In 2024, Monaco was the country with the highest percentage of the total population that was over the age of 65, with ** percent. Japan had the second highest with ** percent, while Portugal and Bulgaria followed in third with ***percent.

The average for 2023 based on 196 countries was 10.17 percent. The highest value was in Monaco: 36.36 percent and the lowest value was in Qatar: 1.57 percent. The indicator is available from 1960 to 2023. Below is a chart for all countries where data are available.

Until 2100, the world's population is expected to be ageing. Whereas people over 60 years made up less than 13 percent of the world's population in 2024, this share is estimated to reach 28.8 percent in 2100. On the other hand, the share of people between zero and 14 years was expected to decrease by almost ten percentage points over the same period.

In 2023, about 17.7 percent of the American population was 65 years old or over; an increase from the last few years and a figure which is expected to reach 22.8 percent by 2050. This is a significant increase from 1950, when only eight percent of the population was 65 or over. A rapidly aging population In recent years, the aging population of the United States has come into focus as a cause for concern, as the nature of work and retirement is expected to change to keep up. If a population is expected to live longer than the generations before, the economy will have to change as well to fulfill the needs of the citizens. In addition, the birth rate in the U.S. has been falling over the last 20 years, meaning that there are not as many young people to replace the individuals leaving the workforce. The future population It’s not only the American population that is aging -- the global population is, too. By 2025, the median age of the global workforce is expected to be 39.6 years, up from 33.8 years in 1990. Additionally, it is projected that there will be over three million people worldwide aged 100 years and over by 2050.

Gerontology Aging Market Outlook

The global gerontology aging market size was valued at USD 780 billion in 2023 and is projected to reach USD 1,350 billion by 2032, growing at a CAGR of 6.3% during the forecast period. This robust growth is primarily driven by the increasing aging population worldwide, advancements in medical technology, and rising awareness about the importance of elderly care.

One of the primary growth factors for the gerontology aging market is the rapidly increasing elderly population across the globe. With advancements in healthcare, life expectancy has significantly increased, resulting in a higher percentage of the population being aged 65 and above. The World Health Organization (WHO) estimates that by 2050, the global population aged 60 years and older will total 2 billion, up from 900 million in 2015. This demographic shift necessitates enhanced geriatric care services and facilities, thus fueling market growth.

Another significant driver is the rising prevalence of chronic diseases among the elderly. Conditions such as arthritis, diabetes, cardiovascular diseases, and dementia are more common in older adults. Managing these chronic illnesses requires specialized care and services, which contributes to the expansion of the gerontology aging market. Additionally, the increasing awareness and focus on preventive healthcare measures among the elderly population is pushing the demand for wellness and prevention services.

Technological advancements in healthcare are also playing a crucial role in the growth of the gerontology aging market. Innovations such as telemedicine, remote patient monitoring, and electronic health records are enhancing the quality of care for the elderly. These technologies enable continuous monitoring of health conditions, timely medical interventions, and better management of chronic diseases, thereby improving the overall healthcare experience for the aging population.

Regionally, North America holds a significant share of the gerontology aging market due to its advanced healthcare infrastructure, high healthcare expenditure, and the presence of major market players. Europe follows closely, driven by a large elderly population and government initiatives supporting elderly care. The Asia Pacific region is expected to witness the highest growth rate during the forecast period, attributed to the increasing aging population, improving healthcare infrastructure, and rising healthcare awareness.

Service Type Analysis

The gerontology aging market is segmented by service type into home care, adult day care, and institutional care. Each of these services addresses different needs and preferences of the elderly population, contributing uniquely to the market's growth.

Home care services are gaining popularity due to the preference for aging in place among the elderly. These services include personal care, medical care, and assistance with daily activities, allowing older adults to stay in their homes while receiving necessary support. The convenience and comfort of home care, coupled with technological advancements such as telehealth and home monitoring systems, are driving the growth of this segment.

Adult day care services provide a safe and supportive environment for elderly individuals during the day, offering social activities, meals, and healthcare services. These facilities are particularly beneficial for older adults who require supervision and assistance but do not need full-time residential care. The increasing number of dual-income families and the need for respite care for caregivers are significant factors contributing to the growth of the adult day care segment.

Institutional care, which includes nursing homes and assisted living facilities, remains a crucial component of the gerontology aging market. These institutions provide comprehensive care for elderly individuals who require constant medical attention and support. The demand for institutional care is driven by the rising prevalence of chronic diseases and the need for specialized care that cannot be provided at home. Additionally, the development of advanced facilities with specialized units for conditions like dementia and Alzheimer’s disease is boosting this segment.

Report Scope

Abstract

Purpose: The multi-country Study on Global Ageing and Adult Health (SAGE) is run by the World Health Organization's Multi-Country Studies unit in the Innovation, Information, Evidence and Research Cluster. SAGE is part of the unit's Longitudinal Study Programme which is compiling longitudinal data on the health and well-being of adult populations, and the ageing process, through primary data collection and secondary data analysis. INDEPTH SAGE Wave 1 (2006/7) provides data on the health and well-being of adults in: Ghana, India and South Africa.

Objectives: To obtain reliable, valid and comparable health, health-related and well-being data over a range of key domains for adult and older adult populations in nationally representative samples To examine patterns and dynamics of age-related changes in health and well-being using longitudinal follow-up of a cohort as they age, and to investigate socio-economic consequences of these health changes To supplement and cross-validate self-reported measures of health and the anchoring vignette approach to improving comparability of self-reported measures, through measured performance tests for selected health domains To collect health examination and biomarker data that improves reliability of morbidity and risk factor data and to objectively monitor the effect of interventions

Additional Objectives: To generate large cohorts of older adult populations and comparison cohorts of younger populations for following-up intermediate outcomes, monitoring trends, examining transitions and life events, and addressing relationships between determinants and health, well-being and health-related outcomes To develop a mechanism to link survey data to demographic surveillance site data To build linkages with other national and multi-country ageing studies To improve the methodologies to enhance the reliability and validity of health outcomes and determinants data To provide a public-access information base to engage all stakeholders, including national policy makers and health systems planners, in planning and decision-making processes about the health and well-being of older adults

Methods: INDEPTH SAGE's first full round of data collection included persons aged 50 years and older in the health and demographic surveillance sites. All persons aged 50+ years (for example, spouses and siblings) were invited to participate. Standardized SAGE survey instruments were used in all countries consisting of two main parts: 1) household questionnaire; 2) individual questionnaire. The procedures for including country-specific adaptations to the standardized questionnaire and translations into local languages from English follow those developed by and used for the World Health Survey.

Content - Household questionnaire 0000 Coversheet 0100 Sampling Information 0200 Geocoding and GPS Information 0300 Recontact Information 0350 Contact Record 0400 Household Roster 0450 Kish Tables and Household Consent 0500 Housing 0600 Household and Family Support Networks and Transfers 0700 Assets and Household Income 0800 Household Expenditures 0900 Interviewer Observations

• Individual questionnaire 1000 Socio-Demographic Characteristics 1500 Work History and Benefits 2000 Health State Descriptions and Vignettes 2500 Anthropometrics, Performance Tests and Biomarkers 3000 Risk Factors and Preventive Health Behaviours 4000 Chronic Conditions and Health Services Coverage 5000 Health Care Utilization 6000 Social Cohesion 7000 Subjective Well-Being and Quality of Life (WHOQoL-8 and Day Reconstruction Method) 8000 Impact of Caregiving 9000 Interviewer Assessment

Geographic coverage

Rural subdistrict Mpumalanga Province

Analysis unit

household and individuals

Universe

Agincourt Health and Demographic Surveillance Site fifty plus population

Kind of data

Sample survey data [ssd]

Sampling procedure

Simple random sample of 575 persons 50 years and older with an oversample of women from the 2005 HDSS census.

Mode of data collection

Face-to-face [f2f]

Research instrument

The questionnaires were based on the WHS Model Questionnaire with some modification and many new additions. A household questionnaire was administered to all households eligible for the study. An Individual questionnaire was administered to eligible respondents identified from the household roster. The questionnaires were developed in English and were piloted as part of the SAGE pretest. All documents were translated into Shangaan.

Cleaning operations

Data editing took place at a number of stages including: (1) office editing and coding (2) during data entry (3) structural checking of the CSPro files (4) range and consistency secondary edits in Stata

Response rate

86% of participants accepted to participate, 10% were not found and 4% refused to participate.

Elderly Oriented Adaptation Market Outlook

The global elderly oriented adaptation market size was valued at approximately USD 150 billion in 2023, and is expected to reach USD 300 billion by 2032, growing at a compound annual growth rate (CAGR) of 8%. This significant growth is driven by several factors, including an aging global population, increased focus on elderly care, and advancements in adaptive technologies and services designed to enhance the quality of life for the elderly.

One of the primary growth factors in this market is the rapidly aging global population. According to the World Health Organization, the number of people aged 60 years and older is expected to more than double by 2050, reaching around 2.1 billion. This demographic shift is creating an unprecedented demand for products and services tailored to meet the needs of the elderly. As populations age, there is an increasing emphasis on maintaining independence and quality of life, which is driving the adoption of various elderly-oriented adaptations, from mobility aids to assistive technologies.

Additionally, technological advancements are playing a crucial role in the growth of the elderly oriented adaptation market. Innovations in healthcare and assistive technologies, such as advanced mobility aids, smart home systems, and wearable health monitoring devices, are making it easier for the elderly to manage their daily lives and health conditions. These advancements are not only improving the safety and well-being of the elderly but are also reducing the burden on caregivers and healthcare systems, thereby fostering market growth.

Moreover, increasing government support and favorable policies are contributing to market expansion. Many governments around the world are recognizing the importance of elder care and are implementing policies and programs aimed at supporting this demographic group. Funding for research and development in geriatric care, subsidies for adaptive equipment, and the promotion of age-friendly environments are some of the initiatives driving market growth. These supportive measures are encouraging businesses to invest in and develop innovative products and services for the elderly.

Regionally, North America is currently the largest market for elderly oriented adaptations, driven by a well-established healthcare system, high disposable incomes, and a significant elderly population. However, the Asia Pacific region is expected to witness the highest growth during the forecast period, owing to its large aging population, increasing healthcare expenditure, and growing awareness about elderly care solutions. Europe is also a significant market, supported by strong government initiatives and an aging demographic. The Middle East & Africa and Latin America are emerging markets, with growth potential driven by improving healthcare infrastructure and rising awareness.

Product Type Analysis

The elderly oriented adaptation market can be segmented by product type into mobility aids, daily living aids, assistive furniture, communication aids, and others. Each of these segments plays a crucial role in enhancing the quality of life for the elderly by addressing specific needs and challenges associated with aging.

Mobility aids, such as wheelchairs, walkers, and scooters, are essential for maintaining independence and mobility among the elderly. The demand for these products is driven by the increasing prevalence of mobility impairments and chronic conditions such as arthritis and osteoporosis. Technological advancements in this segment, including the development of lightweight and foldable designs, as well as the integration of smart features like GPS and automated braking systems, are further boosting market growth.

Daily living aids encompass a wide range of products designed to assist the elderly in performing everyday tasks. These include items such as adaptive utensils, dressing aids, and bathing equipment. The growing focus on enabling the elderly to live independently for as long as possible is fueling the demand for these products. Innovations in ergonomic design and the use of non-slip materials, as well as the development of automated solutions like robotic feeding arms, are enhancing the usability and appeal of daily living aids.

Assistive furniture, including adjustable beds, lift chairs, and specialized seating solutions, is another critical segment within the elderly oriented adaptation market. These products are designed to provide comfort and support, reduce the risk of falls, and faci

In 2050, the three East Asian countries Hong Kong (SAR of China), South Korea, and Japan are forecasted to have the highest share of people aged 65 years or more. Except for Kuwait, all the countries on the list are either in Europe or East Asia. By 2050, 22 percent of the world's population is expected to be above 60 years.

Elderly illiterate population, 65+ years, % female in Malaysia was reported at 71.45 % in 2018, according to the World Bank collection of development indicators, compiled from officially recognized sources. Malaysia - Elderly illiterate population, 65+ years, % female - actual values, historical data, forecasts and projections were sourced from the World Bank on July of 2025.

The unprecedented demographic shifts toward an aging population pose significant challenges to global healthcare systems. Understanding the heterogeneity in disease prevalence among the elderly is crucial for effective public health strategies. Using prevalence data of 85 types of age-related diseases, we calculated the global heterogeneity of disease distribution by the Shannon Diversity Index (SHDI). We observed significant geographic variations in disease heterogeneity, with higher SHDI values in high-income Western countries such as the United States of America and Sweden and lower in South Asia and Oceania (p < 0.05). In 2021, SHDI values in elderly populations (age ≥ 60 years) for Europe and North America countries were an average of 1.12 times higher than in Oceania. While SHDI increases toward higher ages (for instance, in 2021, SHDI for adults above 95 years is 1.06 times higher than for ages between 60 and 64 years), the global SHDI tends to decrease nonlinearly over time. From 1990 to 2021, global age-standardized SHDI (age ≥ 60 years) averagely decreased by 1.2% for both men and women. Our analysis further revealed that socio-economic factors (e.g., socio-demographic indices, governance) strongly impacted global SHDI changes, while climatic and environmental factors (e.g., extreme climate and air pollution) showed significant differences across genders. Our study highlights the need for implementing comprehensive healthcare strategies, focusing on reducing health disparities and addressing environmental and socio-economic determinants to address inequalities in age-related diseases effectively.

Globally, about 25 percent of the population is under 15 years of age and 10 percent is over 65 years of age. Africa has the youngest population worldwide. In Sub-Saharan Africa, more than 40 percent of the population is below 15 years, and only three percent are above 65, indicating the low life expectancy in several of the countries. In Europe, on the other hand, a higher share of the population is above 65 years than the population under 15 years. Fertility rates The high share of children and youth in Africa is connected to the high fertility rates on the continent. For instance, South Sudan and Niger have the highest population growth rates globally. However, about 50 percent of the world’s population live in countries with low fertility, where women have less than 2.1 children. Some countries in Europe, like Latvia and Lithuania, have experienced a population decline of one percent, and in the Cook Islands, it is even above two percent. In Europe, the majority of the population was previously working-aged adults with few dependents, but this trend is expected to reverse soon, and it is predicted that by 2050, the older population will outnumber the young in many developed countries. Growing global population As of 2025, there are 8.1 billion people living on the planet, and this is expected to reach more than nine billion before 2040. Moreover, the global population is expected to reach 10 billions around 2060, before slowing and then even falling slightly by 2100. As the population growth rates indicate, a significant share of the population increase will happen in Africa.

Elderly illiterate population, 65+ years, male (number) in Peru was reported at 113399 Persons in 2018, according to the World Bank collection of development indicators, compiled from officially recognized sources. Peru - Elderly illiterate population, 65+ years, male - actual values, historical data, forecasts and projections were sourced from the World Bank on June of 2025.

Population ages 65 and above (% of total population) in Germany was reported at 22.79 % in 2023, according to the World Bank collection of development indicators, compiled from officially recognized sources. Germany - Population ages 65 and above (% of total) - actual values, historical data, forecasts and projections were sourced from the World Bank on July of 2025.

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Elderly And Disabled Assistive Solutions Market Size 2024-2028

The elderly and disabled assistive solutions market size is forecast to increase by USD 15.61 billion at a CAGR of 8.09% between 2023 and 2028.

The market is experiencing significant growth due to various driving factors. Governments and NGOs worldwide are taking initiatives to promote the use of assistive technologies for the elderly and disabled population. This includes funding research and development, as well as implementing policies and programs to increase the accessibility and affordability of these solutions. A rise in the adoption of binaural hearing aids has been witnessed among people with bilateral hearing loss. The growing number of disabled and aged people, due to factors such as aging populations and the prevalence of chronic diseases, is increasing the need for mobility aids, assistive devices, and healthcare services tailored to their needs.
Additionally, there is a growing demand for customized assistive solutions, particularly in developing countries, where the elderly population is rapidly expanding and the infrastructure for supporting their needs is limited. However, challenges remain, such as the high cost of these technologies and the lack of standardization and interoperability between different devices and systems. Despite these challenges, the market is expected to continue growing as the global population ages and the need for assistive solutions becomes increasingly urgent.

What will be the Size of the Market During the Forecast Period?

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The market encompasses a wide range of rehabilitative devices and mobility aids designed to enhance the quality of life for elderly and disabled individuals. These solutions cater to various needs, including cognitive and physical impairments, enabling independent living alternatives and improving healthcare outcomes. Rehabilitative devices, such as braces, prosthetics, and orthotics, play a crucial role in restoring mobility and functionality for those affected by chronic diseases or road traffic accidents. Mobility aids, including wheelchairs, scooters, canes, and walkers, provide essential support for individuals with limited mobility, enabling them to move around safely and independently. Cognitive aids, such as visual aids, hearing aids, computer software, and hardware systems, help individuals with dementia, cognitive impairments, and other disabilities to improve their daily functioning and communication abilities. These solutions can significantly enhance the overall healthcare experience, leading to better health results for the elderly and disabled population. The healthcare expenditure for the elderly and disabled population is substantial, making the demand for assistive solutions increasingly important. Hospitals and homecare services are major consumers of these solutions, as they aim to provide comprehensive care and support for their patients and clients.
Additionally, the geriatric population, in particular, benefits significantly from these solutions, as they often face multiple chronic conditions that require ongoing assistance. Bathroom safety solutions, such as grab bars, shower chairs, and non-slip mats, are essential for ensuring the safety and independence of elderly and disabled individuals in their own homes. These solutions can help prevent falls and accidents, reducing the risk of injury and hospitalization. In conclusion, The market plays a vital role in enhancing the quality of life for elderly and disabled individuals, enabling independent living alternatives, and reducing healthcare expenses. The market is diverse, encompassing a wide range of rehabilitative devices, mobility aids, cognitive aids, and safety solutions, catering to various needs and impairments.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Product

  Hearing devices
  Mobility and ambulatory devices
  Healthcare furniture and BSE
  Vision and reading aids


End-user

  Hospital
  Home care setting
  Nursing homes
  Assisted living facilities


Geography

  North America

    US


  Europe

    Germany
    UK
    France


  Asia

    Japan


  Rest of World (ROW)

By Product Insights

The hearing devices segment is estimated to witness significant growth during the forecast period.

The market encompasses a range of products designed to enhance the daily lives of individuals with cognitive impairments, chronic diseases, and mobility issues. Hearing aids and devices represent a significant segment of this market, driven by the increasing prevalence of hearing impairments due to factors such as noise pollution, genetic

In 2025, 24.7 percent of the total population in Italy is estimated to be 65 years and older. According to data, the share of elderly people in the Italian society has been growing constantly since 2009. Consequently, the share of young population experienced a decrease in the last years. As a result, the average age of Italians has risen. In 2011, it was 43.6 years, whereas in 2024 it was estimated to be 46.8 years. The oldest country in Europe Italy and Portugal are the European countries with the largest percentage of elderly citizens. In 2024, 24 percent of the total population was aged 65 years and older. Bulgaria and Finland followed in the ranking, while Azerbaijan had the lowest share of elder population, less than ten percent. An increasingly longer lifespan might provide an explanation for such a high share of citizens over 65 years in Italy. The Republic ranks among the countries with the highest life expectancy worldwide. In Europe, only people in Switzerland and Spain can expect to live longer. Fewer babies than ever The share of young people is getting slimmer, not only because the elderly are living longer than ever before. In fact, Italians are having fewer children compared to previous years. The birth rate in the country has been constantly decreasing: in 2024, only 6.3 babies were born per 1,000 inhabitants, three children less than in 2010. In the south of Italy, in 2023 the birth rate stood at 6.7 infants per 1,000 inhabitants, whereas in central Italy this figure reached only 5.8, the highest and lowest rates in the country, respectively.

Elderly Nutrition Market size was valued at USD 20.92 Billion in 2024 and is projected to reach USD 33.07 Billion by 2031, growing at a CAGR of 6.50% from 2024 to 2031.

Global Elderly Nutrition Market Drivers

Growing Elderly Population Worldwide: The growing global elderly population is a key driver of the elderly nutrition market. According to the World Health Organization (WHO), the share of the world's population over 60 will nearly double between 2015 and 2050, from 12% to 22%. This is an estimated increase from 900 million to 2 billion people over the age of 60. This demographic shift is resulting in a higher market for specialized elderly nutrition products.

Rising Prevalence of Chronic Diseases among the Elderly: Chronic diseases are increasingly widespread in older persons, necessitating the need for specialized nutrition. According to the Centers for Disease Control and Prevention (CDC), around 85% of older persons have at least one chronic health condition, with 60% having two or more. The rising frequency of chronic diseases raises the demand for targeted nutritional solutions for the elderly.

Increasing Awareness of the Importance of Nutrition in Healthy Aging: Nutrition is increasingly recognized as a key factor in sustaining health and independence during old age. A study published in the Journal of the American Geriatrics Society discovered that following a Mediterranean-style diet was connected with a 25% decreased risk of cognitive impairment in older persons. This type of research is influencing both consumer awareness and product development in the elderly nutrition market.

Elderly Dating Platform Market Outlook

The global elderly dating platform market size was valued at approximately USD 1.5 billion in 2023 and is projected to reach around USD 3.8 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.0% during the forecast period. This remarkable growth can be attributed to the increasing adoption of digital platforms by the elderly population, combined with rising social acceptance and the desire for companionship among senior citizens.

One of the primary growth factors driving the elderly dating platform market is the growing elderly population worldwide. As the global population ages, the number of people aged 60 and above continues to rise, leading to a higher demand for social interaction and companionship. This demographic shift is particularly pronounced in regions such as North America and Europe, where life expectancy is higher and the proportion of elderly individuals is significant. Furthermore, technological advancements and increased internet penetration have made it easier for older adults to access online services, including dating platforms.

Another significant growth factor is the changing societal attitudes towards dating and relationships among the elderly. In the past, seniors were often perceived as asexual or uninterested in romantic relationships. However, this perception is rapidly changing as more elderly individuals seek companionship and romantic connections. The increasing acceptance of online dating as a legitimate and safe means of meeting potential partners has also contributed to the market's growth. Media portrayals and success stories of elderly couples who met online have further normalized the concept, encouraging more seniors to explore online dating options.

The convenience and accessibility of elderly dating platforms are also major factors driving market growth. These platforms offer user-friendly interfaces, personalized matchmaking algorithms, and a wide range of features tailored to the needs and preferences of older adults. For instance, many platforms provide safety features such as background checks and privacy controls to ensure a secure and comfortable dating experience. Additionally, the availability of mobile apps has made it easier for seniors to connect with potential partners on the go, further boosting the market's expansion.

The emergence of the Online Love Rush phenomenon has significantly influenced the elderly dating platform market. This trend highlights the increasing enthusiasm among seniors to explore romantic relationships through digital means. The Online Love Rush is characterized by a surge in online interactions and connections, driven by the convenience and accessibility of modern technology. For many elderly individuals, this represents a new avenue to rediscover companionship and love, often leading to meaningful and lasting relationships. As more seniors become comfortable with digital communication, the Online Love Rush is expected to continue shaping the dynamics of the dating market, encouraging platforms to innovate and cater to this growing demographic.

From a regional perspective, North America and Europe are currently the largest markets for elderly dating platforms, driven by a high percentage of the elderly population and widespread internet access. However, the Asia Pacific region is expected to witness the fastest growth during the forecast period. This is due to the rapidly aging population in countries like Japan and China, coupled with increasing internet penetration and the growing acceptance of online dating. Latin America and the Middle East & Africa regions also present significant growth opportunities, albeit at a slower pace, as internet accessibility and societal attitudes towards online dating continue to evolve.

Service Type Analysis

The elderly dating platform market can be segmented by service type into four main categories: online dating, mobile dating, matchmaking services, and social dating. Each service type caters to different preferences and technological comforts of the elderly demographic. Online dating platforms have traditionally been the most popular, offering a wide range of features such as profile creation, search filters, and messaging services. These platforms are often accessed through desktop computers, making them suitable for older adults who may not be as comfortable using smartphones.

Mobile dating platforms, on the other h

Elderly literacy rate, population 65+ years, both sexes (%) in China was reported at 84.95 % in 2018, according to the World Bank collection of development indicators, compiled from officially recognized sources. China - Elderly literacy rate, population 65+ years, both sexes - actual values, historical data, forecasts and projections were sourced from the World Bank on July of 2025.

Chile's Elderly population is 2,440,000 which is the 41st highest in the world ranking. Transition graphs on Elderly population in Chile and comparison bar charts (USA vs. China vs. Japan vs. Chile), (Malawi vs. Romania vs. Chile) are used for easy understanding. Various data can be downloaded and output in csv format for use in EXCEL free of charge.

According to Cognitive Market Research, the Global elder care service Market Size will be USD XX Billion in 2023 and is set to achieve a market size of USD XX Billion by the end of 2031 growing at a CAGR of XX% from 2024 to 2031.

• The global elder care market will expand significantly by XX% CAGR between 2024 and 2031. • The home care type segment accounts for the largest market share and is anticipated to a healthy growth over the approaching years. • The pharmaceutical sector holds the largest share and is expected to grow in the coming years as well. • Heart disease application is the market's largest contributor and is anticipated to expand at a CAGR of XX% during the projected period. • The North America region dominated the market and accounted for the highest revenue of XX% in 2022 and it is projected that it will grow at a CAGR of XX% in the future

Market Dynamics: Elder Care Service

Key Drivers-

The rising elderly population and advancements in assistive devices drive the market for elder care services-

The increasing number of retirement communities boosts the market of elder care services globally. The growing demand for home care services is a driving factor for the growth of elder care services. As per WHO, the elderly population is predicted to reach nearly over 1 billion by 2050 across emerging economies and this rise will translate into huge demand for elder care services, thereby enlarging the scope of the market soon. Also, the elderly population is prone to diabetes, arthritis, and renal insufficiency along with other chronic diseases this factor drives the market. For instance- to address these challenges Athulya Senior Care launched a host of cutting-edge facilities, a highly skilled and professionally trained staff, advanced safety and security measures, personalized dietary planning by expert dieticians, and a diverse array of mentally and physically stimulating activities. (source:https://www.athulyaseniorcare.com/news-and-media.php) In recent years, the demand for elder care services is expected to grow as the global population continues to age. Also, technological advancement plays a crucial role in growing the market for elder care services. Elder care service provides technological solutions, such as remote monitoring devices, AI-generated gadgets for emergency assistance, advanced health trackers, and communication platforms, which are increasingly utilized to ensure the well-being and safety of older adults. For instance- SINGAPORE – A new robotics rehabilitation center has just been opened in Bukit Batok, bringing advanced robotics therapy closer to elderly residents. (sopurce:https://www.straitstimes.com/singapore/new-rehabilitation-centre-brings-robotics-therapy-to-the-elderly-in-bukit-batok-community) Hence, with the rapid increase in the aged population, and the growing demand for elder care services with advanced technological advancement fueled the market for elder care services.

Restraint-

Financial Constraints are a major challenge for elder care service

The emerging economies along with the low availability of skilled personnel can inhibit the expansion of the elderly care services market across the globe. Developing countries often struggle with limited healthcare infrastructure, making it challenging to establish specialized elder care services. Affordability issues for families in providing long-term care solutions, including assisted living or nursing home care may challenge the market growth for elder care services. The ongoing assistance and supportive lifestyle provided to senior citizens have many attributes that can contribute to low profit margins. Low refunds are generated by government funds and some insurance companies, which significantly restrains the market's growth. The financial aspects cannot meet the home services' premium quality services, hindering the market's growth. As the medical costs are increasing, the service providers cannot meet the health care cost of the elderly care services. For instance- More than 17 million older adults age 65+ are economically insecure, with incomes below 200% of the federal poverty level. These older adults struggle with rising housing and health care bills, inadequate nutrition, lack of access to transportation, dimini...