The anticipated size of the global elder care subscription market in 2022 was USD 2,234.5 million and is estimated to be USD 2,563.0 million in 2023.
Rise in demand for global elder care subscription market is also found to be rising number of women in the workforce which means as more women enter into the workforce, they become less likely to spend the time with elder family members and care for leading to a soar in demand for elder care subscription services, CAGR of 16.3% between 2023 and 2033, totaling around USD 11,635.5 million by 2033.
Subsequently one of the major driver is of the rise in aging population i.e., as people are proned to live longer, they are more likely to need the aid with activities of daily living, like dressing, eating, etc. which generally arises in those who are 85 years and older.
One of the key trends in consideration is elder care subscription technology which is considered to be the first trend toward more personalized and customized care which also refers that elders should be provided with elder care products and facilities considerably increasing by the usage of technologies to care to the needs and preference of every individuals as for example, some care providers have started using using artificial intelligence for matching elders with their correct care providers, based on their skillset and the needs of the old age individuals.
| Attributes | Details |
|---|---|
| Projected Forecast Value (2022) | USD 2,234.5 million |
| Projected Forecast Value (2023) | USD 2,563.0 Million |
| Projected Forecast Value (2033) | USD 11,635.5 million |
| Growth rate | 16.3% CAGR |
| Forecast period | 2023 to 2033 |
Global elder care subscription market grew at a CAGR of 14.2% between 2018 and 2022. Growth forecasts remain optimistic, with the market predicted to exhibit a CAGR of 16.3% between 2023 and 2033.
Global expenditure on elder care is driven by changing demographics with increasing life-expectancy which has led to rising number of aged population with medical and non-medical conditions, requiring support from caregivers. These are among a few factors projected to fuel the revenue growth of elder care subscription offerings.
Consequently, the high demand for yearly subscription services are expected to drive the growth of the market on a global scale.
Provision on Cost Effective Services for Elderly Acts as a Major Driver
Companies operating in the market are focused on providing cost effective services for the elderly. These services are aimed at offering comfort for the elders. The subscription service providers offer yearly plans at discounted rates. Owing to this, there has been immense rise in the demand for elder care yearly subscription plans.
Companies involved in caregiving services are expanding the services offered to capture large consumer base. The services required by elderly differ from one to another hence companies are offering wide services which are patient-centric. The introduction of home care services has also given companies and opportunity to tap new prospects of the market.
Fertility rate on Economic Growth is Very Less
North America is considered to be one of the most lucrative markets for elder care subscription with a market share of 27.5% whereas the United States is estimated to account for 16.5% of the market share.
North America is witnessing low rate of fertility and is falling below the replacement fertility rate. Unstable fertility rates impact the overall economic growth of any region. The United States has reported a total fertility rate of around 1.9 babies per woman which is low in comparison to the previous fertility rate of 2.1. The lower fertility rates indicate that the new generation is smaller than the one that came before and will struggle to support the retirees.
The increase in elderly dependent population in North America will trigger economic issues and spur the need for elder care services. Hence, the market in the United States is expected to grow at a significant rate.
Reduction of health care expenditures in Germany is Raising the demand of the Market
Germany is said to hold a market share of 7.1% in the elder care subscription market.
Decline in health care expenditures that are linked with the medical conditions of the German elderly are crucial because of a large amount of money spent on medications be it for mental health or chronic conditions.
where the government has taken measures of strictly regulating reimbursement and pricing policies facilities of the pharmaceutical market using cost-effective analysis, thus reducing implementation of other policies thus, will health care expenditures related to the elderly.
Increase in Demand for Elder Care Products will Increase the Revenue
Rising demand for the elder care subscription market is required for an increase in demand for eldercare products in the United Kingdom where according to the reports United Kingdom is said to grow at a CAGR of 13.4% during the forecast period.
European market is estimated to be valued at around USD 22.1% of the market share.
In recent years, there has been a rise in dependency ratio of elderly over the younger population in European countries including the UK., France, and Germany.
In Europe there has been a surge in the number of elderly patients suffering from disabilities. The increase in life expectancy over the years has resulted in an increase in the population of the elderly.
This increasing population of elderly often experiences a greater burden of ailments such as suffering from terminal illness, dementia, and other major disabilities. The necessity for care of the elderly is focused on managing chronic disorders, and prevention of diseases therefore bringing forth the shift towards opting for elder care services such as nursing homes in the country.
Focus on Operational Costs in Chinese Companies
China is assumed to be the most attractive market in the Asia Pacific during the forecast period. As per FMI, the market for elder care subscriptions is likely to register the dominant growth at 18.3% CAGR during the forecasted period.
China is offering growth opportunities for elder care subscription services owing to the rising aging population. Owing to this, there has been a rise in elderly-friendly services.
Moreover, companies operating across China are focusing on offering elder care services to the doorstep of patients. Presently, China is actively exploring more advanced and scalable elderly care services to provide conveniently and complete care for the elder people in the country. Hence, there has been a significant rise in demand for elder care subscription services in the region.
Advanced Solutions and Services are Raising the Market for the Elderly
Market in India is anticipated to witness growth in revenue with a CAGR of 15.4%.
Increasing number of companies in the India market are coming up with advanced solutions and services for the elderly. The companies operating in the market are focusing on revolutionizing elderly care with a robust ecosystem of healthcare solutions that are affordable and accessible to all.
Companies such as ApnaCare, Samvedna Senior Care, and Emoha Elder Care are offering patients with advanced solutions and services.
The demand for elder care subscriptions is projected to exponentially grow as the elder population is growing at a high rate. The elder population of India is currently at 6% of the total population of the country. Furthermore, rapid growth in the enterprise end-user segment is further expected to drive the market.
Adoptive Measures taken are Rising the Demand for Elder Care Subscriptions Market
Increasing adoption of in elder care subscription market in Australia with a market share of 3.5%
Demand for an aging population in Australia where a number of people need to aged care service industry has continued to rise.
Workforce of Australia’s future is mainly concerned about the new technological innovations that could affect their jobs where technological changes create various job opportunities in care-focused roles.
Increase in Technological Advancements is Raising the Overall Market Share
Japan is home to the world’s second healthcare market and one of the developed countries that are considered to introduce initiatives including a digital healthcare system being put in place to make patient data more accessible for insurers and developers of tech solutions where the main aim of the market is to burden on the institutional care system through various streams of technology including AI and Virtual Reality. Japan is considered to hold a market share of 4.2%.
Monthly Type is Said to Hold the Maximum Share in the Market
Monthly subscription segment is considered to hold the maximum share in the market and grow at the highest share of 55.9% over the forecast period.
Huge adoption of elder care subscriptions is available due to the advantages provided by monthly subscription models and the cost-effective pricing model where the monthly subscription is not only provided by a large number of companies but also considered to be budget friendly for individuals with specific discounted rates which makes it in appealing to the consumers.
Elderly Nursing Homes are Said to Hold a Great Share in the Market
Elderly nursing homes are estimated to account for 45.5% of the total value share during the forecasted period.
Elderly nursing homes is mostly preferred are such nursing homes provide access to the old people 24/7 with healthcare professionals, as old age people have difficulty in completing their day-to-day tasks, such nursing homes can help them out in such activities.
Provides an active social life both mentally and socially to old age people by participating in yoga, playing cards, etc.
Some of the prominent players in the global market are-
Some of the important developments of the key players in the market are:
Caregivers report physical and emotional strain as a result of their caregiving tasks. Thankfully, there are products that can help ease some of the demands of caregiving and help to keep your loved one in good hands.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 16.3% from 2023 to 2033 |
| Market value in 2023 | USD 2,563 million |
| Market value in 2033 | USD 11,635.5 million |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | USD million for Value and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | By Country, By Type, By End-user, |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East and Africa |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Rest of Latin America, Germany, United Kingdom, France, Spain, Italy, Rest of Europe, China, Japan, South Korea, Singapore, Thailand, Indonesia, Australia, New Zealand, Rest of Asia Pacific, GCC countries, South Africa, Israel, Rest of MEA |
| Key Companies Profiled | Amazon.com, Inc.; ApnaCare; IgnoxLabs Pvt Ltd. (Emoha Elder Care); Samvedna Senior Care; Eldercare Services; Portea Medical; Iora Health; Home Instead, Inc.; Living Assistance Services, Inc.; Cera Care |
| Customisation Scope | Available on Request |
Table 1: Global Market Value (US$ Million) Forecast by Region, 2018 to 2033
Table 2: Global Market Value (US$ Million) Forecast by Type, 2018 to 2033
Table 3: Global Market Value (US$ Million) Forecast by End User, 2018 to 2033
Table 4: North America Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 5: North America Market Value (US$ Million) Forecast by Type, 2018 to 2033
Table 6: North America Market Value (US$ Million) Forecast by End User, 2018 to 2033
Table 7: Latin America Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 8: Latin America Market Value (US$ Million) Forecast by Type, 2018 to 2033
Table 9: Latin America Market Value (US$ Million) Forecast by End User, 2018 to 2033
Table 10: Europe Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 11: Europe Market Value (US$ Million) Forecast by Type, 2018 to 2033
Table 12: Europe Market Value (US$ Million) Forecast by End User, 2018 to 2033
Table 13: South Asia Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 14: South Asia Market Value (US$ Million) Forecast by Type, 2018 to 2033
Table 15: South Asia Market Value (US$ Million) Forecast by End User, 2018 to 2033
Table 16: East Asia Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 17: East Asia Market Value (US$ Million) Forecast by Type, 2018 to 2033
Table 18: East Asia Market Value (US$ Million) Forecast by End User, 2018 to 2033
Table 19: Oceania Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 20: Oceania Market Value (US$ Million) Forecast by Type, 2018 to 2033
Table 21: Oceania Market Value (US$ Million) Forecast by End User, 2018 to 2033
Table 22: MEA Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 23: MEA Market Value (US$ Million) Forecast by Type, 2018 to 2033
Table 24: MEA Market Value (US$ Million) Forecast by End User, 2018 to 2033
Figure 1: Global Market Value (US$ Million) by Type, 2023 to 2033
Figure 2: Global Market Value (US$ Million) by End User, 2023 to 2033
Figure 3: Global Market Value (US$ Million) by Region, 2023 to 2033
Figure 4: Global Market Value (US$ Million) Analysis by Region, 2018 to 2033
Figure 5: Global Market Value Share (%) and BPS Analysis by Region, 2023 to 2033
Figure 6: Global Market Y-o-Y Growth (%) Projections by Region, 2023 to 2033
Figure 7: Global Market Value (US$ Million) Analysis by Type, 2018 to 2033
Figure 8: Global Market Value Share (%) and BPS Analysis by Type, 2023 to 2033
Figure 9: Global Market Y-o-Y Growth (%) Projections by Type, 2023 to 2033
Figure 10: Global Market Value (US$ Million) Analysis by End User, 2018 to 2033
Figure 11: Global Market Value Share (%) and BPS Analysis by End User, 2023 to 2033
Figure 12: Global Market Y-o-Y Growth (%) Projections by End User, 2023 to 2033
Figure 13: Global Market Attractiveness by Type, 2023 to 2033
Figure 14: Global Market Attractiveness by End User, 2023 to 2033
Figure 15: Global Market Attractiveness by Region, 2023 to 2033
Figure 16: North America Market Value (US$ Million) by Type, 2023 to 2033
Figure 17: North America Market Value (US$ Million) by End User, 2023 to 2033
Figure 18: North America Market Value (US$ Million) by Country, 2023 to 2033
Figure 19: North America Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 20: North America Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 21: North America Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 22: North America Market Value (US$ Million) Analysis by Type, 2018 to 2033
Figure 23: North America Market Value Share (%) and BPS Analysis by Type, 2023 to 2033
Figure 24: North America Market Y-o-Y Growth (%) Projections by Type, 2023 to 2033
Figure 25: North America Market Value (US$ Million) Analysis by End User, 2018 to 2033
Figure 26: North America Market Value Share (%) and BPS Analysis by End User, 2023 to 2033
Figure 27: North America Market Y-o-Y Growth (%) Projections by End User, 2023 to 2033
Figure 28: North America Market Attractiveness by Type, 2023 to 2033
Figure 29: North America Market Attractiveness by End User, 2023 to 2033
Figure 30: North America Market Attractiveness by Country, 2023 to 2033
Figure 31: Latin America Market Value (US$ Million) by Type, 2023 to 2033
Figure 32: Latin America Market Value (US$ Million) by End User, 2023 to 2033
Figure 33: Latin America Market Value (US$ Million) by Country, 2023 to 2033
Figure 34: Latin America Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 35: Latin America Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 36: Latin America Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 37: Latin America Market Value (US$ Million) Analysis by Type, 2018 to 2033
Figure 38: Latin America Market Value Share (%) and BPS Analysis by Type, 2023 to 2033
Figure 39: Latin America Market Y-o-Y Growth (%) Projections by Type, 2023 to 2033
Figure 40: Latin America Market Value (US$ Million) Analysis by End User, 2018 to 2033
Figure 41: Latin America Market Value Share (%) and BPS Analysis by End User, 2023 to 2033
Figure 42: Latin America Market Y-o-Y Growth (%) Projections by End User, 2023 to 2033
Figure 43: Latin America Market Attractiveness by Type, 2023 to 2033
Figure 44: Latin America Market Attractiveness by End User, 2023 to 2033
Figure 45: Latin America Market Attractiveness by Country, 2023 to 2033
Figure 46: Europe Market Value (US$ Million) by Type, 2023 to 2033
Figure 47: Europe Market Value (US$ Million) by End User, 2023 to 2033
Figure 48: Europe Market Value (US$ Million) by Country, 2023 to 2033
Figure 49: Europe Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 50: Europe Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 51: Europe Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 52: Europe Market Value (US$ Million) Analysis by Type, 2018 to 2033
Figure 53: Europe Market Value Share (%) and BPS Analysis by Type, 2023 to 2033
Figure 54: Europe Market Y-o-Y Growth (%) Projections by Type, 2023 to 2033
Figure 55: Europe Market Value (US$ Million) Analysis by End User, 2018 to 2033
Figure 56: Europe Market Value Share (%) and BPS Analysis by End User, 2023 to 2033
Figure 57: Europe Market Y-o-Y Growth (%) Projections by End User, 2023 to 2033
Figure 58: Europe Market Attractiveness by Type, 2023 to 2033
Figure 59: Europe Market Attractiveness by End User, 2023 to 2033
Figure 60: Europe Market Attractiveness by Country, 2023 to 2033
Figure 61: South Asia Market Value (US$ Million) by Type, 2023 to 2033
Figure 62: South Asia Market Value (US$ Million) by End User, 2023 to 2033
Figure 63: South Asia Market Value (US$ Million) by Country, 2023 to 2033
Figure 64: South Asia Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 65: South Asia Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 66: South Asia Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 67: South Asia Market Value (US$ Million) Analysis by Type, 2018 to 2033
Figure 68: South Asia Market Value Share (%) and BPS Analysis by Type, 2023 to 2033
Figure 69: South Asia Market Y-o-Y Growth (%) Projections by Type, 2023 to 2033
Figure 70: South Asia Market Value (US$ Million) Analysis by End User, 2018 to 2033
Figure 71: South Asia Market Value Share (%) and BPS Analysis by End User, 2023 to 2033
Figure 72: South Asia Market Y-o-Y Growth (%) Projections by End User, 2023 to 2033
Figure 73: South Asia Market Attractiveness by Type, 2023 to 2033
Figure 74: South Asia Market Attractiveness by End User, 2023 to 2033
Figure 75: South Asia Market Attractiveness by Country, 2023 to 2033
Figure 76: East Asia Market Value (US$ Million) by Type, 2023 to 2033
Figure 77: East Asia Market Value (US$ Million) by End User, 2023 to 2033
Figure 78: East Asia Market Value (US$ Million) by Country, 2023 to 2033
Figure 79: East Asia Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 80: East Asia Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 81: East Asia Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 82: East Asia Market Value (US$ Million) Analysis by Type, 2018 to 2033
Figure 83: East Asia Market Value Share (%) and BPS Analysis by Type, 2023 to 2033
Figure 84: East Asia Market Y-o-Y Growth (%) Projections by Type, 2023 to 2033
Figure 85: East Asia Market Value (US$ Million) Analysis by End User, 2018 to 2033
Figure 86: East Asia Market Value Share (%) and BPS Analysis by End User, 2023 to 2033
Figure 87: East Asia Market Y-o-Y Growth (%) Projections by End User, 2023 to 2033
Figure 88: East Asia Market Attractiveness by Type, 2023 to 2033
Figure 89: East Asia Market Attractiveness by End User, 2023 to 2033
Figure 90: East Asia Market Attractiveness by Country, 2023 to 2033
Figure 91: Oceania Market Value (US$ Million) by Type, 2023 to 2033
Figure 92: Oceania Market Value (US$ Million) by End User, 2023 to 2033
Figure 93: Oceania Market Value (US$ Million) by Country, 2023 to 2033
Figure 94: Oceania Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 95: Oceania Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 96: Oceania Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 97: Oceania Market Value (US$ Million) Analysis by Type, 2018 to 2033
Figure 98: Oceania Market Value Share (%) and BPS Analysis by Type, 2023 to 2033
Figure 99: Oceania Market Y-o-Y Growth (%) Projections by Type, 2023 to 2033
Figure 100: Oceania Market Value (US$ Million) Analysis by End User, 2018 to 2033
Figure 101: Oceania Market Value Share (%) and BPS Analysis by End User, 2023 to 2033
Figure 102: Oceania Market Y-o-Y Growth (%) Projections by End User, 2023 to 2033
Figure 103: Oceania Market Attractiveness by Type, 2023 to 2033
Figure 104: Oceania Market Attractiveness by End User, 2023 to 2033
Figure 105: Oceania Market Attractiveness by Country, 2023 to 2033
Figure 106: MEA Market Value (US$ Million) by Type, 2023 to 2033
Figure 107: MEA Market Value (US$ Million) by End User, 2023 to 2033
Figure 108: MEA Market Value (US$ Million) by Country, 2023 to 2033
Figure 109: MEA Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 110: MEA Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 111: MEA Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 112: MEA Market Value (US$ Million) Analysis by Type, 2018 to 2033
Figure 113: MEA Market Value Share (%) and BPS Analysis by Type, 2023 to 2033
Figure 114: MEA Market Y-o-Y Growth (%) Projections by Type, 2023 to 2033
Figure 115: MEA Market Value (US$ Million) Analysis by End User, 2018 to 2033
Figure 116: MEA Market Value Share (%) and BPS Analysis by End User, 2023 to 2033
Figure 117: MEA Market Y-o-Y Growth (%) Projections by End User, 2023 to 2033
Figure 118: MEA Market Attractiveness by Type, 2023 to 2033
Figure 119: MEA Market Attractiveness by End User, 2023 to 2033
Figure 120: MEA Market Attractiveness by Country, 2023 to 2033
The projected CAGR of the elder care subscription market by 2033 is 16.3%.
The projected market value for 2033 is USD 2,563 million.
The market is estimated to secure a valuation of USD 11,635.5 million in 2023.
The senior care industry is the main benefactor of the aged care subscription market.
The North America market is growing remarkably fast due to the aging population, costly healthcare, technological advances, and increased awareness.
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Elder Care Subscription Market
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