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Aged Care Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, China, Australia, Germany, France - Size and Forecast 2024-2028

Aged Care Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, China, Australia, Germany, France - Size and Forecast 2024-2028

Published: Nov 2023 166 Pages SKU: IRTNTR76830

Market Overview at a Glance

$343.71 Mn
Market Opportunity
5.72%
CAGR
5.38
YoY growth 2023-2024(%)

Aged Care Market 2024-2028 

The aged care market size is estimated to grow at a CAGR of 5.72% between 2023 and 2028. The market size is forecast to increase by USD 343.71 million. The accelerated growth of the market is due to various factors, including the rising demand for aged care services, the aging baby boomer population, and the rising adoption of eco-friendly and sustainable practices in aged care facilities.

The report offers extensive research analysis on the Aged Care Market, with a categorization based on Service, including home care, institutional care, and adult day care. It further segments the market by Type, encompassing public and private. Additionally, the report provides Geographical segmentation, covering APAC, Europe, North America, the Middle East and Africa, and South America. Market size, historical data (2018-2022), and future projections are presented in terms of value (in USD million) for all the mentioned segments.

What will be the Size of the Aged Care Market During the Forecast Period?

Aged Care Market Size

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Aged Care Market: Key Drivers, Trends and Challenges

Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Aged Care Market Driver

One of the key factors driving the aged care market growth is the aging Baby Boomer population. One of the most significant demographic trends across the world in the current scenario includes the growing population of individuals aged 65 years and older. In addition, baby boomers are individuals born between 1946 and 1964. Therefore, as the number of retired Baby Boomers who are aging increases, there will be an increase in the need for nursing care.

Moreover, the obesity rate among elderly people is on the rise, which has resulted in more people facing the risk of disability and chronic diseases. Therefore, in such cases, it becomes challenging for family members to take care of their older family members. Hence, old age communities are suitable options for a comfortable and healthy life as they offer assisted living options along with certified nursing care. Thus, such factors are positively impacting the market which in turn drives the market growth during the forecast period.

Key Aged Care Market Trends

A key factor shaping the aged care market growth is the technological advancements in aged care. There are several technological advancements in the e global aged care market, especially in the integration of telemedicine, wearable devices, and smart home solutions. In addition, these innovations are revolutionizing the delivery of care for aged people, empowering them to access enhanced medical support and personalized assistance while fostering independence and overall well-being.

Moreover, the widespread adoption of telemedicine is fuelling the growth of technological advances in aged care. In addition, healthcare providers are leveraging telemedicine to offer remote medical consultations, monitor chronic health conditions, and deliver timely interventions to aged people, irrespective of their geographical location. Hence, such factors are positively impacting the market which in turn drives the market growth during the forecast period.

Key Aged Care Market Challenge

Low savings of Baby Boomers are one of the key challenges hindering the aged care market growth. There is a growing number of  Baby Boomers retiring each day. However, most of them do not have enough retirement funds. In addition, several individuals in the age bracket of 50-70 years lack proper retirement planning, which results in little effort to secure a comfortable life after retirement.

Moreover, the lack of adequate retirement funds will hinder investments in home care facilities, as even basic old age or aged care homes require substantial initial investments. In addition, limited financial knowledge poses a challenge in terms of the criticality of savings, especially for emergency or retirement funding. Hence, such factors are negatively affecting the market which in turn hinders the market growth during the forecast period.

Aged Care Market Customer Landscape

The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Aged Care Market Share by Geography

Global Aged Care Market Customer Landscape

Who are the Major Aged Care Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

ALC HOME HEALTH: The company offers aged care services to families with the means to ensure that their aging loved ones live rich, fulfilling and independent lives.

The research report also includes detailed analyses of the competitive landscape of the market and information about 26 market companies, including:

  • Amedisys Inc.
  • ApnaCare Pvt. Ltd.
  • BAYADA Home Health Care
  • Benesse Holdings Inc.
  • Brookdale Senior Living Inc.
  • Cascades Health Care
  • ECON Healthcare Group
  • Epoch Elder Care
  • GoldenCare
  • LifePoint Health Inc.
  • Millennia Care LLC
  • My Aged Care
  • Pacific Healthcare Nursing Homes
  • Providence Health and Services
  • Riei Co. Ltd.
  • Rosewood Care
  • Samvedna Senior Care
  • SASCO Integrated Eldercare Centre
  • St Lukes ElderCare Ltd.
  • United Medicare Pte Ltd.
  • UnitedHealth Group Inc.
  • Alpha Omega Consulting
  • Clariane
  • Emoha
  • Kindred Health Holdings LLC

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

What is the Largest-Growing Segments in the Aged Care Market?

The home care segment is estimated to witness significant growth during the forecast period. This segment plays a crucial role in the global aged care market by providing essential services and support to elderly people in the comfort of their own homes. In addition, the home care segment encompasses a wide range of services that are aimed at enhancing the quality of life for older people while allowing them to maintain their independence and live in a familiar environment. Furthermore, one of the key aspects of the home care segment is the provision of personalized assistance with regard to the activities of daily living (ADLs), such as bathing, dressing, meal preparation, medication management, and mobility support.

Aged Care Market Size

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The home care segment was the largest segment and was valued at USD 367.91 million in 2018. Moreover, active engagement in these activities can contribute significantly to the overall well-being and autonomy of elderly people. In addition, home care services often extend to include medical care, including skilled nursing, physical therapy, and occupational therapy. Furthermore, these services are designed to address specific health needs and promote recovery, thereby reducing the need for extended hospital stays or institutionalized care. In addition, the home care segment also emphasizes companionship and social interaction for older people as it recognizes the importance of mental and emotional well-being. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.

Which are the Key Regions for the Aged Care Market?

Aged Care Market Share by Geography

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North America is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Some of the main factors that are contributing to the market growth in North America include the presence of advanced healthcare infrastructure, the increasing geriatric population, and the rising prevalence of chronic diseases. In addition, the region has witnessed a noticeable shift toward active aging initiatives that focus on enabling elderly individuals to lead healthy and independent lives.

Moreover, the aged care market in North America is also influenced by the financial support provided by government agencies. For example, in the US, based on the Section 202 Program, federal government funding is available to low-income aged people in the country to avail of the assisted living option. Hence, such factors are driving the market growth in North America during the forecast period.

Segment Overview

The aged care market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028. 

  • Service Outlook 
    • Home care
    • Institutional care
    • Adult day care
  •  Type Outlook
    • Public
    • Private
  • Geography Outlook
    • North America
      • The U.S.
      • Canada
    • Europe
      • U.K.
      • Germany
      • France
      • Rest of Europe
    • APAC
      • China
      • India
    • South America
      • Chile
      • Argentina
      • Brazil
    • Middle East & Africa
      • Saudi Arabia
      • South Africa
      • Rest of the Middle East & Africa

Aged Care Market Scope

Report Coverage

Details

Page number

166

Base year

2023

Historic period

 2018-2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 5.72%

Market Growth 2024-2028

USD 343.71 million

Market structure

Fragmented

YoY growth 2023-2024(%)

5.38

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 41%

Key countries

US, China, Australia, Germany, and France

Competitive landscape

 Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

Key companies profiled

ALC HOME HEALTH, Amedisys Inc., ApnaCare Pvt. Ltd., BAYADA Home Health Care, Benesse Holdings Inc., Brookdale Senior Living Inc., Cascades Health Care, ECON Healthcare Group, Epoch Elder Care, GoldenCare, LifePoint Health Inc., Millennia Care LLC, My Aged Care, Pacific Healthcare Nursing Homes, Providence Health and Services, Riei Co. Ltd., Rosewood Care, Samvedna Senior Care, SASCO Integrated Eldercare Centre, St Lukes ElderCare Ltd., United Medicare Pte Ltd., UnitedHealth Group Inc., Alpha Omega Consulting, Clariane, Emoha, and Kindred Health Holdings LLC

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Aged Care Market Research Report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the growth of the market between 2024 and 2028
  • Precise estimation of the market  size and its contribution to the market in focus on the parent market
  • Accurate predictions about upcoming trends and changes in consumer behavior
  • Growth of the market across North America, Europe, APAC, South America, and Middle East and Africa
  • A thorough analysis of the market’s competitive landscape and detailed information about companies
  • Comprehensive analysis of factors that will challenge the growth of market companies

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Table of Contents not available.

Research Methodology

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

INFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases

DATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts

REPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape

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Frequently Asked Questions

Aged Care market growth will increase by $ 343.71 mn during 2024-2028.

The Aged Care market is expected to grow at a CAGR of 5.72% during 2024-2028.

Aged Care market is segmented by Service( Home care, Institutional care, Adult day care) Type( Public, Private)

ALC HOME HEALTH, Amedisys Inc., ApnaCare Pvt. Ltd., BAYADA Home Health Care, Benesse Holdings Inc., Brookdale Senior Living Inc., Cascades Health Care, ECON Healthcare Group, Epoch Elder Care, GoldenCare, LifePoint Health Inc., Millennia Care LLC, My Aged Care, Pacific Healthcare Nursing Homes, Providence Health and Services, Riei Co. Ltd., Rosewood Care, Samvedna Senior Care, SASCO Integrated Eldercare Centre, St Lukes ElderCare Ltd., United Medicare Pte Ltd., UnitedHealth Group Inc., Alpha Omega Consulting, Clariane, Emoha, Kindred Health Holdings LLC are a few of the key vendors in the Aged Care market.

North America will register the highest growth rate of 41% among the other regions. Therefore, the Aged Care market in North America is expected to garner significant business opportunities for the vendors during the forecast period.

US, China, Australia, Germany, France

  • Rising demand for aged care servicesThe global aged care market is experiencing a notable surge in demand for a range of services is the driving factor this market.
  • including senior care facilities is the driving factor this market.
  • in-home care services is the driving factor this market.
  • and specialized medical equipment. This rising demand reflects the evolving needs of the aged (geriatric) population and underscores the need for innovative solutions to cater to their healthcare and other requirements. Senior care facilities are witnessing a substantial increase in demand as the elderly seek supportive living arrangements that provide comprehensive care is the driving factor this market.
  • social engagement is the driving factor this market.
  • and recreational opportunities. For example is the driving factor this market.
  • assisted living communities that offer a mix of independent living and assisted care services are gaining popularity among older people who seek a balance of autonomy and support. Similarly is the driving factor this market.
  • in-home care services are also in high demand as aged people aspire to maintain their independence while receiving personalized care in the comfort of their own homes. This trend is exemplified by the escalating utilization of home care aides is the driving factor this market.
  • skilled nursing services is the driving factor this market.
  • and telehealth solutions to address various healthcare and wellness needs is the driving factor this market.
  • enabling older people to age with dignity and autonomy in their own homes. Furthermore is the driving factor this market.
  • the demand for specialized medical equipment that is tailored to the unique requirements of the elderly population is on the rise. Examples include mobility aids such as electric wheelchairs is the driving factor this market.
  • portable oxygen concentrators is the driving factor this market.
  • and remote patient monitoring devices is the driving factor this market.
  • which empower older people to manage their health conditions effectively while enhancing their mobility and safety within diverse living environments. The burgeoning demand for such advanced aged care services is intertwined with broader demographic shifts as the global population continues to age at an unprecedented rate. This demographic transformation not only propels the need for an expanded infrastructure for senior care facilities and in-home aged care services but also fuels the innovation and development of advanced medical equipment designed to meet the distinct healthcare needs of older adults. Thus is the driving factor this market.
  • the above-mentioned factors are expected to increase the demand for aged care services is the driving factor this market.
  • which will propel the growth of the global aged care market during the forecast period. is the driving factor this market.

The Aged Care market vendors should focus on grabbing business opportunities from the Home care segment as it accounted for the largest market share in the base year.