The Aged Care Market was valued at US $ 1109.2 Mn. in 2020. Global Aged Care Market size is estimated to grow at a CAGR of 7.3%.
Aged Care Market Overview:
The medical or health care of the elderly, elders, or senior citizens is referred to as aged care. A comprehensive range of services, including as healthcare, psychological care, and social care, are provided by well-trained employees or nurses in aged care. Housing care services, home care services, long-term care, assistance with daily activities and socialisation of daily programmes, dietary services, and financial planning advice are all included in the aged care service.
People above the age of 60 are referred to as "aged." Aging is defined as a steady decline in an individual's physical and mental capacity, as well as an increased chance of disease and, eventually, death.
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Aged Care Market Segmentation:
The Aged Care Market is divided into four categories depending on services: homecare, non-medical health care, institutional care, hospital-based care, and others. Institutional Care had the biggest market share in 2020, accounting for 63 percent. Institutional care services provide a wide range of benefits, including cheap long-term care costs, enhanced care protocols, safety, and comfort, all of which contribute to the aged care market's growth. During the projection period, the home care segment is predicted to increase at a substantial rate of 7.9%. The expansion of the market can be ascribed to changing lifestyles and rising health-care spending in industrialised countries such as the United States, the United Kingdom, and Japan. Personal care, skilled nursing care, companion facilities, physical therapy, and medical social services are all examples of home care services.
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Aged Care Market, Key Highlights:
- The study analyses and forecasts the worldwide Aged Care Market value.
- The market drivers, limitations, and opportunities driving the growth of the Aged Care Market are all thoroughly studied.
- Aged Care Market has been segmented based on Type, Product Type, End-User, and Region.
- Aged Care Market strategic analysis with respect to individual growth trends, future prospects, along the contribution of various sub-market stakeholders have been considered under the scope of the study.
- Aged Care Market analysis and projections for five important regions: North America, Europe, Asia Pacific, the Middle East, Africa, and Latin America, and also country-level classification.
- The profiles of key industry participants and their strategic viewpoints, market positioning, and analysis of core competencies are expanded upon.
- The Aged Care Market's leading firms are profiled in terms of their competitive developments, expenditures, strategic growth, and competitor analysis.
COVID-19 Impact Analysis of Aged Care Market:
The Aged Care sector was now confronting new problems in order to meet the demand and supply of blood purification components and commodities necessary for optimal equipment operation. Furthermore, inconsistencies and interruptions in supply chain operations and a lack of human resources hampered the market growth rate. On the other hand, Coronavirus is expected to have a significant influence on the Aged Care market growth.
As worldwide regulations ease, the market is likely to gain pace in the projection period, owing to an increase in research and development activities focusing on possible uses of blood purification as a means to reduce coronavirus infection spread. Several companies have petitioned the US Food and Drug Administration for essential use clearance to use their Aged Care to manage coronavirus infections.
COVID-19 has the potential to have three major effects on the global economy: directly impacting production and demand, causing supply chain and market disruption, and having a financial impact on businesses and financial markets. Our analysts, who are monitoring the situation throughout the world, believe that the market would provide producers with lucrative opportunities following the COVID-19 dilemma.
Aged Care Market Key Players:
• 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.
• Bayada home health Care
• Kindred Healthcare, Inc.
• Nichii Gakkan Co. Ltd
• ApnaCare Private Limited
Aged Care Market Dynamics:
The rise in the number of chronic renal patients has fueled the growth of the blood purifying equipment market. FDA-regulated blood purification medical devices adhere to meticulously established protocols, and their functionality is getting more and more popular for more accessibility and improved therapeutic outcomes. Transplantation and dialysis are the recommended treatment options for End-Stage Renal Diseases, which spurred the worldwide Aged Care Market growth. Blood purification systems may be beneficial in treating some coronavirus patients by lowering levels of infections, cytokines, and other inflammatory processes.
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