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Allied Market Research

Care services market: Global Opportunity Analysis and Industry Forecast, 2020-2030

A11914
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Sep 2021 | 48 Views
   
Author(s) : Onkar Sumant
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COVID-19

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Care services market Outlook 2030:

Care service market is designed for the elder population this population is defined as people in the age of 65 years or older. Early elderly people comprise of the age range 65-74 years old. Late elderly people comprise of 75 years of age and above. Elder care services are the services needed by the older people such as day care, long-term care, home care and nursing homes, assisted living facilities, adult day programs, dementia care facilities, hospice care, skilled care and custodial care. These are needed because old age is a sensitive phase and various medical issues happen like heart failure, diabetes, respiratory disorders and joint pains. Last few years have been witnessing a change in demographics, increasing expectancy of life of the population globally, which has resulted in rapid growth of population requiring major medical support. Dementia and Alzheimer’s disease have provoked a rising demand for residential care services for older people suffering due to chronic illnesses

Market scope and structural analysis:

Report Metric

Details

 Market size available for years

 2019–2027

 Base year considered

 2019

 Forecast period

 2020–2027

 Forecast units

 Value (USD)

 Segments covered

 Service type, service provider, end use, and region.

 Geographies covered

•North America (U.S., Canada, Mexico)

•Europe (France, Germany, UK, Italy, Spain, Rest of Europe)

•Asia-Pacific (Japan, China, India, Australia, South Korea, Rest of Asia-Pacific)

•LAMEA (Brazil, South Arabia, South Africa, Rest of LAMEA)

 Companies covered

GGNSC Holdings, Genesis HealthCare Corp, Benesse Style Care Co., Ltd, ApnaCare Latin America Private Limited, Econ Healthcare Group, GoldenCare Group Private Limited, Carewell-Service Co., St Luke's ElderCare Ltd, Pacific Healthcare Nursing Home, NTUC Health Co-Operative Ltd.

 

Covid-19 Scenario analysis:

The COVID-19 outbreak has severely affected the healthcare ecosystem across the globe. The demand has been surging for essential healthcare equipment; however, the supply remained low. Countries are unable to meet the demand which has been surged owing to the increasing number of hospitalizations due to COVID-19.Globally, Governments as well as industry players are investing into the acquisition of healthcare equipment. Healthcare providers are anticipated to witness huge drop in their profit margin. Different governments across the globe are taking initiatives to support the healthcare industry amid the COVID-19 outbreak.

Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact analysis:

Drivers:

Increase in Geriatric population:

A substantial increase in the geriatric population across the globe has strengthened the demand for skilled nursing care services worldwide. The increasing number of patients suffering from Alzheimer’s along with high incidence of dementia, a common form of Alzheimer’s, is one of the key factors fuelling the growth of global skilled nursing care services market. On a global scale, around 47.5 million people suffer from dementia, and 7.7 million new cases are reported each year, according to the World Health Organization (WHO). Moreover, ongoing research shows that an increase in conditions such as diabetes, stroke, high blood pressure, and other lifestyle factors has led to an increased incidence of Alzheimer’s, thereby driving the market for skilled nursing care services. On the contrary, high costs of skilled nursing care services, along with low acceptance of these services have been restraining the market.

Continuous rise in geriatric population is increasing the financial demands on our health care system. According to the Global Health and Aging report by the World Health Organization, people aged 65 and above is projected to grow from an estimated 524 million in 2010 to nearly 1.5 billion in 2050, specifically in developing nations. Such increase in the elderly population will eventually result in greater application of geriatric care services, hence boosting the market growth.

Moreover, comorbidities such as diabetes, renal insufficiency and arthritis, and metabolic changes are quite common amongst the elderly population that makes them more susceptible to infection. In addition, the combination of increased comorbid conditions and the decrease in activity of the immune system of elderly population is further driving the market for geriatric care services. Also, recent technological evolution in geriatric care services will benefit the growth of geriatric care services market in the upcoming years.

The presence of various long-term care services providers coupled with favourable reimbursement policies are few factors expected to boost the growth of the geriatric care services market.

Restrains:

High cost of care services will be a major market impeding factor. Also, the lack of proper geriatric care services in developing countries will hinder the growth of business in the long run.

Regional analysis:

U.S. dominated the North America care services market and was valued at around USD 345,927.3 million in the year 2017 owing to huge prevalence of geriatric population. According to the Population Reference Bureau, the number of Americans aged 65 and older is projected to become double from 46 million in 2016 to over 98 million by 2060, and the share of geriatric population out of the total population will rise to nearly 24% in 2060 from 16% in 2016.

India care services market is estimated to grow substantially at a CAGR of 11.0% during the projection period. Growing aging population, changing family structure, favourable infrastructure for emerging geriatric care services and increased awareness levels among the ageing population towards healthy lifestyle is likely to boost the demand for geriatric care services market in India.

Key segments covered:

Segments

Sub-segments

 Service Type

  • Institutional care
  • Adult day-care
  • Home-based care

 Service provider

  • Public
  • Private

 End User

  • Nursing care facilities
  • Home healthcare services
  • Others


Key benefits of the report:

  • This study presents the analytical depiction of the global care services industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global care services market share.
  • The current market is quantitatively analyzed from 2021 to 2030 to highlight the global care services market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed global care services market analysis based on competitive intensity and how the competition will take shape in coming years.

Questions answered in the Care services Market research report:

  • What are the leading market players active in the care services market?
  • What the current trends will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What are the projections for the future that would help in taking further strategic steps?
 
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