Business Research Company Services for Elderly and Disabled People Market Report 2022 – Global Market Size, Trends and Forecast 2022 – 2026
LONDON, GREATER LONDON, United Kingdom, Jan. 14, 2022 /EINPresswire.com/ — Decreasing household size coupled with rapid population aging is expected to contribute to growth in the elderly and disabled services market . The decrease in household size is attributed to the reduced number of people living in families. For example, according to Census Bureau estimates, the average household size in the United States was 2.52 people in 2019, down a quarter from the baby boom-era average of 3. ,36. Single-person households account for 28.4% of the U.S. total in 2019, up from 13.1% in 1960. Additionally, the increase in population aging is generating increased demand for services for seniors, thus propelling market revenue. According to the United Nations Department of Economic and Social Affairs report published on the aging of the world population 2019, there were 703 million people aged 65 and over in 2019 and this number is expected to double to 1.5 billion. people by 2050. In addition to this, the number of people aged 80 and over is expected to increase from 143 million in 2019 to 426 million by the end of 2050. The need for care from the aging population creates demand of services for the elderly and disabled, which in turn drives the market.
The Elderly and Disabled Services market includes revenue from these services and related goods by entities (organizations, sole proprietorships, and partnerships) that provide non-residential social assistance services to improve the quality of life of elderly, people with intellectual disabilities and developmental disabilities, or people with disabilities.
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The global elderly and disabled services market size is expected to grow from USD 404.37 billion in 2021 to USD 463.68 billion in 2022 at a compound annual growth rate (CAGR) of 14.7% . The growth of the services for the elderly and disabled market is mainly driven by companies revamping their operations and recovering from the impact of COVID-19. The market for services for the elderly and people with disabilities is expected to reach $768.26 billion in 2026 at a CAGR of 13.5%.
Many companies around the world are using robots to ease the transition of providing care facilities for elderly patients. For example, Bright Cape, an Eindhoven-based company, developed SARA, which stands for Social Autonomous Robotic Health Assistant. The project is part of the European consortium EIT Digital Innovation and aims to reduce the workload in healthcare and improve the quality of care in general. Japan is installing robots in nursing homes, workplaces and schools as its population ages and its working population shrinks.
Market analysis of TBRC services for the elderly and disabled identifies the following segments by type of service in institutional care, adult day care, home care; per end user in disabled adults, elderly people; by service provider in public expenditure, private expenditure, direct expenditure.
Key Players Covered in Global Elderly & Disabled Services Industry are CK Franchising Inc., Home Replace Inc., SF Health, 24 Hour Home Care, Living Assistance Services. Other players include Right at Home Inc., First Light Home Care Services, Home Care Assistance, Synergy Home Care.
Services for Elderly and Persons with Disabilities Global Market Report 2022 – Global Market Size, Trends and Forecasts 2022-2026 is part of a series of new reports from The Business Research Company that provides an overview of the Services for Elderly and Disabled Persons market Elderly and Disabled Persons, Elderly and Disabled Persons Services Market Size and Growth Forecast for Overall Market, Elderly and Disabled Persons Services Market Segments, Areas Geographies, Elderly & Disabled Services Market Trends, Elderly & Disabled Services Disability Services Market Drivers, Competitor Restraints, Revenues, Profiles and Market Shares.
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