Aged Care Market: Global Industry Analysis and Forecast (2023-2029)

Aged Care Market was valued at US $ 2.24 Bn. in 2022. Global Aged Care Market size is estimated to grow at a CAGR of 7.3%.
Aged Care Market Overview:
The Aged care is the medical or health care of aged or elder or senior people. Aged care includes a wide range of services, such as healthcare, psychological care, and social care from well-trained staff or nurses. Aged care service integrates healthcare and psychological care along with housing care services, home care services, long-term care, assistance for daily activities, and socialization of daily programs, nutritional services, and financial planning aid.To know about the Research Methodology :- Request Free Sample Report

Aged people generally referred to above 60 age group people. Aging refers gradual decrease in the physical and mental capacity of the individual body along with a growing risk of disease and ultimately death. Aging is the result of the accumulation of a wide variety of molecular and cellular damage over the lifespan. According to World Health Organisation (WHO), in 2020, there are over 727 million people aged above 65 years across the globe.
Aged Care Market Dynamics:
Rapid Growth in the Aged Population and Life Expectancy:

The growing aged population across the globe is expected to drive the market during the forecast period. According to World Health Organisation (WHO), between 2015-2020 the population of the age group above 60 is grown by a double from 12 % to 22%. In 2019, the population of the age group above 60 years was 1000 million and it is expected to reach 1400 million by 2030 and 2100 million by 2050. In addition increasing life expectancy ratio among the developed and developing countries like China, India, U.S., U.K., and Japan are also expected to uplift the market growth over the forecast period. For instance, According to United Nations Population Division, the global overall life expectancy at birth for both gender was 73.2 years in 2020. In India, in 2020, the life expectancy at birth was 67.5 years for men and 69.8 years for women.
Countries by Highest Life Expectancy in Years:
Aged people are exposed to several health concerns such as hearing loss, cataracts, and refractive errors, back and neck pain, Alzheimer's disease, chronic pulmonary disease, diabetes, depression, and dementia. There are high chances of people experiencing more than one disease at a single time. According to WHO, in 2022, around 47.5 million people suffer from dementia, and 7.7 million new cases are reported each year across the globe. According to the National Center for Health Statistics, in the U.S., around 140,690 cancer cases were diagnosed, and 103,250 cancer deaths happened among the aged population in 2019. As a result, an increasing number of diseases among old age people rises the need of taking care of aged people, which in turn, is expected to fuel the market growth across the globe.

Common conditions in older age include hearing loss, cataracts, and refractive errors, back, and neck pain and osteoarthritis, chronic obstructive pulmonary disease, diabetes, depression, and dementia. As people age, they are more likely to experience several conditions at the same time. Increasing health concerns among aged people are driving the market growth across the globe.

However, the shortage of healthcare professionals such as doctors, nurses, and specialists mainly in developing and undeveloped countries such as south east nations, India, China, Brazil, and African countries are expected to hamper the market growth during the forecast period. The lack of well-trained professionals or supervisors for the aged population along with fewer aged care centers across the globe also restrains the market growth.
Increasing Expenditure on Living of aged people:
Thanks to the life expectancies are continuously rising across the globe, the expenditure on the living of the aged population is rising, which in turn the aged care market is expected to rise over the forecast period. According to a report, in the U.S., the average monthly expenditure on aged people living cost is US $ 4051, and monthly average price for in-home care is US $ 4290 during 2022. In addition, aged people spend US $ 1000 to US $ 2000 per year to cure chronic diseases.
Technological Gain Prominence over Forecast Period:
With the use of mobile technology in healthcare service to track diet and nutrition, medication, and daily routines. During the forecast period, Robotic technology is expected to gain preference in the healthcare monitoring system to reduce manual redundancy and to ensure fewer errors to a better quality of life. The use of the Internet of Things (IoT) is expected to reduce the cost of operational and clinical inefficiencies by US $ 100000 million per year. In addition, 64% of physicians believe that IoT can aid to minimize the burden on nurses and doctors.
Global Aged Care Market Segment Analysis
Based on the Services, the Aged Care Market is segmented into Homecare, Non-medical health Care, Institutional Care, Hospital-based care, and others. The Institutional Care segment held the largest market share, accounting for 63% in 2022. Institutional care services offer a wide range of benefits, such as the low cost for long-term care, advanced care regime, safety, and comfort, which drives the aged care market growth for this segment. The home care segment is expected to witness significant growth at a CAGR of 7.9% during the forecast period. The segment growth is attributed to changing lifestyles and growing expenditure on health care in developed countries like U.S. U.K., and Japan. Home care services include personal care, skilled-nursing care, companion facilities, physical therapy, and medical social services.
Global Aged Care Market Regional Insights:
North America region held the largest market share accounted for 43% in 2022. The region's growth is attributed to the growing number of aged care centers, favorable compensation policies, technological advancement, along growing aged population in the region. U.S. has 784,626 healthcare care companies, and in 2019, U.S. has allocated 18% of GDP on healthcare, which is fueling the healthcare industry during the forecast period. The Asia Pacific region is expected to witness significant growth at a CAGR of 7.1% during the forecast period. Advancement in aged care services, such as skilled professionals and technological advancement in care services along with favorable government policies for an aged population are driving the aged care market growth for this region.

The objective of the report is to present a comprehensive analysis of the Aged Care Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Aged Care Market dynamic, structure by analyzing the market segments and projecting the Aged Care Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Aged Care Market make the report investor’s guide.
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Aged Care Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2022-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 2.24 Bn.


Forecast Period 2022 to 2029 CAGR:
7.3%
Market Size in 2029:
US $ 3.67 Bn.


 Segments Covered:
by Services
Home Healthcare
Non-medical health Care
Institutional Care
Hospital based care
Others


by Application
Medical care
Rehabilitation
Assistance



Global Aged Care Market by Region
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
North America (United States, Canada and Mexico)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Global Aged Care Market Key Players
1. Epoch Elder Care
2. St Luke's ElderCare Ltd
3. Cascade Healthcare
4. Econ Healthcare Group
5. Samvedna Senior Care
6. Rosewood Care Group Inc.
7. Latin America Home Health Care
8. Benesse Style Care Co. Ltd.
9. Amedisys, Inc.
10. Brookdale Senior Living Inc.
11. Bayada home health Care
12. Kindred Healthcare, Inc.
13. Nichii Gakkan Co. Ltd
14. ApnaCare Private Limited

Frequently Asked Questions:

1] What segments are covered in the Aged Care Market report?
Ans. The segments covered in the Aged Care Market report are based on Services and Application.

2] Which region is expected to hold the highest share in the Aged Care Market?
Ans. The North America region is expected to hold the highest share in the Aged Care Market.

3] What is the market size of the Aged Care Market by 2029?
Ans. The market size of the Aged Care Market by 2029 is US $ 3.67 Bn.

4] What is the forecast period for the Aged Care Market?
Ans. The Forecast period for the Aged Care Market is 2023-2029.

5] What was the market size of the Aged Care Market in 2022?
Ans. The market size of the Aged Care Market in 2022 was US $  2.24 Bn.