The global elder care subscription market revenue totaled ~US$ 1.2 Bn in 2020, according to Future Market Insights (FMI). The overall market is expected to reach ~US$ 6.05 Bn by 2031, growing at a CAGR of 16% for 2021 – 31. The elder care subscription market growth will continue to accelerate, as digital innovations make deeper inroads.
Launch of medical care alert system and telemedicine among other innovations will create a conducive environment for growth of the market. This also will make competition fiercer as leading players contend to woo consumers.
The global elder care subscription market is estimated to be valued at US$ 1.36 Bn in 2021. The demand for elder care subscription is expected to rise at a CAGR of 16% during the forecast period 2021-2031.
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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. As per FMI, the global market is anticipated to witness growth in revenue from US$ 1.37 Bn in 2021 to over US$ 6.05 Bn by 2031.
Europe is expected to hold the largest share of the global market and is anticipated to account for more than 33.1% of the market by 2031, owing to growing demand for elder care subscription services.
“Increasing life expectancy of people worldwide, coupled with rise in dependency ratio of elder population over the younger generation, is expected to drive the growth of elder care subscription market” says a Future Market Insights (FMI) analyst.
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Key Takeaways from Elder Care Subscription Market Study
- Yearly subscription type will dominate the market through 2031, accounting for 59.7% value share.
- The homecare segment will account for 42.1% of the sales in market in 2021, based on end user.
- China will continue leading the East Asia market, registering a CAGR of over 17.7% through 2031.
- The U.S. market is projected to expand at a CAGR of 17.6% through 2031, owing to the rise in demand for elder care services for patients aged 65 and others and rising cases of from dementia and other illnesses among aged population.
- The UK will hold the lead in Europe, with a market share of 27.8% through 2031.
- pplications of Intelligent Transportation System (ITS) technologies is highly
- encouraged in emerging smart cities to handle the current challenges of the continuous
- growth in the number of vehicles that ply the highways in urban center
- pplications of Intelligent Transportation System (ITS) technologies is highly
- encouraged in emerging smart cities to handle the current challenges of the continuous
- growth in the number of vehicles that ply the highways in urban center
- Applications of Intelligent Transportation System (ITS) technologies is highly
- encouraged in emerging smart cities to handle the current challenges of the continuous
- growth in the number of vehicles that ply the highways in urban centers
Impact of COVID-19 on Elder Care Subscription Market
The COVID-19 pandemic has disrupted many industries. Different industry verticals have suffered notable losses as a result of mobility and travel restrictions for public health reasons, among other social distancing measures.
Disruptions in services negatively impacted economies and trade, given the role of services in offering inputs connecting supply chains and facilitating trade. The extent of impact on trade varies by mode of supply and sector.
The pace of technology disruption has continued to accelerate. The global COVID-19 pandemic however has proven to be a catalyst in making digital transformation a strategic imperative for healthcare service providers. There has been rise in demand for homecare elder care subscription services during the pandemic owing to the rise in illnesses and shortage of hospital staff. As a result, these events have turned in favor of elder care subscription market, thereby driving the market growth.
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Competitive Landscape
The moderately consolidated elder care subscription market is characterized by players who are increasingly focusing on the development of new product offerings in addition to strategic endeavors towards geographical expansion. Moreover, growing demand for advanced elder care subscription services and increasing penetration of digitalization is anticipated to drive the growth of the elder care subscription market.
Prominent players in the elder care subscription market include but are not limited to Amazon.com, Inc., ApnaCare, IgnoxLabs Pvt Ltd. (Emoha Elder Care), Samvedna Senior Care, Eldercare Services, Portea Medical, Iora Health, Home Instead, Inc., and Living Assistance Services, Inc., among others.