PUBLISHER: The Business Research Company | PRODUCT CODE: 1596067
PUBLISHER: The Business Research Company | PRODUCT CODE: 1596067
Services for the elderly and persons with disabilities encompass a range of care and assistance designed to support individuals who require help with daily living, medical needs and personal care due to age-related issues, chronic illness or disabilities. These services aim to improve the quality of life and maintain the independence of individuals who may face physical, cognitive or emotional challenges.
The services for the elderly and persons with disabilities market consists of sales, by entities (organizations, sole traders and partnerships), of care services that are provided to the elderly and persons with disabilities in various settings, such as care facilities, homes or community centers, depending on the needs and preferences of the individuals or their families. The demand for these services is driven by the aging population, increased longevity and the prevalence of chronic health conditions that often accompany older age or disability.
The global services for the elderly and persons with disabilities market was valued at $321,814.37 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 5.0%.
Rising Healthcare Expenditure
During the historic period, rising healthcare expenditure supported the growth of the services for the elderly and persons with disabilities market. As healthcare spending rises, additional resources are directed toward delivering specialized services, including home care, rehabilitation and long-term care facilities designed to meet the specific needs of elderly individuals and those with disabilities. The growing demand for professional care, encompassing medical support, physical therapy and mental health services, is fueling the expansion of these offerings. For instance, according to a report published by the Office for National Statistics, a UK-based government department, between 2020 and 2021, healthcare spending in the UK increased by 9.4% in nominal terms and 9.7% in real terms. The UK total healthcare expenditure in 2021 was £280.7 billion ($367.25 billion) and pharmaceutical expenditure stood at £39.6 billion ($51.84 billion) in 2021, moreover, spending on preventive care was £35.1 billion ($45.93 billion) in 2021, more than doubling from 2020. Therefore, the rising healthcare expenditure drove the growth of the services for the elderly and persons with disabilities market.
Innovative Fall Detection Solutions Eliminate Need For Wearable Devices
Major companies operating in the services for the elderly and persons with disabilities market are adopting innovative fall detection solutions to eliminate the need for wearable devices. This eliminates the necessity for elderly individuals to use additional wearable devices, which can be uncomfortable or easily overlooked. These devices are used by care taker to provide services for the elderly and persons with disabilities. For instance, in July 2024, Gamgee, a Netherlands-based leader in smart home solutions and Wi-Fi management technology, introduced the Gamgee Wi-Fi Fall Protection for Elderly Safety. This cutting-edge system leverages existing Wi-Fi infrastructure to monitor movement within a home and deliver real-time alerts to caregivers and family members if a fall or unusual activity is detected. By analyzing disruptions in Wi-Fi signals, the system effectively identifies falls without the need for intrusive wearable devices. This innovation enhances the safety and independence of elderly individuals and integrates seamlessly with existing smart home systems, providing a safer living environment and prompt assistance for seniors.
The global services for the elderly and persons with disabilities market is highly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up to 3.16% of the total market in 2023.
Services For The Elderly And Persons With Disabilities Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global services for the elderly and persons with disabilities market as it emerges from the COVID-19 shut down.
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 history and forecasts market growth by geography. It places the market within the context of the wider services for the elderly and persons with disabilities market; and compares it with other markets.