Institutional Care to Hold over Three-fourth Share in Elder Care Services Market, Finds Persistence Market Research

Institutional Care to Hold over Three-fourth Share in Elder Care Services Market, Finds Persistence Market Research

PR Newswire

NEW YORK, Feb. 15, 2021

NEW YORK, Feb. 15, 2021 /PRNewswire/ -- Beneficial schemes by insurance companies, altering economic and social conditions, expanding greying population, and changes in family structures are the main factors shaping the increased demand for elder care services. Increasing numbers of home care, daycare, and elder care facilities equipped with skilled medical professionals for the management of chronic diseases and home-like care of the geriatric population are on the rise. Rising awareness of such care centres, and increasing public and government investments, are leading to better care facilities for the elder population. Developed nations such as the U.S., Canada, Japan, and others are seeing their geriatric population increasing. Also, the number of individuals with physical disabilities has also increased, thus adding more reliance on daycare or nursing services

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Developments by key players have also fueled the market, with the elevation of service portfolios and integration of smart technologies for remote access and tele medication. The global elder care services market is projected to be valued at US$ 1.2 Bn in 2021, and expand at a CAGR of around 8% over the forecast period of 2021 to 2031.

Key Takeaways from Elder Care Services Market Study

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"Massively expanding geriatric population, improving daycare and elder care facilities, along with increasing elder care insurance and schemes are projected to surge demand for elder care services," says a Persistence Market Research analyst.

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Consolidation Activity - Key Market Strategy

The market is experiencing some consolidation activities by manufacturers, which include collaborations, acquisitions, and partnerships. Providers have deliberated focus on expanding capacity to deliver massive units in lesser time.

Several technological advancements have also been infused by key players into the care regimes of elders.

What else is in the report?

Persistence market research offers actionable insights and a unique perspective on the elder care services market in its latest study, presenting historical demand assessment of 2016 – 2020 and projections for 2021–2031, based on service (home-based care, community-based care, and institutional care) and financing source (public expenditure, private source, and out-of-pocket spending), across seven key regions of the world.

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