Elderly Care Service Market : Current Scenario and Forecast (2019-2025): Emphasis on Service Type (Institutional care, Adult daycare, Home-based care), Funding Source (Public expenditure, Private expenditure, Out-of-Pocket Spending), Service provider (Public, Private) and Region/Country
- UNI4065890
- 183 Pages
- September 2019
- Healthcare
Aging is a global phenomenon. The aging population is increasing at a fast pace all over the world. Life expectancy has also increased from 72.4 years in 2014 to 73.5 years in 2019. This will bring the total number of people above the age of 65 to more than 605 million or 11% of the entire population globally. In addition, average life expectancy is expected to reach 85 in 2040 from the current 75-80 years, thus substantially increasing the number of people aged 80 or above, as well as their proportion in the overall population. The aging population is the ultimate driving factor for a growing business market and reports reveal that this population is increasing with time. Henceforth, senior care and home care service businesses will have enough potential in the coming years. Aging comes with the onset of age-related disorders and other issues. Health care costs are increasing, and more of retirees’ dollars are spent on health care. This also leads to increased spending on elderly care services. In many cases, people may outlive their savings, or find that their pension plans will not provide the income and benefits they had when they retired. The elder population is increasingly becoming the targets of scammers, and others who consider elder populations to be vulnerable, preying on them, to financially exploit them or even physically abuse them. Laws have been created specifically to deal with the legal problems faced by the older population. There is a label for this area of law elder law. Elder law has grown from a specialty practice to a general area of practice within which an attorney may specialize
“Amongst service type, Institutional Care is projected to hold the largest market share and would dominate the market by 2025.”
Basis of type of service the global elderly care service market is bifurcated into Institutional care, Adult daycare and Home-based care. The market for Institutional Care is expected to grow tremendously and is projected to dominate the market in 2025 due to the high adoption of these services.
“Public funding source dominates and is expected to maintain its dominance during the analyzed period.”
Elderly Care Service market is segmented based on funding source into public expenditure, private expenditure and out-of-pocket expenditure. The public expenditure occupied the largest share and is expected to maintain its dominance throughout the forecast period 2019-2025.
“Amongst service providers, public service provider is anticipated to dominate Global Elderly Care Service market by 2025.”
Public and private are the major service providers of elderly care services. Public service providers are anticipated to dominate the market throughout the analyzed period of 2019-2025. However, Private service providers would grow at a reasonable rate during the same time frame
“Europe represents one of the largest markets of Elderly Care Service globally.”
For a deep-dive analysis of the overall adoption and penetration of the elderly care service, study is conducted for major aging population regions/countries. Major regions/countries analyzed include North America (US), Europe (France, Germany, Spain, Italy, UK), Asia-Pacific (Japan, China, Australia, India) and Rest of the World. Currently, Europe dominates the market with 37.2% share in 2018. High prevalence of age-related disorders and rising old age population along with high awareness among the people is the major driving factor.
Competitive Landscape-Top 10 Market Players
Benesse Holdings Inc., Amedisys Inc, St Luke’s Eldercare Ltd., Brookdale Senior Living Inc., Econ Healthcare Group Inc, Bayada Home Health Care, Epoch Elder Care, Kindred Healthcare LLC, Nichii Gakkan Co. Ltd and ApnaCare Private Limited are some of the prominent players operating in the Global Elderly Care Service industry. Looking at the aging population trend, these players are coming up with new ideas and innovative products for home care for the elderly. They are also entering into strategic alliances to expand their reach and customer base. Several M&A’s along with partnerships have been undertaken by these players to facilitate costumers with hi-tech and innovative products.
Reasons to buy (The research report presents):
• Current and future market size from 2018 to 2025 in terms of value (US$)
• Combined analysis of deep-dive secondary research and input from primary research through Key Opinion Leaders of the industry
• Country-level details of the overall adoption of Elderly Care Service market and several case studies of the elderly who have adopted elderly care services
• A quick review of overall industry performance at a glance
• In-depth analysis of key industry players
• A detailed analysis of regulatory framework, drivers, restraints, key trends and opportunities prevailing in the industry
• Examination of industry attractiveness with the help of Porter’s Five Forces analysis and start-ups
• The study comprehensively covers the market across different segments and sub-segments of the technology
• Regions/countries Covered: North America (the US, Rest of NA), Europe (UK, Germany, France, Italy, Spain, Rest of Euro), Asia-Pacific (China, India, South Korea, Japan, Australia and Rest of APAC), and Rest of World
Customization Options:
UMI understands that you may have your own business need, hence we also provide fully customized solutions to clients. The Global Elderly Care Service Market can be customized to the country level or any other market segment.
1.1 Market Definition 17
1.2 Objective of the Study 17
1.3 Limitation 17
1.4 Stakeholders 17
1.5 Currency used in the Report 18
1.6 Scope of the Global Elderly Care Service Market Study 18
2. RESEARCH METHODOLOGY OR ASSUMPTION 19
2.1 Research Methodology for Global Elderly Care Service Market Study 19
2.1.1 Main objective of the Elderly care Market Study 20
3. INDUSTRY PERFORMANCE 21
4. EXECUTIVE SUMMARY 22
5. MARKET OVERVIEW 25
5.1 Market Introduction 25
5.1.1 Market Drivers 27
5.1.1.1 Accelerating Geriatric Population 27
5.1.1.1.1 Some of the Key Facts regarding Ageing and health 27
5.1.1.2 Rising Prevalence of Age-Related Disorders 28
5.1.1.2.1 General Facts on Chronic Diseases, WHO 29
5.1.1.3 Increasing Demand for Residential Care Facilities 29
5.1.2 Market Challenges 30
5.1.2.1 Workforce Shortage 30
5.1.2.2 Poor Medical Insurance Coverage 32
5.1.3 Market Trends 32
5.1.3.1 Applications Based on Tele-awareness 32
5.1.3.2 Carebots the Future of Elderly Care Services 33
6. USED CASE STUDY OF ELDERLY CARE SERVICE 36
6.1 Case Study 1: Kim Campbell on Giving Alzheimer’s Families Hope 36
6.2 Case Study 3: Inability to Deal with Homemaking Duties 36
6.3 Case Study 2: Lack of Food 37
6.4 Case Study 4: Personal Care Assistance and Homemaking Services 37
6.5 Case Study 5: The Wrong Fit from the Start 38
6.6 Case Study 6: How Compass Memory Support's Holistic Approach Helped Anne Thrive 38
6.7 Case Study 7: Financial Programs that Fit Bob & Eileen Needs 39
6.8 Case Study 8: The Wrong Fit from the Start 39
6.9 Case Study 9: Harold Gained Back the Ability to Communicate 40
7. LEGAL & REGULATORY FRAMEWORK 41
7.1 General Overview 41
7.1.1 United States 41
7.1.1.1 Older American Act of 1965 41
7.1.1.2 Benefits of the Older Americans Act 41
7.1.1.3 OAA Reauthorization 43
7.1.2 United Kingdom 43
7.1.2.1 Care Standards Act 2000 43
7.1.3 Germany 44
7.1.4 Italy 44
7.1.5 India 45
7.1.5.1 Maintenance and Welfare of Parents and Senior Citizens Act, 2007 45
8. DEMAND AND SUPPLY SIDE ANALYSIS 47
8.1 Demand Side Analysis 47
8.1.1 Facts underlining the demand of Elderly care industry: 47
8.2 Supply Side Analysis 49
8.2.1 Top Product Launch 50
8.2.2 Top Partnerships 50
8.2.3 Top Mergers & Acquisitions 52
8.2.4 Top Business Expansion & Investment 53
8.2.5 Top Start-ups in Elderly Care Service Sector 54
9. MARKET INSIGHTS BY SERVICE TYPE 56
9.1 General Overview 56
9.1.1 Institutional Care 57
9.1.2 Adult daycare 58
9.1.3 Home Care 60
10. MARKET INSIGHTS BY FUNDING SOURCE 63
10.1 General Overview 63
10.1.1 Public Expenditure 64
10.1.2 Private Expenditure 65
10.1.3 Out-of-Pocket Spending 66
11. MARKET INSIGHTS BY SERVICE PROVIDER 68
11.1 General Overview 68
11.1.1 Public Service Providers 69
11.1.1.1 Government Schemes for Senior Citizens in India are as follows: 69
11.1.2 Private Service Providers 70
12. MARKET INSIGHTS BY REGION 72
12.1 General Overview 72
12.2 North America Elderly Care Service Market (2019-2025) 75
12.2.1 Facts on Current & Projected Elderly Population in America 75
12.2.2 North America Elderly Care Service Market by Service Type 76
12.2.3 North America Elderly Care Service Market by Funding Source 77
12.2.4 North America Elderly Care Service Market by Service Provider 77
12.2.5 North America Elderly Care Service Market by Country 78
12.2.5.1 United States Elderly Care Service Market (2019-2025) 78
12.2.5.1.1 Public Expenditure in the United States 79
12.2.5.1.2 US Health Spending by Type of Service or Product, 2017 80
12.2.5.1.3 Health Spending by Major Sources of Funds 82
12.2.5.1.4 United States Elderly Care Service Market by Service Type 83
12.2.5.1.5 United States Elderly Care Service Market by Funding Source 84
12.2.5.1.6 United States Elderly Care Service Market by Service Provider 84
12.2.5.2 Rest of North America Elderly Care Service Market (2019-2025) 85
12.2.5.2.1 Key Findings on Healthcare Spending in Mexico, 2016 85
12.2.5.2.2 Rest of NA Elderly Care Service Market by Service Type 88
12.2.5.2.3 Rest of NA Elderly Care Service Market by Funding Source 88
12.2.5.2.4 Rest of North America Elderly Care Service Market by Service Provider 89
12.3 Europe Elderly Care Service Market (2019-2025) 89
12.3.1 Facts on Elderly Population Europe 92
12.3.2 Europe Elderly Care Service Market by Service Type 92
12.3.3 Europe Elderly Care Service Market by Funding Source 93
12.3.4 Europe Elderly Care Service Market by Service Provider 93
12.3.5 Europe Elderly Care Service Market by Country 94
12.3.5.1 France Elderly Care Service Market (2019-2025) 94
12.3.5.1.1 France Elderly Care Service Market by Service Type 96
12.3.5.1.2 France Elderly Care Service Market by Funding Source 96
12.3.5.1.3 France Elderly Care Service Market by Service Provider 97
12.3.5.2 Germany Elderly Care Service Market (2019-2025) 97
12.3.5.2.1 Germany Elderly Care Service Market by Service Type 98
12.3.5.2.2 Germany Elderly Care Service Market by Funding Source 99
12.3.5.2.3 Germany Elderly Care Service Market by Service Provider 99
12.3.5.3 Spain Elderly Care Service Market (2019-2025) 100
12.3.5.3.1 Spain Elderly Care Service Market by Service Type 101
12.3.5.3.2 Spain Elderly Care Service Market by Funding Source 101
12.3.5.3.3 Spain Elderly Care Service Market by Service Provider 102
12.3.5.4 Italy Elderly Care Service Market (2019-2025) 102
12.3.5.4.1 Italy Elderly Care Service Market by Service Type 103
12.3.5.4.2 Italy Elderly Care Service Market by Funding Source 103
12.3.5.4.3 Italy Elderly Care Service Market by Service Provider 104
12.3.5.5 United Kingdom Elderly Care Service Market (2019-2025) 104
12.3.5.5.1 United Kingdom Elderly Care Service Market by Service Type 105
12.3.5.5.2 United Kingdom Elderly Care Service Market by Funding Source 106
12.3.5.5.3 United Kingdom Elderly Care Service Market by Service Provider 106
12.3.5.6 Rest of Europe Elderly Care Service Market (2019-2025) 107
12.3.5.6.1 Rest of Europe Elderly Care Service Market by Service Type 108
12.3.5.6.2 Rest of Europe Elderly Care Service Market by Funding Source 108
12.3.5.6.3 Rest of Europe Elderly Care Service Market by Service Provider 109
12.4 Asia Pacific Elderly Care Service Market (2019-2025) 109
12.4.1 Key Facts on Aging Population in Asia-Pacific Region 109
12.4.2 Asia Pacific Elderly Care Service Market by Service Type 111
12.4.3 Asia Pacific Elderly Care Service Market by Funding Source 112
12.4.4 Asia Pacific Elderly Care Service Market by Service Provider 112
12.4.5 Asia Pacific Elderly Care Service Market by Country 113
12.4.5.1 Japan Elderly Care Service Market (2019-2025) 113
12.4.5.1.1 Facts on Japanese Demographic Structure 115
12.4.5.1.2 Japan Elderly Care Service Market by Service Type 117
12.4.5.1.3 Japan Elderly Care Service Market by Funding Source 118
12.4.5.1.4 Japan Elderly Care Service Market by Service Provider 118
12.4.5.2 China Elderly Care Service Market (2019-2025) 119
12.4.5.2.1 Key Challenges to Old-Age Security in PRC, Asian Development Bank 119
12.4.5.2.2 China Elderly Care Service Market by Service Type 120
12.4.5.2.3 China Elderly Care Service Market by Funding Source 121
12.4.5.2.4 China Elderly Care Service Market by Service Provider 121
12.4.5.3 Australia Elderly Care Service Market (2019-2025) 122
12.4.5.3.1 Public Expenditure in Australia 122
12.4.5.3.2 Facts on Government spending on elderly care Service in Australia 122
12.4.5.3.3 Australia Elderly Care Service Market by Service Type 124
12.4.5.3.4 Australia Elderly Care Service Market by Funding Source 125
12.4.5.3.5 Australia Elderly Care Service Market by Service Provider 125
12.4.5.4 India Elderly Care Service Market (2019-2025) 126
12.4.5.4.1 Factors Driving the Need for Elderly Care in India 126
12.4.5.4.2 India Elderly Care Service Market by Service Type 127
12.4.5.4.3 India Elderly Care Service Market by Funding Source 127
12.4.5.4.4 India Elderly Care Service Market by Service Provider 128
12.4.5.5 Rest of Asia Pacific Elderly Care Service Market (2019-2025) 128
12.4.5.5.1 Rest of APAC Elderly Care Service Market by Service Type 129
12.4.5.5.2 Rest of APAC Elderly Care Service Market by Funding Source 129
12.4.5.5.3 Rest of Asia Pacific Elderly Care Service Market by Service Provider 130
12.5 Rest of World Elderly Care Service Market (2019-2025) 130
12.5.1 Rest of World Elderly Care Service Market by Service Type 131
12.5.2 Rest of World Elderly Care Service Market by Funding Source 132
12.5.3 Rest of World Elderly Care Service Market by Service Provider 132
13. COMPETITIVE SCENARIO 133
13.1 Porter’s Five forces analysis 133
13.1.1 Bargaining power of Supplier 133
13.1.2 Bargaining power of Buyer 134
13.1.3 Industry Rivalry 134
13.1.4 Availability of Substitute 134
13.1.5 Threat of New Entrants 135
13.2 Market Share of Elderly Care Service, 2018 136
13.2.1 Market Share of Key Players in Elderly Care Service, 2018 136
14. TOP COMPANY PROFILES 137
14.1 Benesse Holdings Inc 137
14.1.1 Key Facts 137
14.1.2 Business Description 138
14.1.3 Key Product/Services Offerings 138
14.1.4 Growth Strategy 138
14.1.5 SWOT Analysis 140
14.1.6 Key Financials 141
14.1.6.1 Revenue Split 142
14.1.7 Recent Developments 142
14.1.7.1 Business Expansion 142
14.2 Amedisys Inc. 143
14.2.1 Key Facts 143
14.2.2 Business Description 143
14.2.3 Key Product/Services Offerings 143
14.2.4 Growth Strategy 144
14.2.5 SWOT Analysis 144
14.2.6 Key Financials 145
14.2.6.1 Revenue Split 146
14.2.7 Recent Developments 146
14.2.7.1 Product Launch 146
14.2.7.2 Partnerships (Strategic Alliance) 147
14.2.7.3 Business Expansions 147
14.2.7.4 Merger & Acquisition 147
14.3 St Luke’s Eldercare Ltd. 149
14.3.1 Key Facts 149
14.3.2 Business Description 149
14.3.3 Key Product/Services Offerings 149
14.3.4 Key Financials 152
14.3.5 Recent Developments 153
14.3.5.1 Partnership (Strategic Alliance) 153
14.4 Brookdale Senior Living Inc. 154
14.4.1 Key Facts 154
14.4.2 Business Description 154
14.4.3 Key Product/Services Offerings 154
14.4.4 SWOT Analysis 156
14.4.5 Key Financials 157
14.4.6 Recent Developments 158
14.4.6.1 Business Expansion & Investments Brookdale Senior Living Inc. 158
14.5 Bayada Home Health Care 159
14.5.1 Key Facts 159
14.5.2 Business Description 159
14.5.3 Key Product/Services Offerings 160
14.5.4 Key Financials 161
14.5.5 Recent Developments 162
14.5.5.1 Product Launch Bayada 162
14.5.5.2 Partnership (Strategic Alliance) 162
14.5.5.3 Business Expansion & Investment 163
14.5.5.4 Merger & Acquisition 163
14.6 Econ Healthcare Group 164
14.6.1 Key Facts 164
14.6.2 Business Description 164
14.6.3 Key Product/Services Offerings 164
14.6.4 Recent Developments 165
14.6.4.1 Partnership (Strategic Alliance) 165
14.7 Epoch Elder Care 166
14.7.1 Key Facts 166
14.7.2 Business Description 166
14.7.3 Key Product/Services Offerings 166
14.7.4 Admission Process of Epoch Elder Care 168
14.8 Kindred Healthcare LLC 169
14.8.1 Key Facts 169
14.8.2 Business Description 169
14.8.3 Key Product/Services Offerings 170
14.8.4 SWOT Analysis 170
14.8.5 Key Financials 171
14.8.5.1 Revenue Split 172
14.8.6 Recent Developments 172
14.8.6.1 Partnerships (Strategic Alliance) 172
14.8.6.2 Expansion & Investment 173
14.8.6.3 Merger & Acquisitions 173
14.9 Nichii Gakkan Co. Ltd 174
14.9.1 Key Facts 174
14.9.2 Business Description 174
14.9.3 Key Product/Services Offerings 175
14.9.4 Key Financials 177
14.9.4.1 Revenue Split 178
14.9.5 Recent Developments 178
14.9.5.1 Business Expansions 178
14.10 ApnaCare Private Limited 179
14.10.1 Key Facts 179
14.10.2 Business Description 179
14.10.3 Key Product/Services Offerings 179
TABLE 2 Global Smartphone User, by Region 2016-2021 (in million) 25
TABLE 3 Projected Sales of Professional and Personal Service Robots 2018-2022 (in million units) 34
TABLE 4 Top Product Launches in Elderly Care Service Sector 49
TABLE 5 Top Partnerships in Elderly Care Service Sector 49
TABLE 6 Top Mergers & Acquisition in Elderly Care Service Sector 51
TABLE 7 Top Business Expansion & Funding in Elderly Care Service Sector 52
TABLE 8 Purpose of the Service Based on Service/Facility 55
TABLE 9 Ten countries with the largest share of persons aged 60 years 2017 & 2025 71
TABLE 10 Top US firms Providing Elderly Care Services, 2016 82
TABLE 11 Benesse Holdings Inc. Key Facts 136
TABLE 12 Benesse Holdings Inc. Shareholding Structure 136
TABLE 13 The product segmentation of Benesse Holdings Inc. 137
TABLE 14 Benesse Holdings Inc. Growth Strategy 137
TABLE 15 Benesse Holdings Inc. Business Expansion 141
TABLE 16 Amedisys Inc. Key Facts 142
TABLE 17 The product segmentation of Amedisys Inc. 142
TABLE 18 Amedisys Inc. Growth Strategy 143
TABLE 19 Amedisys Inc Product Launch 145
TABLE 20 Amedisys Inc Partnerships (Strategic Alliance) 146
TABLE 21 Amedisys Inc Business Expansions 146
TABLE 22 Amedisys Inc Merger & Acquisition 146
TABLE 23 St Luke’s Eldercare Ltd. Key Facts 148
TABLE 24 The product segmentation of St Luke’s Eldercare Ltd. 148
TABLE 25 St Luke’s Eldercare Ltd. Programs for Increased IT Capabilities 149
TABLE 26 St Luke’s Eldercare Ltd. Programs for Enhancement of Services 149
TABLE 27 St Luke’s Eldercare Ltd Partnership (Strategic Alliance) 152
TABLE 28 Brookdale Senior Living Inc. Key Facts 153
TABLE 29 The product segmentation of Brookdale Senior Living Inc. 153
TABLE 30 Brookdale Senior Living Inc. Growth Strategy 154
TABLE 31 Business Expansion & Investments Brookdale Senior Living Inc. 157
TABLE 32 Bayada Home Health Care Key Facts 158
TABLE 33 Product segmentation of Bayada Home Health Care 159
TABLE 34 Bayada Home Health Care Growth Strategy 159
TABLE 35 Home Health Care Product Launch Bayada 161
TABLE 36 Bayada Home Health care Partnership (Strategic Alliance) 161
TABLE 37 Bayada Home Health care Business Expansion & Investment 162
TABLE 38 Bayada Home Health care Merger & Acquisition 162
TABLE 39 Econ Healthcare Group Key Facts 163
TABLE 40 The product segmentation of Econ Healthcare Group 163
TABLE 41 Econ Healthcare Group Growth Strategy 164
TABLE 42 Econ Healthcare Group Partnership (Strategic Alliance) 164
TABLE 43 Epoch Elder Care Key Facts 165
TABLE 44 The product segmentation of Epoch Elder Care 165
TABLE 45 Epoch Elder Care Growth Strategy 166
TABLE 46 Kindred Healthcare LLC Key Facts 168
TABLE 47 Kindred Healthcare LLC. Growth Strategy 168
TABLE 48 The product segmentation of Kindred Healthcare LLC 169
TABLE 49 Kindred Healthcare LLC Partnerships (Strategic Alliance) 172
TABLE 50 Kindred Healthcare LLC Expansion & Investment 173
TABLE 51 Kindred Healthcare LLC Merger & Acquisitions 173
TABLE 52 Nichii Gakkan Co. Ltd Key Facts 174
TABLE 53 The product segmentation of Nichii gakkan Co. Ltd 175
TABLE 54 Nichii Gakkan Co. Ltd Growth Strategy 175
TABLE 55 Nichii Gakkan Co. Ltd Business Expansions 178
TABLE 56 ApnaCare Private Limited Key Facts 179
TABLE 57 The product segmentation of ApnaCare Private Limited Company 179
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