In recent years, baby boomers are moving from middle age to old age and a population of 56-84 years old is spread around the globe. As we age, our abilities will naturally decrease compared to our youth, and our healthcare and psychological care will not be the same as before. Sometimes, the elderly need some healthcare services that cannot be provided by the elderly or their families. To meet this need, there are public and private businesses around the world providing a range of healthcare for the elderly. This market includes a wide range of services. Today, startups also operate alongside the public and private sectors. Honor, Carelinx, Home hero are startups that have successfully operated in this market so far and have attracted venture capital investors.
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Market / Industry segment of elderly care services
|Base Year||Market size(B$)||Duration(YEAR)||CAGR(%)||Source Name|
|2020||1210.642||7||7.00%||Data bridge market research|
Influencing factors that changes market size of elderly care services
The size of the market value changes under the influence of many factors; the increase and decrease in the rate of these influential factors leads to changes in the value of the market size, which is provided by direct and reverse drivers in the market of elderly car services.
- Elderly population
- Prevalence of chronic diseases
- DALY (Disability-adjusted life year)
- Demand for services
- Average life expectancy
- Internet penetration
- Prevalence of infectious diseases
- Unemployment rate
This market may also be threatened by following risks:
In all different markets and industries, risk is always one of the factors that business founders should be sufficiently aware of. The first step is risk assessment is identification of risks in the market in order to perform risk management. The market of elderly car services may also be threatened by the following risks:
- Competition risk
- Reputation risk
- Litigation risk
- Legislation risk