A report from Transparency Market Research, titled ‘Aged Care Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2023,’ states that the global aged care market is expected to grow rapidly during the period from 2016 to 2023 owing to the increase in the number of personal care programs for the elderly.
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Today, people dream of living an independent life but due to old age, the ability to remain independent starts to decline. This is where aged care services come into the picture. Aged care services offer a better and easy living option with required nursing facilities for senior citizens. Aged care is also known as eldercare or elderly care and emphasizes on the social and personal needs of senior citizens, as they require some medical support and assistance in their routine activities. The Australian Government has introduced a special act for the senior citizens, namely The Aged Care Act 1997. This act is especially meant for people who are unable to live their life individually.
The Aged Care Act 1997 promises enhanced care services to the aged for a long life. The main aim of introducing such aged care acts is to facilitate the allocation of aged care services to the elderly, irrespective of their race, culture, gender, economic background, and language. Such programs are being increasingly adopted across many regions to offer aged care services. All these factors are responsible for the swift growth of the global aged care market. Aged care services also focus on people who are homeless or those who live in remote areas where there are hardly any facilities for basic living.
Some of the aged care programs that are being accepted for community-based care for the aged are Home Care Packages Program, Commonwealth Home Support Program, and others. These programs provide personalized and coordinated home care services to the elderly. The aged care programs are classified into four packages, namely simple, low, high, and very high care needs.
The global aged care market is also segmented on the basis of geography and service. Based on service, the global aged care market is classified into residential care services and home care services. Home care services include nonmedical or medical benefits such as skilled nursing care, personal care, physical therapy, companion facilities, and medical social services. Residential care services include accommodation for aged people who cannot afford to fulfill their needs in their homes.
The global aged care market is expected to be beneficial for special service providers who run short-term and long-term aged care homes. Also, the global market for aged care services has a lot to offer for pharmaceutical manufacturers, real estate companies, and senior care furniture manufacturers. Special products, such as smart seat hair protectors, bed pads, and waterproof seat protectors are being marketed by aged care service providers.
Based on geography, the global aged care market is divided into the Middle East and Africa, Latin America, North America, Asia Pacific, and Europe. Some of the prominent players operating in the global aged care market are Pfizer, Merck & Co., AstraZeneca, GlaxoSmithKline, Alkemists Labs, Barrington Nutritionals, Proprietary Nutritionals Inc., and Nutralliance, Inc.