Yearly subscription Type in Elder Care Subscription Market to Account for Over 59.7% of Sales through 2031.

Nov 01,2021 | Technology

The global elder care subscription market is expected to expand at a CAGR of 16% over the forecast period (2021-2031). The growth can be attributed to the growing ageing population across different countries. As per the latest Future Market Insights (FMI) study, the market valuation is expected to surpass US$ 1.3 Bn in 2021.

Elder Care Subscription Market

A recent revised market study published by Future Market Insights on the elder care subscr...

Elder Care Subscription Market

Europe is expected to hold the largest share of the global market and is anticipated to account for more than 33.1% of the market by 2031, owing to growing 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 market in 2021, based on end user.
  • 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 from dementia and other illnesses among aged population.
  • The UK will hold the lead in Europe, with a market share of 27.8% through 2031.
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  • growth in the number of vehicles that ply the highways in urban center
  • pplications of Intelligent Transportation System (ITS) technologies is highly
  • encouraged in emerging smart cities to handle the current challenges of the continuous
  • growth in the number of vehicles that ply the highways in urban center
  • Applications of Intelligent Transportation System (ITS) technologies is highly
  • encouraged in emerging smart cities to handle the current challenges of the continuous
  • growth in the number of vehicles that ply the highways in urban centers

“Increasing life expectancy of people worldwide, coupled with rise in dependency ratio of elder population over the younger generation, is expected to drive the growth of elder care subscription market” says a Future Market Insights (FMI) analyst.

Impact of COVID-19 on Elder Care Subscription Market

The COVID-19 pandemic has disrupted many industries. Different industry verticals have suffered notable losses as a result of mobility and travel restrictions for public health reasons, among other social distancing measures.

Disruptions in services negatively impacted economies and trade, given the role of services in offering inputs connecting supply chains and facilitating trade. The extent of impact on trade varies by mode of supply and sector.

The pace of technology disruption has continued to accelerate. The global COVID-19 pandemic however has proven to be a catalyst in making digital transformation a strategic imperative for healthcare service providers. There has been rise in demand for homecare elder care subscription services during the pandemic owing to the rise in illnesses and shortage of hospital staff. As a result, these events have turned in favor of elder care subscription market, thereby driving the market growth.

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 towards geographical expansion. Moreover, growing demand for advanced elder care subscription services and increasing penetration of digitalization is 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.

About Technology Division at Future Market Insights

The technology team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.

About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.