Executive Summary:

The aged care market is witnessing significant growth due to several factors, including an aging population, increasing prevalence of chronic diseases, and a growing demand for quality healthcare services. The market is highly competitive, with a large number of players offering a wide range of aged care services. Some of the key players in the market include Bupa Group, Genesis HealthCare, Inc., and Brookdale Senior Living Inc.

Important Note: The companies listed in the image above are for reference only. The final study will cover 18–20 key players in this market, and the list can be adjusted based on our client’s requirements.

Key Market Insights:

• The global aged care market was valued at USD 884.8 billion in 2020 and is expected to reach USD 1,744.8 billion by 2026, growing at a CAGR of 11.4% during the forecast period.
• Home care services are expected to witness the highest growth during the forecast period due to the growing preference for home-based care services among elderly individuals.
• The Asia-Pacific region is expected to witness the highest growth during the forecast period due to the rapidly aging population and a growing demand for quality healthcare services.
• Some of the key trends in the market include the adoption of technology in aged care services, the growing demand for personalized care services, and the increasing focus on preventive care.

Market Drivers:

• The aging population is one of the primary drivers of the aged care market. According to the World Health Organization (WHO), the global population aged 60 years and above is expected to reach 2.1 billion by 2050, up from 900 million in 2015.
• The increasing prevalence of chronic diseases, such as dementia, Alzheimer’s, and Parkinson’s disease, is also driving the market growth as these conditions require long-term care and support.
• The growing demand for quality healthcare services and the increasing awareness about the benefits of aged care services are also driving the market growth.

Market Restraints:

• The high cost of aged care services is one of the major restraints of the market, particularly in developed countries where healthcare costs are already high.
• The shortage of skilled healthcare professionals and the lack of infrastructure in developing countries are also hindering the growth of the aged care market.

Market Opportunities:

• The growing demand for personalized care services and the adoption of technology in aged care services are creating significant opportunities for players in the market.
• The increasing focus on preventive care and the use of data analytics in healthcare are also expected to drive the growth of the aged care market.

Market Dynamics:

The aged care market is highly competitive, with a large number of players offering a wide range of aged care services. The market is also characterized by the adoption of new technologies and the increasing focus on preventive care. Some of the key dynamics of the aged care market include:

• Growing demand for home-based care services: The growing preference for home-based care services among elderly individuals is driving the growth of the home care segment of the aged care market. Home care services offer several benefits, including increased comfort and convenience, reduced healthcare costs, and improved quality of life for elderly individuals.

• Increasing adoption of technology: The adoption of technology in aged care services is creating significant opportunities for players in the market. Technology is being used to enhance the quality of care, improve patient outcomes, and reduce healthcare costs. Some of the key technologies being adopted in aged care services include telemedicine, electronic health records, and mobile health applications.
• Focus on personalized care services: The growing demand for personalized care services is driving the development of customized care plans for elderly individuals. Personalized care plans take into account the unique needs and preferences of each individual, ensuring that they receive the appropriate level of care and support.

Regional Analysis:

The aged care market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific region is expected to witness the highest growth during the forecast period due to the rapidly aging population and a growing demand for quality healthcare services. North America and Europe are also significant markets for aged care services, driven by the high prevalence of chronic diseases and the aging population in these regions.

Competitive Landscape:

Leading Companies in the Aged Care Market:

1. Brookdale Senior Living Inc.
2. Genesis HealthCare
3. Bupa
4. Atria Senior Living
5. Extendicare Inc.
6. Emeritus Corporation
7. Senior Care Centers of America
8. Kindred Healthcare, LLC
9. Sunrise Senior Living
10. Five Star Senior Living Inc.

Please note: This is a preliminary list; the final study will feature 18–20 leading companies in this market. The selection of companies in the final report can be customized based on our client’s specific requirements.

Segmentation:

The aged care market is segmented based on service type, application, and geography. Based on service type, the market is segmented into home care, residential care, and community care. Based on application, the market is segmented into chronic diseases, dementia, Alzheimer’s, and Parkinson’s disease.

Category-wise Insights:

• Home care services are expected to witness the highest growth during the forecast period due to the growing preference for home-based care services among elderly individuals.
• Chronic diseases are the largest application segment of the aged care market, driven by the increasing prevalence of chronic diseases among the elderly population.
• The Asia-Pacific region is the fastest-growing market for aged care services, driven by the rapidly aging population and a growing demand for quality healthcare services.

Key Benefits for Industry Participants and Stakeholders:

• The growing demand for aged care services is creating significant opportunities for players in the market.
• The adoption of technology in aged care services is enhancing the quality of care, improving patient outcomes, and reducing healthcare costs.
• The increasing focus on preventive care and the use of data analytics in healthcare are also expected to drive the growth of the aged care market.

SWOT Analysis:

Strengths:

• The aging population is driving the growth of the aged care market.
• The adoption of technology is enhancing the quality of care and reducing healthcare costs.

Weaknesses:

• The high cost of aged care services is a major restraint of the market.
• The shortage of skilled healthcare professionals is hindering the growth of the aged care market.

Opportunities:

• The growing demand for personalized care services is creating significant opportunities for players in the market.
• The increasing focus on preventive care and the use of data analytics in healthcare are expected to drive the growth of the aged care market.

Threats:

• The lack of infrastructure in developing countries is a major threat to the growth of the aged care market.
• The COVID-19 pandemic has had a significant impact on the aged care market, disrupting supply chains and affecting the demand for aged care services.

Market Key Trends:

• Adoption of technology in aged care services
• Growing demand for personalized care services
• Increasing focus on preventive care

The COVID-19 pandemic has had a significant impact on the aged care market, disrupting supply chains and affecting the demand for aged care services. The pandemic has also highlighted the need for improved infection control measures and the adoption of technology in aged care services. The pandemic has accelerated the adoption of telemedicine and virtual care services, allowing elderly individuals to receive care and support remotely.

Key Industry Developments:

• In January 2021, Amedisys, Inc. announced the acquisition of AseraCare Hospice, a leading provider of hospice care services in the United States.
• In June 2020, Brookdale Senior Living Inc. announced the launch of its Optimum Life® platform, a comprehensive wellness program designed to enhance the quality of life for elderly individuals.
• In February 2020, Bupa Group announced the acquisition of Oasis Dental Care, a leading dental care provider in the United Kingdom.

Analyst Suggestions:

• Players in the aged care market should focus on strategic partnerships, mergers and acquisitions, and product launches to expand their market presence and enhance their product portfolios.
• The adoption of technology in aged care services should be a key focus area for players in the market, as it can enhance the quality of care, improve patient outcomes, and reduce healthcare costs.

Future Outlook:

The global aged care market is expected to witness significant growth in the coming years, driven by the aging population, increasing prevalence of chronic diseases, and a growing demand for quality healthcare services. Home care services are expected to witness the highest growth during the forecast period due to the growing preference for home-based care services among elderly individuals. The Asia-Pacific region is expected to witness the highest growth during the forecast period due to the rapidly aging population and a growing demand for quality healthcare services. The adoption of technology in aged care services, the growing demand for personalized care services, and the increasing focus on preventive care are expected to drive the growth of the aged care market in the coming years.

Conclusion:

The aged care market is witnessing significant growth due to several factors, including an aging population, increasing prevalence of chronic diseases, and a growing demand for quality healthcare services. The market is highly competitive, with a large number of players offering a wide range of aged care services. The adoption of technology in aged care services, the growing demand for personalized care services, and the increasing focus on preventive care are creating significant opportunities for players in the market.

However, the pandemic has also accelerated the adoption of technology and virtual care services, allowing elderly individuals to receive care and support remotely. Overall, the future outlook for the aged care market is positive, with significant growth expected in the coming years.