Aged Care Market Projected to Reach USD 3.93 Billion by 2030

Rising Elderly Population and Life Expectancy Fuel Market Growth

Market Overview

The Aged Care Market Growth, valued at USD 2.40 billion in 2023, is anticipated to grow at a compound annual growth rate (CAGR) of 7.3%, reaching approximately USD 3.93 billion by 2030. Aged care encompasses a broad spectrum of services designed to support the health and well-being of the elderly, including medical care, psychological support, housing, home care, long-term care, assistance with daily activities, social programs, nutritional services, and financial planning aid.

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Market Dynamics

Several factors are driving the expansion of the aged care market:

1. Increasing Elderly Population: The global population aged 60 and above is expected to double from 12% to 22% between 2015 and 2020. In 2019, there were approximately 1 billion individuals over 60 years old, with projections estimating this number will reach 1.4 billion by 2030 and 2.1 billion by 2050.

2. Rising Life Expectancy: Advancements in healthcare have led to increased life expectancy worldwide. For instance, in 2020, the global average life expectancy at birth was 73.2 years. In India, it was 67.5 years for men and 69.8 years for women.

3. Prevalence of Age-Related Health Conditions: Older adults are more susceptible to various health issues, including hearing loss, cataracts, back and neck pain, Alzheimer's disease, chronic pulmonary disease, diabetes, depression, and dementia. Approximately 47.5 million people globally suffer from dementia, with 7.7 million new cases reported annually.

Market Segmentation

The aged care market is segmented by services and application:

• By Services:

  • Institutional Care: Held the largest market share at 63% in 2023. This segment benefits from lower costs for long-term care, advanced care regimes, safety, and comfort. 

  • Home Care: Expected to witness significant growth with a CAGR of 7.9% during the forecast period, driven by changing lifestyles and increased healthcare expenditure in developed countries.

• By Application:

  • Medical Care: Encompasses services aimed at treating and managing health conditions prevalent among the elderly.

  • Rehabilitation: Focuses on therapies and programs designed to restore or improve functional abilities.

  • Assistance: Includes support with daily activities and personal care.

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Regional Insights

• North America: Dominated the market with a 43% share in 2023, attributed to a growing number of aged care centers, favorable compensation policies, technological advancements, and an increasing elderly population.

• Asia-Pacific: Projected to experience significant growth at a CAGR of 7.1% during the forecast period, driven by advancements in aged care services, skilled professionals, technological innovations, and favorable government policies.

Key Market Players

Prominent companies operating in the aged care market include:

• Epoch Elder Care

• St Luke's ElderCare Ltd

• Cascade Healthcare

• Econ Healthcare Group

• Samvedna Senior Care

• Rosewood Care Group Inc.

• Latin America Home Health Care

• Benesse Style Care Co. Ltd.

• Amedisys, Inc.

• Brookdale Senior Living Inc.

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Conclusion

The global aged care market is poised for substantial growth, driven by an increasing elderly population, rising life expectancy, and the prevalence of age-related health conditions. As demand for comprehensive aged care services escalates, the market presents significant opportunities for stakeholders in the healthcare and service sectors.

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