Global Elder Care Services and Assistive Devices Market Research Report ForecastPosted by vidhyanigam98 on December 23rd, 2020 Bharat Book Bureau Provides the Treding Market Research Report on "Elder Care Services and Assistive Devices: Global Markets" under Life Sciences Category. The report offers a collection of superior market researach, market analysis, competitive intelligence and Market reports.
Summary:
The Global Market For Elder Care Services and Assistive Devices was valued at REDACTED in 2018. The market is anticipated to expand at a compound annual growth rate (CAGR) of REDACTED to reach approximately REDACTED by 2025. The global market's growth is attributed to the growing need for personal care for the elderly population affected by chronic diseases, a rise in the size of the world’s geriatric population, the increasing popularity of Internet of things (IoT) technology in home healthcare, an increase in the prevalence of people suffering from disabilities, new technology innovations and rising government funding for elderly care.
Baby boomers (those born in the years following World War II) started turning 65 in 2011, and the rest will reach age 65 by 2030, at which point they will account for about REDACTED of the total U.S. population. By 2050, the size of the 65+ age group is anticipated to exceed REDACTED, a more than REDACTED rise over its estimated 2020 population of REDACTED. The population percentage of the 85+ group is even higher. By 2050, the 85+ age group is anticipated to exceed REDACTED, a REDACTED increase over its predicted 2020 population of REDACTED. Additionally, by 2035, the 65+ age group is expected to be larger than the population under age 18. There will be around REDACTED people aged 65+, compared to REDACTED under 18, by 2035. The forecasted growth in the elderly population will present many challenges to programs and policy makers by having a significant impact on businesses, families, healthcare providers and, most notably, demand for senior housing.
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An apparent rise in capital targeted at the elderly care home and senior living property market has been observed recently. As an industry, elder care picked up steam in the 1960s and 1970s with government support and the advent of the National Institute on Aging. The number of older Americans needing care will grow as life expectancy increases. In 1965, Medicare provided seniors with federal money for home healthcare. The rest of the industry’s revenue is from out-of-pocket costs, private insurance, Medicaid and money paid by local governments. The majority of the industry's income in the United States comes from private insurance, Medicaid and Medicare, all of which set prices in the industry.
Report Scope:
This report examines the current and projected market potential of elder care services and assistive devices. It offers a detailed analysis of the competitive environment, market background, technological advancement, drivers, restraints and market growth trends. The report also includes market projections to 2025. The report details the market shares of elder care services and assistive devices based on type of service and device.
Based on services, the market is fragmented into home healthcare, adult day services and institutional care. By assistive devices, the market is segmented into medical/personal monitoring aids, daily living aids, mobility aids, access aids and others.
By geography, the market has been segmented into North America, Europe, the Asia-Pacific region, and the Rest of the World. North America includes the U.S. and Canada; the European region includes Germany, U.K., France and the Rest of Europe; the Asia-Pacific region includes China, India, Japan and the Rest of Asia-Pacific. For market estimates, data are provided for 2018 as the base year, 2019, and forecast through year-end 2025. Estimated values used are based on assistive device manufacturers’ and elder care service providers’ total revenues. Projected and forecasted revenue values are in constant U.S. dollars that have not been adjusted for inflation.
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