Global Elder Care Market: Introduction
Increase in geriatric population is a major factor boosting the growth of the global elder care market. This is attributed to rise in prevalence of various diseases among the population. Changing social and economic conditions in most countries across the globe fuels the growth of the global elder care market. Rise in demand for residential care facilities among elderly people suffering from chronic ailments such as dementia and Alzheimer’s is expected to drive the market in the next few years.
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Key Drivers of Global Elder Care Market
Increase in Geriatric Population
The global geriatric population continues to increase at an unprecedented rate. Presently, 8.5% people across the world (617 million) are aged 65 years and above. According to a new report, An Aging World: 2015, the percentage is projected to jump to nearly 17% of the world’s population by 2050 (1.6 billion). According to the National Institutes of Health, the population aged 65 and above in the U.S. is anticipated to nearly double in the next three decades, from 48 million to 88 million by 2050.
The global population aged 80 and older is expected to more than triple between 2015 and 2050, from 126.5 million to 446.6 million. The population aged 80 and older in some countries in Asia and Latin America is likely to quadruple by 2050. According to the WHO, the global population is increasing at the annual rate of 1.7%, while the population over 65 years is increasing at a rate of 2.5%.
The fastest growing population segment in most countries is adults older than 80 years, which, according to the United Nations estimates, is likely to make up nearly 20% of the world’s population. Nutritional risk factors in the elderly population and careful screening can intervene in the early stages, which can be termed valuable and effective.
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Rise in Prevalence of Cardiovascular Diseases
Globally, cardiovascular conditions accounted for 17.6 million deaths in 2016, compared to 17.9 million in 2015. Cardiovascular diseases (CVDs) are disorders of the heart and the blood vessels. These include coronary heart disease, cerebrovascular disease, rheumatic heart disease, and other conditions. Cardiovascular diseases is the leading cause of mortality in the U.S., followed closely by cancer and chronic respiratory diseases. According to a report, about 48% of the adult population in the U.S. is living with a form of cardiovascular disease.
North America to Account for Major Share of Global Elder Care Market
In terms of region, the global elder care market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
North America is projected to account for major share of the global elder care market during the forecast period. This is attributed to well-established health care infrastructure and associated elder care activities. Families prefer providing utmost care to elderly family members and others. This is expected to drive the market in North America in the next few years.
However, the market in Europe is likely to grow at a rapid pace in the near future. This is attributed to high awareness among the people to provide utmost comfort to elderly people. Elder care has been improving in Asia Pacific, especially due to initiatives by governments to provide maximum health care and stability through several schemes.
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Key Players Operating in Global Elder Care Market
The global elder care market is highly consolidated owing to the presence of small number of key players. Leading players operating in the global elder care market include:
- Benesse Style Care Co., Ltd.
- ECON Healthcare Group
- Epoch Elder Care
- St Luke's ElderCare Ltd.
- Latin America Home Health Care
- Samvedna Senior Care
- ApnaCare Latin America Private Limited
- Nichiigakkan Co. Ltd.
- Golden Years Hospital Orange Valley Healthcare
- Orange Valley Healthcare
- NTUC Health Co-Operative Ltd.
- GoldenCare Group Private Limited
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