The Business Research Company’s Services For The Elderly And Persons With Disabilities Market 2021 – Opportunities And Strategies – Global Forecast To 2030
LONDON, GREATER LONDON, UK, November 24, 2021 /EINPresswire.com/ — Rapid growth in the geriatric population is expected to drive the demand for elderly care services during the forecast period. The older population is prone to many physical disorders that increases the demand for patient handling equipment. The proportion of people above the age of 65 years is expected to increase globally and with it, age-related neurological disorders are also expected to increase. For example, the old population percentage is expected to grow from 28% in 2019 to 38% in 2050 in Japan. Therefore, the rise in the geriatric population would lead to an increase in the demand for patient handling equipment thereby also boosting the market for patient handling equipment during the forecast period.
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The global services for the elderly and persons with disabilities market size reached a value of nearly $335.88 billion in 2020, having increased at a compound annual growth rate (CAGR) of 4.4% since 2015. The market is expected to grow from $335.88 billion in 2020 to $558.76 billion in 2025 at a rate of 10.7%. The market is then expected to grow at a CAGR of 8.5% from 2025 and reach $842.04 billion in 2030.
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Funds received by international NGOs are decreasing and many offices are being closed down. Decrease in fundraising due to financial constraints made many NGOs stop their overseas operations. For instance, Oxfam is one of the biggest NGOs which underwent a major restructuring and closed some UK offices due to lack of funding. Development funding is affected by shortages to government aid. For example, in March 2019, the United States government cut off aid to Central American countries Guatemala, Honduras and El Salvador. Since large and international NGOs depend heavily on governmental or intergovernmental funding, this trend will be a major restraint on the industry.
Major players covered in the global services for the elderly and persons with disabilities industry are CK Franchising Inc., Home Instead Inc., SF Health, 24 Hour Home Care, Living Assistance Services.
Western Europe was the largest region in the services for the elderly and persons with disabilities market, accounting for 39.2% of the total in 2020. It was followed by the Asia-Pacific, North America and then the other regions. Going forward, the fastest-growing regions in the services for the elderly and persons with disabilities market will be South America and Africa where growth will be at CAGRs of 16.1% and 14.3% respectively during 2020-2025. These will be followed by Middle East and Asia-Pacific, where the markets are expected to register CAGRs of 13.2% and 13.0% respectively during 2020-2025.
TBRC’s global services for the elderly and persons with disabilities market report is segmented by service type into institutional care, adult day-care, home care, by service provider into public expenditure, private expenditure, out-of-pocket spending, by end-user into elderly, disabled adults.
Services For The Elderly And Persons With Disabilities Global Market Report 2021 – By Service Type (Institutional care, Adult Day-care, Home Care), By Service Provider (Public Expenditure, Private Expenditure, Out-of-Pocket Spending), By End-user (Elderly, Disabled Adults), COVID-19 Impact And Recovery is one of a series of new reports from The Business Research Company that provides services for the elderly and persons with disabilities market overview, forecast services for the elderly and persons with disabilities market size and growth for the whole market, services for the elderly and persons with disabilities market segments, and geographies, services for the elderly and persons with disabilities market trends, services for the elderly and persons with disabilities market drivers, restraints, services for the elderly and persons with disabilities market leading competitors’ revenues, profiles, and services for the elderly and persons with disabilities market shares.
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Source: EIN Presswire