Global Aged Care Market: Snapshot
As the percentage of geriatrics in the global population increments, projected to be 17 percent (1.6 billion) by the end of 2050 by the National Institute of Aging, the demand in the global aged care will simultaneously gain momentum. But escalating consumer base is not the only driver for the global aged care market, which will also gain from the advent of robots, who have the potential of reducing nursing care cost, although their commercialization is still keenly awaited. Some of the other important factors augmenting the demand in the global aged care market are: reducing pricing, growing demand for nurses with specific skillset, the participation of a large number of startups and smaller players in the localized regions, technological advancement in the devices such as wearables and customized medications. This increasing percentage of geriatric population is not bounded by any geographical region, which is another favorable factor for the vendors operating in the global aged care market.
This report on the global aged care market provides comprehensive assessment of all factors on which the future of the market depends, and estimates its repercussions. It segments the market to understand the valuation of smaller aspects, takes stock of the potential of different regions, and profiles a number of current key players in order to represent the competitive landscape. This report has been developed by a group of professional market research analysts, aspiring to serve as a credible business document for the stockholders of the aged care market.
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Most of us want to remain independent and stay in control, but due to growing age our ability starts to decline. Hence, the concept of aged care is introduced, for an easy and better living with proper nursing facility for the higher age group. It is also known as elderly care or eldercare. It emphasizes on the personal and social needs of senior citizens as they need some assistance in their daily activities and medical support who desire to age gracefully.
A special act has been taken by the Australian Government for senior citizens known as The Aged Care Act 1997 for people who are unable to live independently of their own. It promises to provides them better and longer living. It is an important distinction that the designing of house, services, activities and employee training of global elderly care falls under the unpaid market sector. The main agenda is to ensure that eldercare services are targeted towards people and areas with the utmost need, it facilitate access to aged care services by those who need them, irrespective of culture, race, language, gender and economic background.
Focus is also given on people who are homeless or lives in remote areas and special care is also provided for lesbian, gay, bisexual, transgender and intersex (LGBTI) group. Programs are being adopted for the community based care for older people those are Commonwealth Home Support Program (CHSP) and Home Care Packages Program. These provides coordinated and personalized home care and also offers four classes of package to assist aged people with simple, low, high and very high care needs.
Aged care market has lot to offer for the special service providers who are capable to run long-term as well as short-term aged care home, nutraceutical manufacturers, pharmaceutical manufacturers, senior care furniture manufacturers and real estate companies. Special products are being marketed for aged people such as smart seat hair protector, water proof seat protectors, and bed pads.
It has already made an impact in developed countries like USA, Canada, and Australia. The aged care market is gaining its popularity in the developing countries like China, Singapore and India, as the major proportion of population is above 65 years. More elderly people will take up aged care services in the future rather depending on their families for care and support as younger people are moving to different cities leaving behind their extended family.
Aged care market can be divided on the basis of services and geography. Services can be classified as home care services and residential care services.
In home care services, they provide medical or nonmedical benefits which include personal care, skilled-nursing care, companion facilities, physical therapy and medical social services. It also includes in-home hospice care provider.
In residential aged care, they provides well maintained accommodation for those whose care cannot be met in their own homes and thus needs a special care cell. There are again two categories in residential aged care facilities these are respite care and permanent care. Respite care offers short-term and temporary care in a residential aged care facility and supports both the older people and their care givers to live at home for as long as possible. They provide both high and low care facility. On the other hand permanent care offers tailor made individual needs in the residential aged care facility.
Some of the key players can be divided on the basis of pharmaceutical manufacturer like Pfizer, Novartis, Merck & Co., GlaxoSmithKline, AstraZeneca and Novo Nordisk. On the basis of nutraceutical manufacturer like Alkemists Labs, Asiamerica Ingredients, Inc., Barrington Nutritionals, Nutralliance, Inc., and Proprietary Nutritionals Inc. Senior care furniture manufacturers can be classified as Phoenix Contract, Inc., Flexsteel and Kwalu.