How Has The Services For the Elderly And Persons with Disabilities Market Size Evolved Historically?
The services for the elderly and persons with disabilities market has seen considerable growth due to a variety of factors.
• The market size for services aimed at the elderly and individuals with disabilities has exhibited robust growth in the past few years. The expansion is set to continue, climbing from $454.5 billion in 2024 to $489.31 billion in 2025, with a compound annual growth rate (CAGR) of 7.7%.
Factors contributing to this growth in the past include the shrinking size of households, economic development in new markets, rise in the aging population, advancement in technology and mobile applications, governments' support for elderly care, growing incidence of diseases, and modifications to health insurance policies.
How Will the Services For the Elderly And Persons with Disabilities Market Size Evolve over the Forecast Period?
The services for the elderly and persons with disabilities market is expected to maintain its strong growth trajectory in upcoming years.
• The market for services for the elderly and persons with disabilities is projected to witness robust growth in the coming years. The market is expected to reach $645.71 billion by 2029, growing at a compound annual growth rate (CAGR) of 7.2%.
The anticipated growth within this forecast period can be linked to the increasing accessibility to healthcare, preference for community living, swift growth in the aging population, shifts in lifestyles, and rising household incomes. Key trends that will dominate the future of the market include, the use of electronic technology in monitoring home health care services, development of customized services for the distinct health needs of senior citizens, leveraging artificial intelligence, using robots for the seamless transition of care facilities to elderly patients, investing in technology for efficient patient data tracking and high-quality service provision to the elderly, offering integrated care services to increase their service variety and attract more clientele, and the emphasis on virtually providing services in response to the changing circumstances brought about by the COVID-19 pandemic.
What Are The Primary Growth Drivers In The Services For the Elderly And Persons with Disabilities Market?
The services for the elderly and people with disabilities market is expected to witness expansion, fuelled by two key factors: the dwindling household size and the swift rise in the population of senior citizens. The diminution in family sizes is primarily attributed to fewer people cohabiting as a family. For example, data from the Public Policy Institute of California, a U.S-based non-profit body, revealed in November 2022 that there was a marked decline in the average family size at the onset of the pandemic, hitting a low of 2.85 in 2021. This trend proceeded, further decreasing by 1.4% to 2.81 in 2022. Concurrently, the increase in aged populace is driving a surge in demand for elderly care services, contributing to the market's revenue growth. As per a report by the Switzerland-based World Health Organization (WHO) released in October 2022, it is forecasted that by 2030, one out of every six people globally will be aged 60 or over. By 2050, the global populace of 60 years or older individuals will rise to 2.1 billion. Furthermore, from 2020 to 2050, the population of individuals aged 80 and over will escalate by 426 million compared to the present demographics. Such a growing demand for elderly care boosts the need for services for the elderly and the disabled, thereby bolstering the growth of the market catering to such needs.
What Key Areas Define The Segmentation Of The Global Services For the Elderly And Persons with Disabilities Market?
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
Subsegments:
1) By Institutional Care: Nursing Homes, Assisted Living Facilities, Rehabilitation Centers
2) By Adult Day Care: Social And Recreational Programs, Medical Supervision And Assistance, Meal Services And Transportation
3) By Home Care: Personal Care Services, Companionship Services, Skilled Nursing Services
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How Are Emerging Trends Reshaping The Dynamics Of The Services For the Elderly And Persons with Disabilities Market?
Leading firms in the market for services designed for the elderly and those with disabilities are increasingly prioritizing innovative solutions, such as compassionate case management. This approach aims to boost awareness, encourage autonomy, and link more people with disabilities and multifaceted needs to vital community-based services. The emphasis in compassionate case management is on the significant role of empathy, comprehensiveness, and backing to improve the overall process of case management, ultimately benefiting patient care and outcomes. For example, the US non-profit organization Service Coordination, Inc. launched "Improving Communities Through Care and Compassion," a new public service announcement (PSA), in October 2024. This PSA was designed to enlighten broader public about their steadfast dedication to delivering tailor-made case management services to those with disabilities and complex medical requirements, with a key focus on granting choice and autonomy. By displaying their PSA on significant networks throughout all 50 states, they were successful in broadening their community outreach, ensuring that more individuals link up with essential resources and support services that could greatly enhance their way of life.
Who Are the Key Players in the Services For the Elderly And Persons with Disabilities Market?
Major companies operating in the services for the elderly and persons with disabilities market include:
• 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
• 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 Agency
• Manzil Health
• Pioneer Medical Services LLC.
• Aamer Home Healthcare Center
• Greymate Care
• Bluegate homecare
• AnsMed Home Care Limited
What Is The Most Dominant Region In The Services For the Elderly And Persons with Disabilities Market?
Western Europe was the largest region in the services for the elderly and persons with disabilities market in 2024. Asia-Pacific was the second-largest region in the global services for the elderly and persons with disabilities market share. The regions covered in the services for the elderly and persons with disabilities market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
