Elderly Care Market Size, Forecast & Industry Overview Report 2025–2032

Market Overview:

According to Fortune Business Insights, the global elderly care market was valued at USD 45.72 billion in 2023 and is expected to expand to USD 49.29 billion in 2024, reaching USD 98.19 billion by 2032. This reflects a robust compound annual growth rate (CAGR) of 9.00% during the forecast period. In 2023, North America led the market, accounting for a 33.62% share, driven by a growing aging population and advanced healthcare infrastructure.

The elderly care services market comprises a comprehensive range of support solutions tailored to meet the healthcare, personal, and emotional needs of individuals aged 65 and above. These services help seniors manage age-related physical, cognitive, and emotional challenges to maintain a higher quality of life. Key offerings in this market include home healthcare services, assisted living facilities, nursing homes, and adult day care centers, spanning both public and private providers.

A notable characteristic of the market is its highly fragmented structure. While global corporations continue to expand their footprint, local and regional service providers remain prominent due to their personalized care offerings and cultural alignment. This dynamic ensures that both international and domestic players will continue to play significant roles in shaping the future of the elderly care industry.

List of Key Players Mentioned in the Report:

• Helping Hands Home Care (England)

• CK Franchising, Inc. (U.S.)

• Rosewood Care Group (Australia)

• Living Assistance Services (Canada)

• Interim HealthCare Inc. (U.S.)

• Home Instead, Inc. (U.S.)

• Right at Home, LLC (U.S.)

• Exceptional Living Centers (U.S.)

• Care24 Pvt Ltd. (India)

• Visiting Angels (U.S.)

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Segmentation:

Home Care Segment Led, Driven by Independent Care Offerings

In terms of service facility, the market is divided into home healthcare and public/private. In 2023, the home care segment dominated the market with a 58% share, driven by the appeal of independent care, convenience, and cost savings in the comfort of the home. 

Homemaking Segment Held a Dominant Share On Account of its Ability to Manage Mobility Issues

Based on service type, the market is classified into companion care, homemaking, rehabilitation/recovery, personal care, and others. The homemaking segment led the market, with the highest elderly care market share. It includes essential services such as meal preparation, running errands, cleaning, and laundry, primarily benefiting older adults with mobility issues or health conditions, easing their daily burdens.

Strong Demand from the Aging Population Led to the Dominance of Live-in care Segment

As per care type, the elderly care market is trifurcated into visiting care, live-in care, and respite care. In 2023, the live-in care segment held the largest market share, driven by strong demand from the aging population.  Offering 24/7 care from skilled professionals, it allows seniors to remain in the comfort of their familiar surroundings, enhancing their well-being and care experience.

In terms of region, the market is categorized into Europe, North America, the Asia Pacific, South America, and the Middle East & Africa.

Report Coverage:

The report offers an in-depth of the market, covering key areas such as competition, services, and product types. It highlights market trends, industry developments, and factors driving market growth.  Rather than this, the report also highlights the impact of the COVID-19 pandemic on the market.

Drivers and Restraints:

Rising Incidence of Chronic Diseases and Disabilities to Bolster Market Growth

Aging increases the risk of chronic diseases and disabilities, driving the demand for long-term care services, rehabilitation, and specialized management. Moreover, innovation in healthcare technology enables better management of chronic conditions at home, boosting the need for home healthcare and assisted living services.

However, limited insurance coverage and government support make it difficult to meet the growing demand for such services, thereby hindering the elderly care market growth.     

Regional Insights:

North America Dominated the Market Owing to High Healthcare Spending

North America captured the highest market share in 2023 and was valued at USD Billion. The region’s significant investment in healthcare and non-medical services for the elderly drives the demand for elderly care.

The European market is poised for growth due to the widespread presence of healthcare services and senior care facilities. Additionally, an aging population with chronic illness, along with supportive compensation policies, strengthens the market’s foundation.    

Competitive Landscape-

Key Players Focus on Partnerships to Develop Innovative Care Solutions

Major firms such as Brookdale Senior Living and Johnson & Jonhson use their financial strength and brand reputation to secure competitive advantages. Meanwhile startups such as Honor and Homethrive leverage technology, offering remote monitoring, telehealth, and caregiving platforms to cater to tech-savvy consumers. These companies focus on regulatory compliance, R&D, and partnerships with tech firms to develop innovative care solutions and enhance service delivery.

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Key Industry Development:

November 2024: Bangalore-based listed hospital chain Aster DM Healthcare and US-based private equity major Blackstone-owned Quality Care India reached the final steps of completing a merger, with Blackstone expected to hold a majority stake in the merged entity. This merger is likely to create a substantial healthcare conglomerate in India, enhancing the reach and capabilities of both organizations. In the foreseeable future, this merger would bring significant development to the Indian healthcare sector.

June 2024: Helping Hands Home Care opened their first franchise in Woolrich as Heartland Retirement Personal Care Home. It offers in-home personal care services with complete home healthcare to seniors and individuals in need within the community.