Elderly Care Service Market (2019-2025)

Elderly Care Service Market - Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019-2025
 
LONDON - Dec. 9, 2019 - PRLog -- The Global Elderly Care Service Market is anticipated to grow at a market worth of US$ 1,744.6 billion by 2025, expanding at a CAGR of 8.31% during the forecast period 2019-2025. The major reasons for escalation are the growing aging population paired with associated age-related diseases, increasing demand for residential care facilities among others. Moreover, a rise in the number of applications based on Tele-awareness and adoption of care bots due to the lack of skilled labor would mark as a new upcoming trend in this industry. Elder Care primarily focuses on providing senior care services including housekeeping, homemaker service, physical therapy, occupational therapy, nursing services among others. These services can be provided through institutional care, day-care, community care or home care. The popularity of such services is increasing among the working group, owing to lack of time paired with increasing awareness about the benefit associated with the service. In 2018, Institutional care dominated the global elderly care market and is anticipated to generate a market size of US$ 1,197.5 billion by 2025. Home-Based care is expected to be the fastest-growing service type during the forecast period.

"Europe represents one of the largest markets of Elderly Care Service globally."

For a deep-dive analysis of the overall adoption and penetration of the elderly care service, study is conducted for major aging population regions/countries. Major regions/countries analyzed include North America (US), Europe (France, Germany, Spain, Italy, UK), Asia-Pacific (Japan, China, Australia, India) and Rest of the World. Currently, Europe dominates the market with 37.2% share in 2018. High prevalence of age-related disorders and rising old age population along with high awareness among the people is the major driving factor.

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