The elder care subscription market will produce US$1.2 billion globally in 2020, predicts Future Industry Insights. (FMI). From 2021 to 2031, the market as a whole is projected to grow at a CAGR of 16%, reaching over US$ 6.05 billion. The market for elder care subscriptions will expand more quickly as digital innovations continue to gain ground.
The global elder care subscription market is estimated to expand at a CAGR of 16% during the forecast period (2021-2031). One reason for the increase is the ageing population in various countries. The most recent Future Market Insights (FMI) report predicts that the market sales would surpass US$ 1.3 Bn in 2021. Europe is predicted to hold the largest share of the global market by 2031, accounting for more than 33.1% of the market, due to the increased demand for elder care subscription services.
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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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- pplications of Intelligent Transportation System (ITS) technologies is highly
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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.
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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.
Elder Care Subscription Outlook by Category
By Subscription Type:
- Monthly
- Yearly
By End User:
- Hospitals
- Elderly Nursing Homes
- Homecare
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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