Elderly Care Services Market: By Service Type (Institutional Care, Adult Day Care, and Home Care), By Funding Source (Public Expenditure, Private Expenditure, and Out-of-Pocket Spending), By Service Provider (Public and Private), and Geography

Elderly Care Services Market size was valued at USD 715.8 billion in 2022 and is poised to grow at a CAGR of 5.4% from 2023-2029.  Elderly care is known as senior care and includes meeting all the needs of older people at different stages. It includes products and services that simplify and facilitate seniors' daily activities. The need for elder care increases with age, as older adults require physical and emotional support to lead productive, healthy, and independent lives. Senior care services include assisted living, adult day care, long-term care, acute care, hospice care, and home care. Senior housing development provides developers the opportunity to design and build age-appropriate housing and amenities, meeting the need for comfortable and accessible living spaces for seniors.

Additionally, as the preference for seniors continues to grow, home healthcare companies have a great opportunity to provide seniors with personalized care, medical attention, and companionship from the comfort of their own homes. The nature of care for older adults varies greatly from country to country and even from region to region and is changing rapidly. Globally, older adults of all age groups spend the most on healthcare. The proportion of older people is also increasing worldwide, particularly in developing countries where there is constant pressure to reduce fertility and family size.