risk management system, the 24/7 online elderly care concierge service integrates health monitoring devices with the concierge platform, continuously monitoring nine significant environmental risks in the user's home, including real-time assessments of air quality, gas leaks, and excessive smoke concentration.
In April 2021, Advocate Aurora Enterprises, a US-based integrated health system company, acquired Senior Helpers for an undisclosed amount. This strategic acquisition leverages Advocate Aurora's commitment to promoting seniors' independence, comfort, and affordability in their homes, aligning with the shared belief that the future of care delivery will increasingly occur in the home setting. Senior Helpers is a US-based provider of in-home senior care.
Major companies operating in the services for the elderly and persons with disabilities market report are CK Franchising Inc, 24 Hour Home Care, Home Instead Inc, SE Health, Right at Home Inc., Living Assistance Services, Synergy Home Care, Happier At Home, Senior Helping Seniors, Home Care Assistance, Yingtan Hejia Xiangyi Retirement Industry Development Co. Ltd.,, Shouyang County Xiyang Honglaonian Retirement Service Co. Ltd.,, Avalon Health Care,, Careplus, Choice Care, Care Without Compromise Ltd., SuperCarers, Caritas, Diakonie, German Red Cross and the Paritatische, AssiDom, Oxehealth, Orpea Groupe, CARP Omenia, ProMedicus Home Care Services, ABOS Care Elderly Home IASI SRL , Fushoukang (Shanghai) Medical Elderly Care Service Co. Ltd.,, BAYADA Home Health Care, Home Instead Senior Care, GreatAupair, ICare , Brookdale Senior Living Inc., Senior Care Centers of America, Sunrise Senior Living, Home Bound Healthcare , AddusHomeCare, Interim HealthCare of Lubbock, Phoenix Home Care Agenc, Manzil Health, Pioneer Medical Services LLC. , Aamer Home Healthcare Center, Greymate Care, Bluegate homecare,, AnsMed Home Care Limited
Western Europe was the largest region in the services for the elderly and persons with disabilities market in 2023. Asia-Pacific was the second-largest region in the global services for the elderly and persons with disabilities market share. The regions covered in the services for the elderly and persons with disabilities market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the services for the elderly and persons with disabilities market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
The services for the elderly and persons with disabilities market consists of revenues earned by entities that provide services such as adult day care, activity centers for senior citizen and disable, disability support, home care of elderly. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Services For the Elderly And Persons with Disabilities Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on services for the elderly and persons with disabilities market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for services for the elderly and persons with disabilities? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The services for the elderly and persons with disabilities market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.