Insights Into The Services For the Elderly And Persons with Disabilities Market’s Growth Potential 2024-2033
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033
The services for the elderly and persons with disabilities market size has grown strongly in recent years. It will grow from $471.29 billion in 2023 to $504.42 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to resulted from decreasing household size, economic growth in emerging markets, increased aging population, technology development and mobile apps, government funding for elder care, increasing prevalence of diseases, and health insurance reforms. The services for the elderly and persons with disabilities market size is expected to see strong growth in the next few years. It will grow to $654.91 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to increasing healthcare access, preferring community stay, rapid growth in the aging population, changes in lifestyles and increasing household incomes. Major trends in the forecast period include companies should consider implementing telehealth technologies to improve the quality of care offered to patients, implement electronic technologies to keep track of home health care services and reduce fraud cases, adopt big data technologies and collaborating with analytics companies to gain critical insights on seniors’ health, develop customized services to provide individualized care to senior residents with complicated health issues, consider adopting electronic health records to safely store and streamline contact with residents and have timely access to the medical history of the residents, focus on adopting artificial intelligence to provide software solutions that make tasks easier and simpler, adopt robots to smooth the transition of care facilities to elderly patients, consider investing in technologies to efficiently track patient data and provide quality services to senior citizens, should consider using online funding platforms to raise funds for their welfare activities, offer integrated care services to expand their offerings and attract a greater number of customers and focus on providing services virtually and adapting to the dynamic environment caused by the covid-19 pandemic.
The services for the elderly and persons with disabilities market is witnessing growth driven by demographic shifts such as decreasing household size and an aging population. The reduction in household size, evidenced by the decline in the average number of people per household, is coupled with a rapidly aging global population. According to the Public Policy Institute of California, household sizes dropped from 2.85 in 2021 to 2.81 in 2022. Simultaneously, the World Health Organization predicts a substantial increase in the aging population, with one in six individuals expected to be 60 or older by 2030 globally. The surge in demand for services for the elderly and disabled is a direct consequence of these demographic changes, contributing to market expansion in 2023, 2024, and 2028.
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What Are The Key Trends That Influence Services For the Elderly And Persons with Disabilities Market Share Analysis?
Companies worldwide are increasingly using robots to facilitate elderly care. For instance, Bright Cape, based in Eindhoven, developed SARA (Social and Autonomous Robotic Health Assistants) as part of the European EIT Digital Innovation Consortium. This initiative aims to alleviate healthcare workloads and enhance treatment quality. In Japan, robots are being introduced in nursing homes, workplaces, and schools to address the challenges posed by an aging population and a shrinking labor force.
Which Market Players Are Driving Growth In The Services For the Elderly And Persons with Disabilities Market?
Major companies operating in the market are CK Franchising Inc, 24 Hour Home Care, Home Instead Inc, SE Health, Right at Home Inc., Living Assistance Services, Synergy Home Care, Happier At Home, Senior Helping Seniors, Home Care Assistance, Yingtan Hejia Xiangyi Retirement Industry Development Co. Ltd.,, Shouyang County Xiyang Honglaonian Retirement Service Co. Ltd.,, Avalon Health Care,, Careplus, Choice Care, Care Without Compromise Ltd., SuperCarers, Caritas, Diakonie, German Red Cross and the Paritätische, AssiDom, Oxehealth, Orpea Groupe, CARP Omenia, ProMedicus Home Care Services, ABOS Care Elderly Home IASI SRL, Fushoukang (Shanghai) Medical Elderly Care Service Co. Ltd.,, BAYADA Home Health Care, Home Instead Senior Care, GreatAupair, ICare, Brookdale Senior Living Inc., Senior Care Centers of America, Sunrise Senior Living, Home Bound Healthcare, AddusHomeCare, Interim HealthCare of Lubbock, Phoenix Home Care Agenc, Manzil Health, Pioneer Medical Services LLC., Aamer Home Healthcare Center, Greymate Care, Bluegate homecare,, AnsMed Home Care Limited
How Is The Global Services For the Elderly And Persons with Disabilities Market Segmented?
The services for the elderly and persons with disabilities market covered in this report is segmented –
1) By Type of Service: Institutional Care, Adult Day Care, Home Care
2) By Service Provider: Public Expenditure, Private Expenditure, Out of Pocket Spending
3) By End User: Elderly, Disabled Adults
Read The Full Services For the Elderly And Persons with Disabilities Market Report Here
The Services For the Elderly And Persons with Disabilities Global Market Report 2024 provides an overview of the services for the elderly and persons with disabilitiesmarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The services for the elderly and persons with disabilities market forecast analyzes services for the elderly and persons with disabilities market size, services for the elderly and persons with disabilities market share, leading competitor and their market positions.
The Table Of Content For The Services For the Elderly And Persons with Disabilities Market Include
1. Services For the Elderly And Persons with Disabilities Market Executive Summary
2. Services For the Elderly And Persons with Disabilities Market Segments
3. Services For the Elderly And Persons with Disabilities Market Size And Template Market Growth Rate
4. Key Services For the Elderly And Persons with Disabilities Market Trends
5. Major Services For the Elderly And Persons with Disabilities Market Drivers
……
25. Key Mergers And Acquisitions In The Services For the Elderly And Persons with Disabilities Market
26. Top Services For the Elderly And Persons with Disabilities Companies
27. Services For the Elderly And Persons with Disabilities Market Opportunities And Strategies
28. Services For the Elderly And Persons with Disabilities Market, Conclusions And Recommendations
29. Appendix
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