Future Industry Insights projects that the global elder care subscription market will generate US$1.2 billion in revenue by 2020. (FMI). Between 2021 and 2031, it is predicted that the market will grow at a CAGR of 16 percent, reaching about US$ 6.05 billion. The growth of the elder care subscription industry will pick up speed as digital advancements make more inroads.
The global elder care subscription market is anticipated to expand at a CAGR of 16% during the forecast period (2021-2031). One reason for the increase is the aging population in various countries. The most recent Future Market Insights (FMI) analysis predicts that the market revenue will surpass US$ 1.3 Bn in 2021. Europe is predicted to hold the largest share of the global market by 2031, accounting for more than 33.1% of the market, due to the rising demand for elder care subscription services.
Key Takeaways from Elder Care Subscription Market Study
- Yearly subscription type will dominate the market through 2031, accounting for 59.7% value share.
- The homecare segment will account for 42.1% of the sales in the market in 2021, based on the end users.
- China will continue leading the East Asia market, registering a CAGR of over 17.7% through 2031.
- The U.S. market is projected to expand at a CAGR of 17.6% through 2031, owing to the rise in demand for elder care services for patients aged 65 and others and rising cases of dementia and other illnesses among the aged population.
- The UK will hold the lead in Europe, with a market share of 27.8% through 2031.
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- pplications of Intelligent Transportation System (ITS) technologies are highly
- encouraged emerging smart cities to handle the current challenges of the continuous
- growth in the number of vehicles that ply the highways in an urban center
- Applications of Intelligent Transportation System (ITS) technologies are highly
Impact of COVID-19 on Elder Care Subscription Market
In many industries, the COVID-19 pandemic has caused disruption. In addition to other social distancing measures, mobility and travel restrictions for public health reasons have caused significant losses in various industry verticals.
Given the role of services in providing inputs connecting supply chains and facilitating trade, disruptions in the industry hurt economies and trade. The degree of influence on trade varies depending on the sector and supply mode.
Technology disruption is happening faster than ever. However, the worldwide COVID-19 pandemic has catalyzed the need for healthcare service providers to embrace digital transformation as a strategic imperative. Due to the increase in illnesses and shortage of hospital staff during the pandemic, there has been an increase in demand for homecare elder care subscription services. As a result, these circumstances have worked in the elder care subscription market’s favor, fueling market expansion.
Who is Winning?
The moderately consolidated elder care subscription market is characterized by players who are increasingly focusing on the development of new product offerings in addition to strategic endeavors toward geographical expansion. Moreover, growing demand for advanced elder care subscription services and increasing penetration of digitalization are anticipated to drive the growth of the elder care subscription market.
Prominent players in the elder care subscription market include but are not limited to 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., among others.
Elder Care Subscription Outlook by Category
By Subscription Type:
- Monthly
- Yearly
By End User:
- Hospitals
- Elderly Nursing Homes
- Homecare
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- the Middle East and Africa (MEA)