Global Senior Care Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Senior Care Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Market Overview:

The latest research study on the global Senior Care market finds that the global Senior Care market reached a value of USD 644.84 million in 2022. It’s expected that the market will achieve USD 1103.0 million by 2028, exhibiting a CAGR of 9.36% during the forecast period.

The rise of elderly patients with chronic diseases

The rising prevalence of diabetes and chronic obstructive pulmonary disease (COPD) has become a major problem, making it necessary to provide appropriate care for patients who are unable to self-care. Studies have shown that telemedicine is considered a promising means of providing health care to a patient population with these or similar diseases. Aged care providers are now using telemedicine-based proprietary applications to provide an exclusive aged care experience. This will increase the use of senior care software.

Increasing awareness of home care services

A family member Living alone can cause a lot of trouble for his or her health and safety. As patients age, they increasingly need advanced care services to support and maintain the quality of life they expect. Therefore, the senior care market continues to expand.

Old care services are expensive

With the development of the global economy, people have higher wage requirements, the company's operating costs increase, and patients need to bear expensive service costs, which will limit the development of the senior care market to a certain extent.

Assisted living and home care facilities are transforming into smart homes

Certain assisted living and home care facilities are turning into smart homes to aid the aging population. Voice assistants, such as Amazon Echo (aka Alexa) and Google Home, are helping older people remember their schedules, such as when to eat, take medicine, or see a doctor. Smart kits help with dose control and medication timing. Even some smart outfits are already helping doctors monitor patient movements to check if their gait is irregular or to alert the care team when they fall. In addition, motion detectors, smart mattresses and even personal robots can make the assisted living experience more enjoyable. Therefore, increasing R&D investment in hardware and software will help companies to increase their competitiveness.

Region Overview:

In 2022, the share of the Senior Care market in Europe stood at 36.78%.

Company Overview:

GreatCall is one of the major players operating in the Senior Care market, holding a share of 5.82% in 2023.

GreatCall

GreatCall is the leader in connected health for active aging. With health and safety solutions for older adults and their family caregivers, GreatCall’s innovative suite of easy-to-use mobile products and award-winning approach to customer care helps aging consumers live more independent lives. Products include Jitterbug Flip, Jitterbug Smart2, Lively™ Mobile Plus, Lively™ Wearable and Lively Home, plus health, safety and wellness services GreatCall Link and 5Star Urgent Response.

24Hr HomeCare

24 Hour Home Care® caregivers assist in providing various services, including personal care, light housekeeping, meal preparation, medication reminders and companionship.

Segmentation Overview:

Among different product types, Services segment is anticipated to contribute the largest market share in 2028.

Application Overview:

The market's largest segment by application is the segment Public Expenditure, with a market share of 58.47% in 2022.

Key Companies in the global Senior Care market covered in Chapter 3:

SuperCarers
AgeWell Biometrics
2mao Care
GreatCall
KareInn
CarePredict
Leeo
Care 24
K4Connect
No Isolation
Papa
maimai
Breezie
Birdie
Honor
Reemo Health
Rendever
Sensorscall
SoundMind
Hometeam
Anvayaa Kincare Pvt
CareMerge
FirstLight Home Care
Silvernest
24Hr HomeCare

In Chapter 4 and Chapter 14.2, on the basis of types, the Senior Care market from 2018 to 2029 is primarily split into:

Software
Hardware
Services

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Senior Care market from 2018 to 2029 covers:

Public Expenditure
Private Source
Out-of-Pocket Spending

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)