Global Elderly Care Market Report (2024-2032)
The global elderly care market reached a valuation of USD 49.29 billion in 2024 and is projected to grow to USD 98.19 billion by 2032, reflecting a compound annual growth rate (CAGR) of 9.00% over the forecast period.
Market Overview
The elderly care market encompasses various services aimed at supporting older adults, including home care, nursing homes, assisted living, and adult care services. This sector plays a crucial role in ensuring seniors maintain their independence, emotional well-being, and overall health. The market’s growth is primarily fueled by the increasing life expectancy of individuals and a rising global aging population.
Impact of COVID-19
The COVID-19 pandemic significantly affected the elderly care sector, initially disrupting services but ultimately accelerating the adoption of home-based care and telehealth solutions. Families increasingly opted for remote and personalized care over institutional facilities, leading to an industry-wide shift. However, providers faced challenges such as staffing shortages and rising operational costs. The pandemic also highlighted weaknesses in the eldercare system, prompting reforms aimed at improving service quality and resilience.
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Leading Companies in the Elderly Care Market
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Helping Hands Home Care (England)
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CK Franchising, Inc. (U.S.)
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Rosewood Care Group (Australia)
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Living Assistance Services (Canada)
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Interim HealthCare Inc. (U.S.)
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Home Instead, Inc. (U.S.)
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Right at Home, LLC (U.S.)
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Exceptional Living Centers (U.S.)
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Care24 Pvt Ltd. (India)
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Visiting Angels (U.S.)
Market Segmentation
By Service Facilities
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Home Healthcare
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Public/Private Healthcare
In 2023, the home care segment accounted for 58% of the market share, driven by the appeal of independent care, affordability, and convenience.
By Service Type
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Companion Care
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Homemaking
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Rehabilitation/Recovery
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Personal Care
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Others
Homemaking emerged as the dominant segment, as it includes essential services like meal preparation, cleaning, and errands, significantly benefiting older adults with mobility challenges.
By Care Type
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Visiting Care
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Live-in Care
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Respite Care
The live-in care segment held the largest market share in 2023, owing to the increasing demand for round-the-clock professional assistance, which allows seniors to remain in a familiar environment.
Regional Insights
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North America:Â The region dominated the market in 2023 due to significant healthcare investments and robust elderly care infrastructure.
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Europe:Â Poised for substantial growth, supported by widespread healthcare services, an aging population, and government compensation policies.
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Asia Pacific, South America, and the Middle East & Africa:Â Expected to witness steady expansion, driven by increasing awareness and improving healthcare infrastructure.
Market Drivers and Restraints
Drivers
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Rising prevalence of chronic diseases and disabilities, increasing demand for long-term care.
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Technological advancements in healthcare, enabling better home-based chronic disease management.
Restraints
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Limited insurance coverage and government support hinder market expansion.
Competitive Landscape
Leading companies are focusing on strategic partnerships, technological advancements, and regulatory compliance to enhance their services. Established firms like Brookdale Senior Living and Johnson & Johnson leverage their financial strength, while startups such as Honor and Homethrive innovate through telehealth and remote caregiving solutions.
Recent Industry Developments
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June 2024:Â Helping Hands Home Care launched its first franchise in Woolrich under the name Heartland Retirement Personal Care Home. The facility provides comprehensive in-home personal care and healthcare services for seniors and individuals in need.
This report offers an in-depth analysis of market trends, competitive landscapes, and key developments shaping the elderly care industry from 2024 to 2032.
