he new age seniors expect higher quality food and overall quality of care. They know that they have a choice when it comes to finding suitable care, so they can afford to have high standards. Majority of them have insurance coverage and other benefits. These changes bring pros and cons to aged care facilities and as we talk about convergence in the market, product manufacturers and healthcare service providers must be prepared to face tougher competition and may also be expected to deliver a high standard of care.
So who all could benefit from this market? Pharmacies, Online Retailers, Electronic/Wearable manufacturers, and Home Care companies are few of the prominent segments in the modern aged care market which are making big money in 2019. Among the markets globally, the USA, Canada, Germany, the UK, Part of Western Europe till the Netherlands, Australia, New Zealand, Japan and to an extent Singapore have already adopted new technologies to care and support the 60 plus population.
The global modern aged care management market is expected to grow at 11.45% CAGR till 2025. Australia and New Zealand will lead the market with the highest growth rate of 14.13% CAGR till 2025, followed by APAC, Western Europe and North America.
Read more: https://www.stratviewresearch.com/483/modern-aged-care-management-and-services-market.html
Modern Aged Care Management was a $35 billion+ industry in Australia in 2018, employing over 224,000 staff across more than 1,800 businesses who care for over 270,000 elderly and disabled Australians across the country. Among APAC countries, China is the most attractive market, its aged-care market, which according to government figures, is worth AUD 787b (USD 581 bn) and could grow to AUD 2.5 tn (USD 1.8 tn) by 2030. In Western Europe, older consumers are set to become an increasingly important demographic. They have already become a popular target for marketing strategies: there are special over-50s fairs and exhibitions, dating websites, and even a special broadcasting station. While in the USA, the aging USA population will create unprecedented demand for the senior living industry for decades to come and that opens the door for agents and brokers to grow their business in this sector. But understanding the changing landscape in the complex long-term care and the senior living market is critical and imperative for the new entrant in 2019.
Careangel, Cariloop, Echocare technologies, and MyndYou are some of the emerging companies in the modern aged care market which have unique propositions to offer to its senior buyers. Among the new players, insurance plays a vital role, Healthcare insurance plans for the seniors in Canada and Western Europe are covered by a single-payer publicly funded system. In APAC, the scenario is different. The report showcases the diversified opportunity for insurance companies and the pockets, where they can make money in 2019-2020. Among the technology players, such as 3L Labs Footlogger, 9Solutions IPCS products, Amiigo Fitness Band, and Basis B1 have introduced the next-generation wearables for seniors. This market is expected to grow at 16.52% CAGR till 2025.