Press release
Services For the Elderly And Persons with Disabilities Market Size, Emerging Trends, Growth Rate, Business Opportunities And Forecast To 2033
Services For the Elderly And Persons with Disabilities Market
The services for the elderly and persons with disabilities market size is expected to see strong growth in the next few years. It will grow to $654.91 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to increasing healthcare access, preferring community stay, rapid growth in the aging population, changes in lifestyles and increasing household incomes. Major trends in the forecast period include companies should consider implementing telehealth technologies to improve the quality of care offered to patients, implement electronic technologies to keep track of home health care services and reduce fraud cases, adopt big data technologies and collaborating with analytics companies to gain critical insights on seniors' health, develop customized services to provide individualized care to senior residents with complicated health issues, consider adopting electronic health records to safely store and streamline contact with residents and have timely access to the medical history of the residents, focus on adopting artificial intelligence to provide software solutions that make tasks easier and simpler, adopt robots to smooth the transition of care facilities to elderly patients, consider investing in technologies to efficiently track patient data and provide quality services to senior citizens, should consider using online funding platforms to raise funds for their welfare activities, offer integrated care services to expand their offerings and attract a greater number of customers and focus on providing services virtually and adapting to the dynamic environment caused by the covid-19 pandemic..
Market Overview -
Services for the elderly and persons with disabilities refers to non-residential social assistance programs offered to improve the quality of life for the elderly, people with intellectual and developmental disabilities, and people with disabilities.
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Declining Household Sizes And Aging Populations Drive Growth In Services For The Elderly And Persons With Disabilities Market
The decreasing household size coupled with a rapidly aging population is anticipated to aid in the growth of the services for the elderly and persons with disabilities market. The decline in household size is attributed to the reduced number of people living as a family. For instance, in November 2022, according to the Public Policy Institute of California a US-based non-profit institute, The average number of people per household experienced a significant decrease at the beginning of the pandemic, reaching 2.85 in 2021. It continued to decline, dropping by a further 1.4% to 2.81 in 2022. Also, the surge in the aging population is generating higher demand for services for elderly people, thereby propelling the revenues of the market. For instance, in October 2022, according to a report published by the World Health Organization (WHO), a Switzerland-based agency responsible for international public health, one in six people is expected to be 60 or older by the year 2030, in the entire world. By 2050, there will be 2.1 billion people worldwide who are 60 years old or older. The number of persons who are 80 years of age or older will increase by 426 million between 2020 and 2050 compared to the current population. The need for care for the aging population creates a demand for services for the elderly and disabled, which, in turn, drives the growth of services for the elderly and persons with disabilities market.
Competitive Landscape -
Major companies operating in the services for the elderly and persons with disabilities market report are CK Franchising Inc, 24 Hour Home Care, Home Instead Inc, SE Health, Right at Home Inc., Living Assistance Services, Synergy Home Care, Happier At Home, Senior Helping Seniors, Home Care Assistance, Yingtan Hejia Xiangyi Retirement Industry Development Co. Ltd.,, Shouyang County Xiyang Honglaonian Retirement Service Co. Ltd.,, Avalon Health Care,, Careplus, Choice Care, Care Without Compromise Ltd., SuperCarers, Caritas, Diakonie, German Red Cross and the Paritätische, AssiDom, Oxehealth, Orpea Groupe, CARP Omenia, ProMedicus Home Care Services, ABOS Care Elderly Home IASI SRL , Fushoukang (Shanghai) Medical Elderly Care Service Co. Ltd.,, BAYADA Home Health Care, Home Instead Senior Care, GreatAupair, ICare , Brookdale Senior Living Inc., Senior Care Centers of America, Sunrise Senior Living, Home Bound Healthcare , AddusHomeCare, Interim HealthCare of Lubbock, Phoenix Home Care Agenc, Manzil Health, Pioneer Medical Services LLC. , Aamer Home Healthcare Center, Greymate Care, Bluegate homecare,, AnsMed Home Care Limited
Innovations In Assisting The Aging Population
Many companies across the globe are using robots to smoothen the transition of providing care facilities to elderly patients. For instance, Bright Cape, an Eindhoven-based company, has developed SARA, which stands for social and autonomous robotic health assistants. The project is part of the European EIT Digital Innovation Consortium and aims to reduce the workload in healthcare and improve the quality of treatment in general. Japan is installing robots in nursing homes, workplaces, and schools as its population ages and the labor force decline.
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Key Segments -
The services for the elderly and persons with disabilities market covered in this report is segmented -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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