Elder Care Services Market To Witness Linear Transition In The Next Decade

Posted by Merin John on June 10th, 2021

Global revenue of the elder care services market reached ~US$ 1 Bn in 2018, disclosed the new research study by Persistence Market Research (PMR). According to the report, the institutional elder care services segment is expected to witness a CAGR of ~ 8% in the forecast period (2019-2029), primarily due to significantly including all nursing, medical clinic diagnostics and laboratory service, and other emergency room services.

Also, institution elder care services involve long term 24hour care service for medical and non-medical conditions. Home-based elder care services are associated with lower risk of re-hospitalization that results in increasing the business growth in the forecasted period as these care service include medical and non-medical care.

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Company Profiles 

• Eldercare Services
• Korian Group
• ProVita International Medical Center, LLC
• Home Instead, Inc
• Living Assistance Services, Inc.
• Benesse Style Care Co., Ltd
• Econ Healthcare Group
• Epoch Elder Care
• St Luke’s ElderCare Ltd
• India Home Health Care
• Samvedna Senior Care
• ApnaCare India Private Limited
• Nichiigakkan Co. Ltd
• Golden Years Hospital
• Orange Valley Healthcare
• NTUC Health Co-Operative Ltd
• GoldenCare Group Private Limited
• Carewell-Service Co., Ltd.
• RIEI Co. Ltd.
• SASCO Integrated Eldercare Centre
• Cascade Healthcare
• Millennia Personal Care Services
• Rosewood Care Group Inc.
• Pacific Healthcare Nursing Home
• United Medicare Pte Ltd

Community-based elder care services are intended to provide care and companionship to geriatric population who require help or supervision.

The essential objectives of community-based elder care service centers are to postpone or avoid institutionalization, and to empower socialization among elderly that result in enhancing the revenue growth in the elder service care market.

The public expenditure segment captured the biggest share of the overall elder care services market in 2018 and was estimated around ~US$ 660 Mn. The government controls the cost of medicine, treatment, and therapeutic services through regulation and negotiation with the private insurers and hence subsequently eliminates the administrative cost, thereby driving market growth.

Private source for elder care services market is assessed to develop at an impressive CAGR of ~9% over the projection time frame.

Private insurance can be either directly purchased by the insurer or is offered by the organization to employees. Private insurance can be divided into hospital cover insurance or general treatment coverage insurance.