North America and Europe Elderly Care Products and Services Market

North America and Europe Elderly Care Products and Services Market is segmented by type: Products and Service. The Services segment accounted for more than 50% share in 2021, $367.45 billion, and is projected to grow with a CAGR of 4.12% for the next 5 years owing to the surge in the life expectancy of the population and rising demanding for more sophisticated services from those who suffer from the disorders such as dementia and Alzheimer at the old age. 

North America and Europe Elderly Care Products and Services Market is segmented by product such as Housing and Assistive Devices (Mobility Assistance Aids/Homecare Aids, Fall Detection Systems, Daily Activity Monitoring Systems, Assistive Furniture, Bathroom Safety & Assistive Products, Communication Aids), and Personal Care Products (Pharmaceuticals, Adult Diapers, Others). While the personal care products segment is estimated to have the most of market share with a revenue of $181.27 billion in 2021, Housing and assistive devices segment is projected to grow at a much higher CAGR of 6.24% during the forecast period of 2022-2027. Increasing frequency with age-related disease such as heart disease, diabetes, cancer, and Alzheimer’s will require the use of the housing and assistive devices at home, which will drive the market growth of the segment. 

North America and Europe Elderly Care Products and Services Market is segmented by its service that includes Homecare (Healthcare, Non-Medical Care), Community Based Services (Adult Day Care, Continuing Care Retirement Communities), and Institutional Care (Hospital Based, Independent Senior Living, Assisted Living, Nursing Home). The institutional care system holds a dominant position in North America and Europe elderly care products and services market with a revenue of $197.24 billion in 2021. Institutions including nursing homes and assisted living facilities provide comparatively more adaptable care to the elderly where they can be free from rigid timetables, thus propelling the segment growth in the future.

North America and Europe Elderly Care Products and Services Market is segmented by three age brackets: 65 to 74, 75 to 84, 85 and Older. The 85 and Older segment generated more revenue of $262.83 billion in 2021 than the other two age groups since they are more likely to require more constant caring support.  A longer lifespan and increasing number of the seniors are the main factors contributing to its overall segment growth.

North America and Europe Elderly Care Products and Services Market is segmented by gender. The female segment accounted for the major share, generating $358.57 billion in 2021, and is expected to maintain its dominance for the forecast period owing to the increasing awareness of home care services, insurance coverage and soaring government initiatives to provide cost-effective medical treatment for ageing population.

The North America and Europe Elderly Care Products and Services finds its application across the industry and with a different set of users. There are basically three kinds of End Users: Hospitals, Elderly Nursing Home, and Homecare. The homecare segment generated the largest revenue of $261.98 billion in 2021, and is expected to grow further with a CAGR of 4.42% for the 2022-2027. As the technology advances there will be rise in the range of devices that can instantly record and transmit vital health data, and also allow communication to doctors, patients, nurses, family and home care agency. 

North America and Europe Elderly Care Products and Services Market is segmented by health issue such as Chronic Health Conditions, Cognitive Health, Depression, Physical Injury, Malnutrition, Sensory Impairments, Bladder Control, and Others. Above all, the chronic health conditions segment accounted for the major market share in 2021, with a revenue of $190.18 billion. The incidence of chronic diseases rises sharply with age and the majority of patients with a chronic ailment are over the age of 65 years, and most of them are leading causes of disability and death. 

The report comprises of the region-wise study across North America and Europe. Germany in European region is dominating the North America and Europe Elderly Care Products and Services Market owing to the increase in the awareness of elderly care among people and rising chronic illness in ageing population. 

Growing demand for home care services and increasing technological advancements of healthcare products are driving the market. Rise in geriatric population has led to increased demand for elderly care services. 

North America and Europe Elderly Care Products and Services - Competitive Landscape

Major companies in the North America and Europe Elderly Care Products and Services Market profiled in this report include Koninklijke Philips N.V., Unicharm, Medtronic Plc, Cardinal Health, Interim Healthcare, Bayada Home Health Care, Right at Home, Genesis HealthCare, Signature HealthCare, and Sunrise Senior Living. The market is highly fragmented with many players in the market landscape.  Technology launches, acquisitions, and R&D activities are key strategies adopted by the key players in the North America and Europe Elderly Care Products and Services Market.

In October 2021, Medtronic, the world’s largest medical device company, increased its investments into AI and other technologies to help the health care industry catch up with other industries.

In January 2022, Bayada home health care announced the launch of its Valley Health at Home, a joint venture partnership which is set to expand integrated care delivery network capabilities into patient’s homes, particularly among the aging population.

In February 2022, Sunrise senior living announced its expansion by opening its new senior assisted living communities in Silicon Valley and New Jersey.

The base year of the study is 2021, with forecast analyzed till 2027. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. These provide the key market participants with the necessary business intelligence and help them understand the future of the North America and Europe Elderly Care Products and Services market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, and North America and Europe Elderly Care Products and Services manufacturing method analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the key Elderly Care Products and Services Market players in North America and Europe, to define, describe and analyze the sales value, market share, SWOT analysis and development plans in upcoming years.

By Type: Product, Service

By Product: Housing and Assistive Devices (Mobility Assistance Aids/Homecare Aids, Fall Detection Systems, Daily Activity Monitoring Systems, Assistive Furniture, Bathroom Safety & Assistive Products, Communication Aids), Personal Care Products (Pharmaceuticals, Adult Diapers, Others)

By Service: Homecare (Healthcare, Non-Medical Care), Community Based Services (Adult Day Care, Continuing Care Retirement Communities), Institutional Care (Hospital Based, Independent Senior Living, Assisted Living, Nursing Home)

By Age: 65 to 74, 75 to 84, 85 and Older

By Gender: Male, Female

By End-user: Hospitals, Elderly Nursing Home, Homecare

By Health Issue: Chronic Health Conditions, Cognitive Health, Depression, Physical Injury, Malnutrition, Sensory Impairments, Bladder Control, Others 

By Region: North America, Europe