The anticipated value of the worldwide elder care subscription market in 2023 is US$ 2,563 million. The market is expected to rise at a 16.3% compound annual growth rate (CAGR) from 2023 to 2033, with a valuation of US$ 11,635.5 million by the end of that year, according to data by Future Market Insights.
The demand for elder care subscription services is being driven by the rise in worldwide awareness of senior care services and related services.
The huge population has resulted in a larger need for care, which is driving up demand for senior-focused products and services. This surge in demand is likely to promote market expansion. The prevalence of chronic illnesses including cancer, osteoporosis, and cardiovascular disease is rising.
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Key Takeaways from the Market Study
- Sales of global elderly care subscription expanded at a CAGR of 14.2% from 2018 to 2022
- The Japanese market for global elderly care subscriptions likely to grow at a share of the value of 4.2%
- The North American market for global elderly care subscription is likely to expand at a share of 27.5%.
- Monthly type are expected to generate maximum demand for the global elderly care subscription.
- Elderly nursing homes are said to gain the traction from 2023 to 2033
- Elderly nursing homes are estimated to account for 45.5% of the total value share during the forecasted period.
- Monthly subscription segment is considered to hold the highest share of 55.9% over the forecast period.
- Elder care subscription market in Australia with a market share of 3.5%
- Market in India is anticipated to witness growth in revenue with a CAGR of 15.4%.
- China is assumed to register the dominant growth at 18.3% CAGR during the forecasted period.
- European market is estimated to be valued at around US$ 22.1% of the market share.
- United Kingdom is said to grow at a CAGR of 13.4% during the forecast period.
- Germany is said to hold a market share of 7.1% in the elder care subscription market.
- United States is estimated to account for 16.5% of the market share.
Competitive Landscape
Some of the prominent players in the global market are-
- Amazon.com, Inc.
- ApnaCare
- Ignox Labs Pvt Ltd. (Emoha Elder Care)
- Samvedna Senior Care
- Eldercare Services
- Portea Medical
- Iora Health
- Home Instead, Inc.
- Living Assistance Services, Inc.,
- Cera Care
Some of the important developments of the key players in the market are:
- In January 2023, Portea Medical has penned an article for BioVoice on Union Budget 2023 and expectations of the stakeholders to help fuel innovation and R&D, which will set the pace for propelling the pharmaceutical industry forward. He also addressed the specific demands of the stakeholders on GST, better incentives and more PLI schemes for various segments of the sector.
- In January 2023, Semtech’s LoRa® devices and the LoRaWAN® standard is incredibly strong. This morning, we had the pleasure of connecting with a wide range of customers, LoRa ecosystem partners and industry experts to discuss the powerful impact of low power, long range Internet of Things (IoT) technologies on enabling a smarter, greener and more resilient future for our planet. The journey to lower carbon emissions — and, more broadly, help the enterprise achieve its environmental, social and governance (ESG) goals — is a cornerstone to Semtech’s innovation for a better world.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global elder care subscriptions market providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the elder care subscriptions market is segmented based on major By Country(North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), By Type(Monthly, Yearly), and By End-user(Hospitals, Elderly Nursing Homes, Homecare)
Key Segments Covered in Elder Care Subscription Sales Market
By Country:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
By Type:
- Monthly
- Yearly
By End-user:
- Hospitals
- Elderly Nursing Homes
- Homecare
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