Aged Care Market
The global aged care market, valued at approximately US$1.8 billion in 2023, is projected to soar to
US$2.7 billion by 2030, exhibiting a robust Compound Annual Growth Rate (CAGR) of 6.2% during
the forecast period from 2023 to 2030. This remarkable expansion is underpinned by a confluence of
factors, including the escalating ageing population worldwide and the integration of cutting-edge
technologies into the geriatric care sector.
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Trends Driving Market Growth
Innovative Healthcare Technologies: The incorporation of state-of-the-art technologies such as
wearable health technology and artificial intelligence is revolutionizing the geriatric healthcare
landscape. These technologies facilitate personalized care plans, real-time health monitoring, and
predictive analytics, thereby enhancing the quality of care provided to the elderly.
Expansion of Telehealth Solutions: Telehealth solutions, including telemedicine, remote monitoring,
and virtual consultations, are experiencing rapid growth, particularly in geographically isolated areas.
This expansion is attributed to the convenience and accessibility these solutions offer, making
medical services more readily available to the elderly population.
Shift Towards Preventive Healthcare: There is a notable shift towards preventive healthcare
approaches, with a growing emphasis on proactive health management and personalized preventive
care strategies. This trend underscores the industry's responsiveness to emerging demands and aims
to improve the overall well-being of the elderly demographic.
Rise in Utilization of Assistive Devices: The geriatric care industry is witnessing an increase in the
utilization of sophisticated assistive devices, ranging from wearable health technologies to smart
home solutions. These devices promote safety, independence, and address the changing
requirements of an ageing population.
Key Growth Determinants
Significant Ageing Population: The ageing global population serves as a catalyst for the
unprecedented expansion of the elderly care industry. The growing prevalence of chronic diseases
among the elderly underscores the need for innovative healthcare solutions tailored to their unique
requirements.
Swift Progressions in Healthcare Sector: Rapid advancements in healthcare technology, including
intelligent assistive devices and telehealth services, are fundamentally altering the landscape of
elderly care. These technologies enable more individualized, efficient, and accessible healthcare
services for the geriatric population.
Widening Accessibility Options: Enhanced accessibility to healthcare services, coupled with
increasing healthcare awareness, stimulates market growth by catering to the evolving needs of the
ageing demographic and promoting a more proactive approach to elderly care.
Major Growth Barriers
Impending Financial Forecast: Financial limitations pose a significant impediment to the elderly care
industry, complicating the implementation of comprehensive and accessible geriatric care.
Insufficient funding and resource allocation hinder the market's potential for broader and inclusive
expansion.
Higher Service Fees: The scarcity of competent healthcare practitioners and geriatric care-specialized
caregivers presents a challenge to delivering high-quality care to the elderly. Inadequate labor forces
constrain the sector's capacity to address the growing demands of an ageing population.
Key Trends and Opportunities
Expansion of Telehealth Applications: The exponential growth of telehealth presents opportunities
for market players to capitalize on strategic alliances and investments in user-friendly platforms,
thereby expanding their presence in this burgeoning industry.
Growing Focus on Wearable Technology: The increasing prevalence of wearable health technologies
offers opportunities for brands to emphasize health-centric attributes, integrate data with
healthcare providers, and develop seamless user experiences.
Demand for Personalized Healthcare: The rising demand for personalized healthcare solutions
provides an opportunity for brands to invest in AI-powered analytics and customised care plans,
catering to the varied care requirements of the elderly demographic.
Regulatory Landscape
The global aged care market is governed by a multifaceted regulatory framework that varies
geographically. Region-specific regulatory modifications may influence market participants' service
offerings and strategies, necessitating adjustments to comply with evolving regulatory demands.
Regional Frontrunners
Global Market Revenue Concentration in North America: North America is poised to hold the largest
market share in the worldwide elderly care sector, owing to its advanced healthcare infrastructure,
considerable geriatric care consciousness, and substantial elderly population.
Fastest Expansion in Asia Pacific: The Asia Pacific region is expected to witness the most rapid
expansion in the global senior care market, driven by government initiatives, increased healthcare
spending, and growing awareness of the health requirements of the elderly.
Fairfield’s Competitive Landscape Analysis
Prominent trends propelling competition within the geriatric care industry include an emphasis on
strategic alliances, personalised healthcare solutions, and technological innovation. Organizations
capable of providing cutting-edge, economically viable services are poised to attain a competitive
advantage.
Leaders in the Global Aged Care Space
Koninklijke Philips N.V., Amedisys, ECON Healthcare Group, Encompass Health Corporation,
EXTENDICARE, LHC Group, Inc., Medtronic, ORPEA GROUPE, Prolific, and ElderCareCanada are
among the leaders in the global aged care space, driving innovation and advancing the quality of
care for the elderly population worldwide.