Evaluating the Services For the Elderly And Persons with Disabilities Market’s Growth Prospects from 2024 to 2033
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How is the Growth Rate of the Services For the Elderly And Persons with Disabilities Market Estimated for 2024-2033?
The market for services targeted at seniors and individuals with disabilities has seen robust growth in the past few years. It is expected to expand from $471.29 billion in 2023 to $504.42 billion in 2024, with a compound annual growth rate (CAGR) of 7.0%. Factors contributing to the historical period’s growth include the decrease in household size, economic development in developing markets, a rise in the aged population, advancements in technology and mobile applications, government subsidies for elderly care, increasing occurrences of diseases, and reformations in health insurance.
In the coming years, the market for services aimed at the elderly and those with disabilities is set to experience robust growth. By 2028, it is predicted to rise to $654.91 billion, enjoying a compound annual growth rate (CAGR) of 6.7%. This projected increase is attributed to various factors including enhanced healthcare accessibility, a rising preference for community living, a rapidly ageing population, alterations in lifestyle and escalating household income. Significant trends to note during this period involve the necessity for companies to consider the incorporation of telehealth technology to enhance patient care quality, the utilisation of digital technology for managing home healthcare services and decreasing instances of fraud, the exploration of big data and partnership with data analytics companies for vital insights on elderly health, creating bespoke services to provide personalised care to elderly residents with complex health issues and the implementation of electronic health records for safe storage of residents’ medical history facilitating prompt access. There should also be a focus on leveraging artificial intelligence for software solutions that simplify tasks, employing robots to ease the transition of care facilities to elderly patients, investing in technology to effectively monitor patient data and improve service quality provided to senior citizens. Additionally, companies should consider utilizing online platforms for funding their welfare initiatives, deliver integrated care services to widen their customer base and provide services virtually, adapting to the constantly evolving environment triggered by the Covid-19 pandemic.
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What Key Drivers Are Propelling the services for the elderly and persons with disabilities Market’s Growth?
The expected rise in services for the elderly and persons with disabilities market is likely to be fueled by the dual factors of declining household sizes and a rapidly aging populace. The reduction in household sizes has largely been caused by families becoming smaller. For instance, data from November 2022 by the Public Policy Institute of California, a non-profit organization based in the US, showed that at the beginning of the pandemic, the average household size significantly shrunk to 2.85 members in 2021. The trend did not stop there, with household sizes falling a further 1.4% to reach 2.81 members in 2022. Additionally, an increasing elderly population is generating a higher demand for specialized services for this demographic, thereby boosting the market revenues. For sample, a report published by the Switzerland-based World Health Organization (WHO) in October 2022, revealed that by 2030, one out of every six people in the world will be aged 60 years or older. By 2050, those aged 60 years or more will number 2.1 billion worldwide. Also, the number of people who will be 80 years or older is set to rise by 426 million by 2050 compared to the present population. The growing need to care for this aging population necessitates services for the elderly and disabled, which indeed triggers further growth in this specific market.
What Are the Distinct Segments of the Services For the Elderly And Persons with Disabilities Market?
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
Which New Trends Are Making Waves in the Services For the Elderly And Persons with Disabilities Market?
Numerous businesses worldwide are harnessing robotic technology to streamline the provision of care to older individuals. To cite one example, Bright Cape, a company based in Eindhoven, has created a system known as SARA, an acronym for social and autonomous robotic health assistants. This project forms part of the Europe’s EIT Digital Innovation Consortium and has been designed to lighten the load in healthcare while enhancing the standard of care overall. In response to an aging population and a shrinking workforce, Japan has begun implementing robots in environments such as nursing homes, places of work, and educational institutions.
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Which Regions Are Significant to the Growth of the Services For the Elderly And Persons with Disabilities Market?
Western Europe was the largest region in the services for the elderly and persons with disabilities market in 2023. Asia-Pacific was the second-largest region in the global services for the elderly and persons with disabilities market share. The regions covered in the services for the elderly and persons with disabilities market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Services For the Elderly And Persons with Disabilities Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the services for the elderly and persons with disabilities market, its market share, and analyzes key competitors along with 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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