The global elderly care market size reached at USD 45.72 billion in 2023. The market is projected to grow from USD 49.29 billion in 2024 to USD 98.19 billion by 2032, exhibiting a CAGR of 9.00% over the forecast period.
Focused on supporting older adults, this market includes home care, nursing homes, assisted living, and adult care services. It addresses the emotional needs of seniors, helping them maintain independence and well-being as they age. The market for elderly care is expected to ramp up owing to the rising average life expectancy of individuals.
While the COVID-19 pandemic disrupted the elderly care market, it increased the demand for home-based care and telehealth services as families turned away from institutional care facilities. Staffing shortages and rising operational costs challenged providers, but telemedicine ensured care continuity. The long-term effects of the outbreak led to a shift toward remote, personalized care, raising awareness of eldercare system weaknesses, and driving reforms for improved resilience and service quality.
Fortune Business Insights™ provides this information in its research report, titled “Elderly Care Market, 2024-2032”.
Top Leading Company in the Elderly Care Market:
Get More Information: https://www.fortunebusinessinsights.com/elderly-care-market-111477
Segmentation:
Home Care Segment Led, Driven by Independent Care Offerings
In terms of service facility, the market is divided into home healthcare and public/private. In 2023, the home care segment dominated the market with a 58% share, driven by the appeal of independent care, convenience, and cost savings in the comfort of the home.
Homemaking Segment Held a Dominant Share On Account of its Ability to Manage Mobility Issues