The anticipated size of the global elder care subscription market in 2022 was US$ 2,234.5 million and is estimated to be US$ 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 US$ 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) | US$ 2,234.5 million |
| Projected Forecast Value (2023) | US$ 2,563.0 Million |
| Projected Forecast Value (2033) | US$ 11,635.5 million |
| Growth rate | 16.3% CAGR |
| Forecast period | 2023 to 2033 |
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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.
Principal Consultant
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 US$ 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 U.K., 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.
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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 | US$ 2,563 million |
| Market value in 2033 | US$ 11,635.5 million |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | US$ 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 |
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| Regions Covered |
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| Key Countries Profiled |
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| Key Companies Profiled |
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| Customisation Scope | Available on Request |
The projected CAGR of the elder care subscription market by 2033 is 16.3%.
The projected market value for 2033 is US$ 2,563 million.
The market is estimated to secure a valuation of US$ 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.
1. Executive Summary 1.1. Global Market Outlook 1.2. Demand-side Trends 1.3. Supply-side Trends 1.4. Technology Roadmap Analysis 1.5. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Background 3.1. Market Dynamics 3.1.1. Drivers 3.1.2. Restraints 3.1.3. Opportunity 3.1.4. Trends 3.2. Scenario Forecast 3.2.1. Demand in Optimistic Scenario 3.2.2. Demand in Likely Scenario 3.2.3. Demand in Conservative Scenario 3.3. Opportunity Map Analysis 3.4. Investment Feasibility Matrix 3.5. PESTLE and Porter’s Analysis 3.6. Regulatory Landscape 3.6.1. By Key Regions 3.6.2. By Key Countries 3.7. Regional Parent Market Outlook 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 4.1. Historical Market Size Value (US$ Million) Analysis, 2018 to 2022 4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033 4.2.1. Y-o-Y Growth Trend Analysis 4.2.2. Absolute $ Opportunity Analysis 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 5.1. Introduction / Key Findings 5.2. Historical Market Size Value (US$ Million) Analysis By Type, 2018 to 2022 5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Type, 2023 to 2033 5.3.1. Monthly 5.3.2. Yearly 5.4. Y-o-Y Growth Trend Analysis By Type, 2018 to 2022 5.5. Absolute $ Opportunity Analysis By Type, 2023 to 2033 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End User 6.1. Introduction / Key Findings 6.2. Historical Market Size Value (US$ Million) Analysis By End User, 2018 to 2022 6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By End User, 2023 to 2033 6.3.1. Hospitals 6.3.2. Elderly Nursing Homes 6.3.3. Homecare 6.4. Y-o-Y Growth Trend Analysis By End User, 2018 to 2022 6.5. Absolute $ Opportunity Analysis By End User, 2023 to 2033 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. Introduction 7.2. Historical Market Size Value (US$ Million) Analysis By Region, 2018 to 2022 7.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2023 to 2033 7.3.1. North America 7.3.2. Latin America 7.3.3. Europe 7.3.4. South Asia 7.3.5. East Asia 7.3.6. Oceania 7.3.7. MEA 7.4. Market Attractiveness Analysis By Region 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 8.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 8.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 8.2.1. By Country 8.2.1.1. USA 8.2.1.2. Canada 8.2.2. By Type 8.2.3. By End User 8.3. Market Attractiveness Analysis 8.3.1. By Country 8.3.2. By Type 8.3.3. By End User 8.4. Key Takeaways 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 9.2.1. By Country 9.2.1.1. Brazil 9.2.1.2. Mexico 9.2.1.3. Rest of Latin America 9.2.2. By Type 9.2.3. By End User 9.3. Market Attractiveness Analysis 9.3.1. By Country 9.3.2. By Type 9.3.3. By End User 9.4. Key Takeaways 10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 10.2.1. By Country 10.2.1.1. Germany 10.2.1.2. UK 10.2.1.3. France 10.2.1.4. Spain 10.2.1.5. Italy 10.2.1.6. Rest of Europe 10.2.2. By Type 10.2.3. By End User 10.3. Market Attractiveness Analysis 10.3.1. By Country 10.3.2. By Type 10.3.3. By End User 10.4. Key Takeaways 11. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 11.2.1. By Country 11.2.1.1. India 11.2.1.2. Malaysia 11.2.1.3. Singapore 11.2.1.4. Thailand 11.2.1.5. Rest of South Asia 11.2.2. By Type 11.2.3. By End User 11.3. Market Attractiveness Analysis 11.3.1. By Country 11.3.2. By Type 11.3.3. By End User 11.4. Key Takeaways 12. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 12.2.1. By Country 12.2.1.1. China 12.2.1.2. Japan 12.2.1.3. South Korea 12.2.2. By Type 12.2.3. By End User 12.3. Market Attractiveness Analysis 12.3.1. By Country 12.3.2. By Type 12.3.3. By End User 12.4. Key Takeaways 13. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 13.2.1. By Country 13.2.1.1. Australia 13.2.1.2. New Zealand 13.2.2. By Type 13.2.3. By End User 13.3. Market Attractiveness Analysis 13.3.1. By Country 13.3.2. By Type 13.3.3. By End User 13.4. Key Takeaways 14. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 14.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 14.2.1. By Country 14.2.1.1. GCC Countries 14.2.1.2. South Africa 14.2.1.3. Israel 14.2.1.4. Rest of MEA 14.2.2. By Type 14.2.3. By End User 14.3. Market Attractiveness Analysis 14.3.1. By Country 14.3.2. By Type 14.3.3. By End User 14.4. Key Takeaways 15. Key Countries Market Analysis 15.1. USA 15.1.1. Pricing Analysis 15.1.2. Market Share Analysis, 2022 15.1.2.1. By Type 15.1.2.2. By End User 15.2. Canada 15.2.1. Pricing Analysis 15.2.2. Market Share Analysis, 2022 15.2.2.1. By Type 15.2.2.2. By End User 15.3. Brazil 15.3.1. Pricing Analysis 15.3.2. Market Share Analysis, 2022 15.3.2.1. By Type 15.3.2.2. By End User 15.4. Mexico 15.4.1. Pricing Analysis 15.4.2. Market Share Analysis, 2022 15.4.2.1. By Type 15.4.2.2. By End User 15.5. Germany 15.5.1. Pricing Analysis 15.5.2. Market Share Analysis, 2022 15.5.2.1. By Type 15.5.2.2. By End User 15.6. UK 15.6.1. Pricing Analysis 15.6.2. Market Share Analysis, 2022 15.6.2.1. By Type 15.6.2.2. By End User 15.7. France 15.7.1. Pricing Analysis 15.7.2. Market Share Analysis, 2022 15.7.2.1. By Type 15.7.2.2. By End User 15.8. Spain 15.8.1. Pricing Analysis 15.8.2. Market Share Analysis, 2022 15.8.2.1. By Type 15.8.2.2. By End User 15.9. Italy 15.9.1. Pricing Analysis 15.9.2. Market Share Analysis, 2022 15.9.2.1. By Type 15.9.2.2. By End User 15.10. India 15.10.1. Pricing Analysis 15.10.2. Market Share Analysis, 2022 15.10.2.1. By Type 15.10.2.2. By End User 15.11. Malaysia 15.11.1. Pricing Analysis 15.11.2. Market Share Analysis, 2022 15.11.2.1. By Type 15.11.2.2. By End User 15.12. Singapore 15.12.1. Pricing Analysis 15.12.2. Market Share Analysis, 2022 15.12.2.1. By Type 15.12.2.2. By End User 15.13. Thailand 15.13.1. Pricing Analysis 15.13.2. Market Share Analysis, 2022 15.13.2.1. By Type 15.13.2.2. By End User 15.14. China 15.14.1. Pricing Analysis 15.14.2. Market Share Analysis, 2022 15.14.2.1. By Type 15.14.2.2. By End User 15.15. Japan 15.15.1. Pricing Analysis 15.15.2. Market Share Analysis, 2022 15.15.2.1. By Type 15.15.2.2. By End User 15.16. South Korea 15.16.1. Pricing Analysis 15.16.2. Market Share Analysis, 2022 15.16.2.1. By Type 15.16.2.2. By End User 15.17. Australia 15.17.1. Pricing Analysis 15.17.2. Market Share Analysis, 2022 15.17.2.1. By Type 15.17.2.2. By End User 15.18. New Zealand 15.18.1. Pricing Analysis 15.18.2. Market Share Analysis, 2022 15.18.2.1. By Type 15.18.2.2. By End User 15.19. GCC Countries 15.19.1. Pricing Analysis 15.19.2. Market Share Analysis, 2022 15.19.2.1. By Type 15.19.2.2. By End User 15.20. South Africa 15.20.1. Pricing Analysis 15.20.2. Market Share Analysis, 2022 15.20.2.1. By Type 15.20.2.2. By End User 15.21. Israel 15.21.1. Pricing Analysis 15.21.2. Market Share Analysis, 2022 15.21.2.1. By Type 15.21.2.2. By End User 16. Market Structure Analysis 16.1. Competition Dashboard 16.2. Competition Benchmarking 16.3. Market Share Analysis of Top Players 16.3.1. By Regional 16.3.2. By Type 16.3.3. By End User 17. Competition Analysis 17.1. Competition Deep Dive 17.1.1. Amazon.com, Inc. 17.1.1.1. Overview 17.1.1.2. Product Portfolio 17.1.1.3. Profitability by Market Segments 17.1.1.4. Sales Footprint 17.1.1.5. Strategy Overview 17.1.1.5.1. Marketing Strategy 17.1.2. ApnaCare 17.1.2.1. Overview 17.1.2.2. Product Portfolio 17.1.2.3. Profitability by Market Segments 17.1.2.4. Sales Footprint 17.1.2.5. Strategy Overview 17.1.2.5.1. Marketing Strategy 17.1.3. IgnoxLabs Pvt Ltd. (Emoha Elder Care) 17.1.3.1. Overview 17.1.3.2. Product Portfolio 17.1.3.3. Profitability by Market Segments 17.1.3.4. Sales Footprint 17.1.3.5. Strategy Overview 17.1.3.5.1. Marketing Strategy 17.1.4. Samvedna Senior Care 17.1.4.1. Overview 17.1.4.2. Product Portfolio 17.1.4.3. Profitability by Market Segments 17.1.4.4. Sales Footprint 17.1.4.5. Strategy Overview 17.1.4.5.1. Marketing Strategy 17.1.5. Eldercare Services 17.1.5.1. Overview 17.1.5.2. Product Portfolio 17.1.5.3. Profitability by Market Segments 17.1.5.4. Sales Footprint 17.1.5.5. Strategy Overview 17.1.5.5.1. Marketing Strategy 17.1.6. Portea Medical 17.1.6.1. Overview 17.1.6.2. Product Portfolio 17.1.6.3. Profitability by Market Segments 17.1.6.4. Sales Footprint 17.1.6.5. Strategy Overview 17.1.6.5.1. Marketing Strategy 17.1.7. Iora Health 17.1.7.1. Overview 17.1.7.2. Product Portfolio 17.1.7.3. Profitability by Market Segments 17.1.7.4. Sales Footprint 17.1.7.5. Strategy Overview 17.1.7.5.1. Marketing Strategy 17.1.8. Home Instead, Inc. 17.1.8.1. Overview 17.1.8.2. Product Portfolio 17.1.8.3. Profitability by Market Segments 17.1.8.4. Sales Footprint 17.1.8.5. Strategy Overview 17.1.8.5.1. Marketing Strategy 17.1.9. Living Assistance Services, Inc., 17.1.9.1. Overview 17.1.9.2. Product Portfolio 17.1.9.3. Profitability by Market Segments 17.1.9.4. Sales Footprint 17.1.9.5. Strategy Overview 17.1.9.5.1. Marketing Strategy 17.1.10. Cera Care 17.1.10.1. Overview 17.1.10.2. Product Portfolio 17.1.10.3. Profitability by Market Segments 17.1.10.4. Sales Footprint 17.1.10.5. Strategy Overview 17.1.10.5.1. Marketing Strategy 18. Assumptions & Acronyms Used 19. Research Methodology
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Elder Care Subscription Market
