Elder care services, as the name suggests, imply planning and co-ordinating care of the geriatric population with physical and/or mental issues for meeting their long-term requirements related to care, so as to keep their independence intact and simplify their lives.
At the same time, it needs to be noted that healthcare costs involved in elderly care management is a costly affair due to intervention expenses. This factor may restrain the elder care services market. Persistence Market Research has mentioned these facts in details with calls to action in its latest market study entitled “Elder Care Services Market”.
Elder Care Services Market Dynamics
The global elder care services market, by service, spans home-based, community-based, and institutional. By financing source, it’s public expenditure, private source, and out-of-pocket spending. Persistence Market Research has entailed every bit of this information in its latest market study entitled “Elder Care Services Market”.
North America holds the largest market share due to the US being subject to feasible insurance policies, rising aging population, and government’s initiatives regarding elderly care. As per the National Adult Day Services Association, in the US, 7500 adult day care centres make way for geriatric care services. Amongst the government healthcare programs include Medicaid, Veterans Health Administration, and Medicare. Europe stands second with Italy leading from the front. This could be reasoned with Italy housing select private hospitals, doctors, and specialists. The Asia-Pacific is expected to grow at the highest rate herein with healthcare infrastructure regarding geriatric population being enhanced. Persistence Market Research has walked through these findings with corrective measures in its latest market study entitled “Elder Care Services market”.
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The Competitive Arena
Persistence Market Research has profiled the key players in the elder care services market as Eldercare Services, Korian Group, ProVita International Medical Center, LLC, Home Instead, Inc., Living Assistance Services, Inc., Benesse Style Care Co., Ltd., Econ Healthcare Group, Epoch Elder Care, St Luke’s ElderCare Ltd., India Home Health Care, Samvedna Senior Care, ApnaCare India Private Ltd., Nichiigakkan Co. Ltd., Golden Years Hospital, Orange Valley Healthcare, NTUC Health Co-Operative Ltd., GoldenCare Group Pvt. Ltd., Carewell-Service Co., Ltd., RIEI Co. Ltd., SASCO Integraated Eldercare Centre, Cascade Healthcare, Millennia Personal Care Services, Rosewood Care Group Inc., pacific Healthcare Nursing Home, and United Medicare Pte Ltd.
Persistence Market Research has moved ahead with mentioning the developments in this regard. For instance – Age Care labs, in August 2021, did announce acquisition of “Epoch Elder Care” (providing dementia care as well as assisted living homes for the elders). A year before, NTUC Health did merge its portfolio comprising eldercare services brands (Silver Circle, SilverCOVE, SilverACE, and Care@Home) into a single “NTUC Health Brand”. Unit brands were also added to it. The end-users thus get a complete range of active aging and aged care services under one roof. Sunrise Senior Living Inc., in November 2019, entered into collaboration with Royal Philips for introducing advanced senior care technology for those staying at Welltower’s flagship Manhattan community. In February 2019, a partnership was inked between Genesis Healthcare Corp. and Next Healthcare Capital with 15 nursing facilities in place.
The global elder care services market is slated to grow on an irrevocable note between 2021 and 2031 – Persistence Market Research