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Rising Geriatric Population is Main Driver behind the Growth of the Elder Care Market

Harshal Deshmukh

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Transparency Market Research in its new report titled, “Elder Care Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 – 2026, ” provides key insights on the elder care market. The new report anticipates that the rising geriatric population will be one of the most fundamental factors driving the growth of the global elder care market during the forecast period i. e, 2018-2026. This is mainly due to the prevalence of worsening health-based conditions in old-aged people, which further demand provision of proper care, says the report. Changing social and economic conditions in most countries around the globe too have been responsible for driving the global elder care market’s growth. A rising demand for residential care facilities for elderly people suffering from chronic ailments such as dementia and Alzheimer’s is also expected to stoke the market’s growth during the next few years, the report further states.

On the basis of region, the elder care market is segmented into North America, Asia Pacific, the Middle East and Africa, Europe, and Latin America. Of these, North America holds majority of share in terms revenue gained owing to the presence of a strong healthcare infrastructure along with associated elder care activities. Many prefer providing utmost care to their old-aged family members and others. This also has caused the market to depict a fantastic growth, and is further projected to continue in this region in the next few years.

Apart from this region, TMR report expects the next few years to witness market in Europe growing at a rapid pace in the global elder care market too. This is mainly due to presence of high awareness among the masses from the region to provide utmost comfort to elderly people, along with other similar activities. Even in Asia Pacific, elder care has been improving, especially due to favorable initiatives taken by governments to provide maximum healthcare and stability through several schemes.

The elder care market mainly depicts the existence of a highly fragmented and competitive vendor landscape, majorly due to the presence of numerous players. Bringing about widespread change in the treatment provided to elderly people for facilitating overall social development and associated activities is a prime strategy implemented by most businesses working in this market.

Many companies have been operating in this sector for numerous years, and have relied on generating a lot of social awareness among people through different means as a key tool for attracting success. However, most local players are experiencing a substantial cutthroat competition due to the larger and well-established companies operating in the market.

Some of the major companies operating in the elder care market include Epoch Elder Care, St Luke’s ElderCare Ltd, Cascade Healthcare, Econ Healthcare Group, Samvedna Senior Care, Rosewood Care Group Inc. , Latin America Home Health Care, Benesse Style Care Co. , Ltd. , Nichiigakkan Co. Ltd, Orange Valley Healthcare, Golden Years Hospital, SASCO Integrated Eldercare Centre, Pacific Healthcare Nursing Home, NTUC Health Co-Operative Ltd. , GoldenCare Group Private Limited, United Medicare Pte Ltd. , Carewell-Service Co. , Ltd. , RIEI Co. , Ltd. , ApnaCare Latin America Private Limited, and Millennia Personal Care Services.

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