Elder Care Market: By Service Type (Institutional Care, Community-Based Care, and Home-Based Care) and Geography

Elder Care Market size was valued at USD 1,703.04 billion in 2023 and is poised to reach USD 2,882.76 billion by 2030 and is expected to grow at a CAGR of 6.80% from 2024-2030. Elderly care is discussed as senior care, which comprises meeting all the necessities of senior citizens at various stages. It contains services and products that make the daily happenings of aged people easy and simple. The requirement for elderly care rises with the growing age as old people need emotional as well as physical assistance to lead a healthy, productive, and independent life. Eldercare services comprise adult day care, assisted living, short-term care, long-term care, home care, and hospice. The increasing awareness regarding adult care services, home care services, and others among people worldwide will raise the demand for the market. With the speedy increase in the aged population, the necessity for elderly care is growing, and the growing request for elderly care products and services will fuel the market's growth. The increasing number of chronic diseases such as cardiovascular drugs diseases, diabetes, obesity, osteoporosis, cancer, and dental disorders has increased. These diseases can be avoided with appropriate treatment, nutrition, and diet, along with proper recommendations from doctors. Currently, the cure can also be taken at home with the support of home healthcare services in which one is not required to visit hospitals.

The global market provides a detailed overview of the Elder Care market size, which can be segmented by service type. By service type, the Elder Care market growth has been segmented into Institutional Care, Community-Based Care, and Home-Based Care. The Community-Based Care segment is likely to be the significant growing segment in terms of service type. The rise of this segment is mainly due to the advantages it offers. There are various methods for community care, such as day programs that offer activities, destinations, and monitoring for aged people. These spaces exploit the tailwind of seniors choosing to live at home for a longer time.

Elder Care Market Key Developments:

• In June 2021, TechCrunch, and Webrock Ventures partnered with Helathforce and launched telehealth products in South Africa.
• In May 2022, Yodda launched eldercare services in Thane, Mumbai, and Navi Mumbai