This can be attributed to rising pet healthcare insurance, the constant development of reimbursement policies along the presence of a wide variety of long-term care centers in the U.S., which are bolstering the market in North America.
Moreover, the growing number of geriatric care agencies and converging trends of the aging population further propel regional growth.
The Role of Elderly Care Services in the Healthcare Ecosystem
Elderly Care, also known as senior or geriatric care is specialized care that is designed to cater to the requirements and needs of senior citizens at various stages. As such elderly care is a wider term, as it encompasses everything from assisted living stay and nursing care to adult daycare, hospice care, and even home care. It includes a broad range of services that are meant to improve the health and living standards of senior adults. This sector has gained traction in the past few years as the geriatric population is increasing.
The Global Elderly Care Services Market is projected to grow from USD 895.6 million in 2020 to USD 1,310.9 million by 2026 at a CAGR of over 6.6% during the forecast period.
The elderly care services market is growing rapidly due to an aging population, rising chronic diseases, and increased awareness of the benefits of elderly care services. Elderly care services encompass a wide range of services, including in-home care, assisted living, and nursing homes.
Key players operating in the global elderly care services market are-
Karl Storz Elderly Care Services (The U.S), FUJIFILM Corporation (Japan), Biovision Elderly Care Services, LLC (The U.S), Dr. Fritz Endoscopy GmbH (Germany), STERIS Instrument Management Services, Inc (The U.S), DRE Veterinary (The U.S), PENTAX Medical (Japan), Richard Wolf GmbH (Germany), Medtronic Plc (Ireland), and B. Braun Melsungen AG (Germany).
By region, the North American market witnessed the largest market share in 2020 and is projected to grow at a steady CAGR during the assessment period.
COVID-19 Impact on Global Elderly Care Services Market
The ongoing COVID-19 pandemic moderately affected the elderly care services industry in the initial period of the outbreak. The massive influx of COVID-19 patients and the lack of medical supervision and healthcare professionals jolted the market. Social isolation during nationwide lockdowns has forced aged individuals to consider elder care services in support of virtual socializing. The coronavirus caregivers have given massive focus and time to geriatric patients as they are relatively more vulnerable to infections and other medical conditions.
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