Over the forecast period, the worldwide eldercare subscription market is expected to grow at a CAGR of 16 % (2021-2031). The increase can be ascribed to the aging population in several countries. According to a recent Future Market Insights (FMI) analysis, the market is estimated to exceed US$ 1.3 billion in 2021. Due to the rising demand for elder care subscription services, Europe is estimated to hold the highest share of the global market, accounting for more than 33.1 percent of the market by 2031.
COVID-19’s Impact on the Eldercare Subscription Market
Many industries have been impacted by the COVID-19 pandemic. Mobility and travel restrictions for public health reasons, among other social distancing measures, have resulted in significant losses in various sector verticals.
Given the centrality of services in providing inputs, connecting supply chains, and enabling commerce, disruptions in services had a detrimental impact on economies and trade. The influence on commerce varies depending on the mode of supply and the sector.
Who is the Winning?
Players in the relatively consolidated eldercare subscription market are increasingly focusing on the creation of new product offerings as well as strategic efforts to expand geographically. Furthermore, the eldercare subscription market is expected to develop due to rising demand for advanced elder care subscription services and increased digitalization penetration.
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. are among the leading companies in the eldercare subscription industry.
