The global elder care subscription market is estimated to develop at a CAGR of 16 percent over the forecast period (2021-2031). In several countries, the increase can be attributed to the aging population. The market is expected to hit US$ 1.3 billion in 2021, according to a new Future Market Insights (FMI) report. Europe is expected to hold the largest share of the global market, accounting for more than 33.1 percent of the market by 2031, due to increased demand for elder care subscription services.
The Impact of COVID-19 on the Elder Care Subscription Market
The COVID-19 epidemic has impacted a wide range of sectors. Mobility and travel restrictions, as well as other social distancing tactics, have resulted in major losses in a variety of industry sectors.
Disruptions in services had a negative influence on economies and trade since they are so important in delivering inputs, connecting supply chains, and enabling commerce. Depending on the mode of supply and the sector, the impact on commerce varies.
Who is the victor?
Players in the relatively consolidated elder care subscription industry are increasingly focusing on new product development as well as strategic geographic expansion. Furthermore, due to rising demand for improved elder care subscription services and greater digitalization penetration, the elder care subscription market is predicted to grow.
The elder care subscription industry’s main firms include Amazon.com, Inc., ApnaCare, IgnoxLabs Pvt Ltd. (Emoha Elder Care), Samvedna Senior Care, Eldercare Services, Portea Medical, Iora Health, Home Instead, Inc., and Living Assistance Services, Inc.