Rising Elderly Population is anticipated to boost the Elderly care products and services market during the forecast period 2019-2025. Elderly Care Products and Services Market size is $832.8 billion in 2019, growing at a CAGR of 3.9% during the forecast period 2020-2025.
The Elderly Care Products and Services market is growing at a significant rate owing to the rising elderly population coupled with the growing demand of home care products around the world. Moreover, Elderly Care often referred to as senior care is specialized care that is designed to meet the requirements and needs of senior citizen at various stages.
Rising elderly population and the growing demand of home care products is a significant factor driving the elderly care products and services market during the forecast period 2020-2025. Moreover, increasing geriatric population who are prone to various medical condition including physical disabilities, impairments, post-surgery recovery coupled with the upsurge in the technological advancement including development of specialty robots capable of carrying elder people is projected to boost the market growth. Moreover, according to the World Health Organization by 2020 the number of people aged 60 years and older would outnumber children younger than 5 years. In addition by 2050, the world population aged 60 years and older is expected to total 2 billion up from 900 million in 2015. Besides, this development by the key players is another factor contributing to its market growth. For instance, in November 2019, Konica Minolta Inc., announced the development of care director service, a new solution that helps to improve the workflows of care staff by analyzing a wide range of data collected at care facilities from multifaceted facilities. The development was jointly undertaken by Konica Minolta QOL Solutions Inc., a care service subsidiary of Konica Minolta and Zenkoukai, a social welfare corporation that provides care for elderly.
Europe holds a major share of elderly care products and services market owing to the increase in the awareness of elderly care among people and the rising chronic illness coupled with technological advancements and growing innovation in product developments. Moreover, in 2015 alone, the total estimated population of aged 50+ with osteoporosis in Germany was 5.3million. In addition the growing ageing population and the increasing government initiatives for providing a better life to the elderly is boosting elderly care market growth.
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Elderly care products and services Market Growth Drivers:
- Growing Demand of Home Care Services for the Elder People:
The growing demand of home care services for the elder people is a significant factor driving the elderly care products and services market in the upcoming years. Moreover, home care is the most cost-effective health care delivery offered as there are no room and board cost compared to nursing homes, rehabilitation centers and other institutional care settings. In addition, home care promotes healing as the patients recover faster in the comfort of their home. Hence, these are the key advantages of home care services which is turn is generating huge revenue and eventually driving the market
- Technological Advancement and Product Innovation:
Technological advancement and product innovation is another factor driving the elderly care products and services market during the forecast period 2020-2025. Growing product innovation such as gadgets for emergency assistance, remote monitoring devices or health monitoring wearable demand is increasing among the consumers. These devices further allows the caregivers to monitor their patients more efficiently and with less effort. In addition, newer products such as grab bars, assistive seating devices, toilet accessories and others are also contributing to its market growth.
- Increased Funding By Government Bodies:
Increased funding by government bodies is a major factor driving the elderly care products and services industry to develop new products in order to provide a better quality of life to elderly people. Moreover, in Australia the government funds offer an Aged Care Approval Round (ACAR) and similar other programs to help service providers to build or upgrade their facilities. In addition, owing to the current covid 19 pandemic the government is set to provide a total funding package of $52.9million, to residential aged care (RAC), National Aboriginal and Torres Strait Islander (NATSI) and home care providers over the next 2 years.
The Major Players in this Market Include
The major companies in the Elderly care products and services Market include Koninklijke Philips N.V., Unicharm, Cardinal Health, Medtronic Plc, Interim Healthcare, Bayada Home Healthcare, Right at Home, Genesis Healthcare, Signature Healthcare and Sunrise Senior Living.
Over the year’s manufactures are mainly focused on developing new products in order to meet with the rising demand of consumers. The continuous developments and innovation of various products is a major factor driving the Elderly care products and services Market during the forecast period 2020-2025.
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