Elderly Care Services Market Size, Share, Growth, Trends, and Forecast, 2032

Elderly Care Services Industry Prospective:

The global elderly care services market size was evaluated at $1025.43 billion in 2023 and is slated to hit $1965.99 billion by the end of 2032 with a CAGR of nearly 7.50% between 2024 and 2032.

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Elderly Care Services Market: Overview

Elderly care services are requirements of the aging population. It also includes many facilities such as assisted living, residential care, home care, hospice care, healthcare, and adult day care. The service industry has dominated the global economy and has contributed a major share of the GDP of both developed countries as well as emerging economies. The elderly care services sector is no exception to this. Good care of the elderly population taken by various non-profit organizations has resulted in the value creation of elderly care services.

Moreover, the elderly population is defined as persons having an age of over sixty-five years and the persons falling in this age group require long-term care, nursing home, daycare, and home care services. Additionally, they also need hospital care, dementia care, and custodial care amenities. Furthermore, aging is a key phase and myriad medical issues including heart failure, respiratory diseases, diabetes, and joint pains occur in this phase of life.

Key Insights

• As per the analysis shared by our research analyst, the global elderly care services market is projected to expand annually at the annual growth rate of around 7.50% over the forecast timespan (2024-2032)
• In terms of revenue, the global elderly care services market size was evaluated at nearly $1025.43 billion in 2023 and is expected to reach $1965.99 billion by 2032.
• The global elderly care services market is anticipated to record massive growth over the forecast period owing to a surge in the life expectancy of the global population and a rise in disorders like dementia and Alzheimer's in old age.
• In terms of service type, the home care segment is slated to register the fastest CAGR over the analysis period.
• Based on the service provider, the private segment is anticipated to dominate the segment over the projected period.
• Region-wise, the Asia-Pacific elderly care services market is projected to register the highest CAGR during the assessment timeline.

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Elderly Care Services Market: Growth Factors

Increase in disorders such as dementia and Alzheimer's in the elderly to boost the global market trends

A surge in the life expectancy of the global population and a rise in disorders like dementia and Alzheimer's in old age will shape the growth of the elderly care services market over the forthcoming years. Moreover, institutions like not-for-profit clinics, independent charitable units, and government-sponsored institutions have played a key role in leveraging the market expansion. As per WHO, the geriatric population is predicted to reach nearly over 1 billion by 2050 across emerging economies and this rise will translate into huge demand for elder care services, thereby enlarging the scope of the market in the near future.

Furthermore, the geriatric population is prone to diabetes, arthritis, and renal insufficiency along with other chronic conditions and this will provide a boost to the global elderly care services market growth in the years to come. Apart from this, a surge in comorbid conditions and reduction in immunity due to aging is anticipated to embellish the need for elder care services in the forthcoming timespan. Reportedly, the improvements witnessed in the geriatric care services & healthcare management activities in recent years will exponentiate the growth rate of the market globally in the upcoming years. The focus of the government on improving the quality of life of the aging population will enhance the market progress within the next couple of years. Launching of new elderly care services will also bring a paradigm shift in the global market in the years ahead. For instance, in February 2023, Athulya Senior Care, a key Indian player offering geriatric healthcare services, introduced palliative care services in the Southern part of India in association with Pallium India, an NGO based in South India offering pain relief & palliative care services for patients. The initiative is aimed at addressing the health concerns of the geriatric population in India.

Elderly Care Services Market: Restraints

Lack of reimbursement facilities can hinder the expansion of the global industry over 2024-2032

Lack of geriatric care organizations in the rural areas in the emerging economies along with low availability of skilled personnel can inhibit the expansion of the elderly care services industry across the globe. Unfavorable compensation policies in developing countries globally can further constrict the growth of the industry across the globe.

Elderly Care Services Market: Opportunities

Demand for effective healthcare services for the elderly will open new growth avenues for the global market by 2032

Massive requirements for better lifestyles and effective healthcare services for the aging population will open new growth opportunities for the elderly care services market across the globe. A rise in awareness about health among senior citizens post-retirement is likely to chart a profitable growth graph for the market across the globe.

Elderly Care Services Market: Challenges

Huge costs of elderly healthcare services can prove to be a big challenge in the growth path of the global industry

High costs associated with elderly healthcare management activities and low funding to avail new products for elderly people can pose a huge challenge to the growth of the global elderly care services industry. Furthermore, improper planning and infrastructure facility for elderly homes along with changing family structures has become a new challenge in the path of growth of the industry globally.

Elderly Care Services Market: Segmentation

The global elderly care services market is sectored into service type, service provider, application, and region.

In service type terms, the global elderly care services market is segregated into adult day care, institutional care, and home care segments. Furthermore, the home care segment, which garnered nearly 60% of the global market share in 2023, is projected to record the fastest CAGR in the ensuing years. The growth of the segment in the forthcoming years can be a result of home care services offering personal care and comfort to elderly persons.

Based on service provider, the global elderly care services industry is bifurcated into private and public segments. Moreover, the private segment, which accounted lucratively towards the global industry revenue in 2023, is set to retain its dominant position in the global industry in the years ahead. The segmental expansion over the projected timespan can be subject to the ability of private service providers to offer a trained workforce and high-quality services to elderly people.

Based on the application, the global elderly care services market is divided into arthritis, neurological diseases, respiratory diseases, heart diseases, diabetes, osteoporosis, kidney diseases, and cancer.

Elderly Care Services Market: Report Scope

Elderly Care Services Market: Regional Insights

North America is likely to retain its global market dominance during the forecast period

North America, which accounted for half of the global elderly care services market revenue in 2023, will be the leading region during the assessment timeframe. Moreover, the growth of the regional market over the assessment period can be subject to the humungous presence of elderly care homes as well as healthcare centers for aging persons in the region. Apparently, favorable compensation policies and a rise in the aging populace prone to chronic ailments in countries like the U.S. will chart a lucrative growth map for the industry in North America over the ensuing years.

The Asia-Pacific elderly care services industry is set to register the highest CAGR in the next couple of years due to high unmet medical requirements along with the presence of a large proportion of the elderly population in countries such as India and China. A rise in the average life expectancy of the people and supportive healthcare policies will steer the growth of the industry in the sub-continent. A large presence of geriatric care centers in the sub-continent will prompt the expansion of the industry in the Asia-Pacific zone.

Elderly Care Services Market: Competitive Space

The global elderly care services market profiles key players such as:

• Latin America Home Health Care
• United Medicare Pte Ltd.
• St Luke's ElderCare Ltd
• Millennia Personal Care Services
• GoldenCare Group Private Limited
• ApnaCare Latin America Private Limited Epoch Elder Care
• Econ Healthcare Group
• RIEI Co. Ltd.
• Cascade Healthcare
• SASCO Integrated Eldercare Centre
• Rosewood Care Group Inc.
• Samvedna Senior Care
• Pacific Healthcare Nursing Home
• Golden Years Hospital
• Benesse Style Care Co. Ltd.
• Orange Valley Healthcare
• Carewell-Service Co. Ltd.
• Nichiigakkan Co. Ltd
• NTUC Health Co-Operative Ltd.

The global elderly care services market is segmented as follows:

By Service Type

• Adult Day Care
• Institutional Care
• Home Care

By Application

• Respiratory Diseases
• Diabetes
• Osteoporosis
  • Heart Diseases
• Neurological Diseases
• Kidney Diseases
• Arthritis
• Cancer

By Service Provider

• Private
• Public

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa