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The global elderly care services market size was evaluated at $1025.43 billion in 2023 and is slated to hit $1965.99 billion by the end of 2032 with a CAGR of nearly 7.50% between 2024 and 2032.
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NORTH AMERICA AND EUROPE ELDERLY CARE PRODUCTS AND SERVICES MARKET Page . 1 | Web . www.industryarc.com Mail – sales@industryarc.com
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TABLE OF CONTENTS Topics Slide No Chapter 01: North America and Europe Elderly Care Products and Services Market Overview - 005 Chapter 02: North America and Europe Elderly Care Products and Services Market Executive Summary - 008 Chapter 03: North America and Europe Elderly Care Products and Services Market Comparative Analysis - 013 Chapter 04: North America and Europe Elderly Care Products and Services Market Start Up Company Scenario - 021 Chapter 05: North America and Europe Elderly Care Products and Services Market Industry Market Entry Scenario - 030 Chapter 06: North America and Europe Elderly Care Products and Services Market Forces - 058 Chapter 07: North America and Europe Elderly Care Products and Services Market Strategic Analysis - 066 Chapter 08: North America and Europe Elderly Care Products and Services Market - By Type - 072 Chapter 09: North America and Europe Elderly Care Products and Services Market - By Product - 076 Chapter 10: North America and Europe Elderly Care Products and Services Market - By Service - 095 Chapter 11: North America and Europe Elderly Care Products and Services Market - By Age - 110 Chapter 12: North America and Europe Elderly Care Products and Services Market - By Gender - 114 Chapter 13: North America and Europe Elderly Care Products and Services Market - By End User - 117 Chapter 14: North America and Europe Elderly Care Products and Services Market - By Health Issues - 121 Chapter 15: North America and Europe Elderly Care Products and Services Market - By Geography - 130 Page . 3 | Web . www.industryarc.com Mail – sales@industryarc.com
TABLE OF CONTENTS Topics Slide No Chapter 16: North America and Europe Elderly Care Products and Services Market Entropy - 141 Chapter 17: North America and Europe Elderly Care Products and Services Market Industry / Segment Competition Landscape - 144 Chapter 18: North America and Europe Elderly Care Products and Services Market Key Company List By Country - 153 Chapter 19: North America and Europe Elderly Care Products and Services Market Company Profiles - 156 Page . 4 | Web . www.industryarc.com Mail – sales@industryarc.com
CHAPTER - 01 NORTH AMERICA AND EUROPE ELDERLY CARE PRODUCTS AND SERVICES MARKET OVERVIEW Page . 5 | Web . www.industryarc.com Mail – sales@industryarc.com
1. MARKET OVERVIEW (1/2) Overview ❖ Elderly care, often referred to as senior care, is specialized care Historical Context that is designed to meet the requirements and needs of senior citizens at various stages. As such, elderly care is a rather broad • The kernels of the modern care system developed in the mid-1800’s. As an alternatives to state-run institutions for the elderly, fraternal organizations, tradesmen and religious groups began to open non-profit homes for seniors. • In the 20th century, aging became, for the first time, an area of study in its own right. The terms “gerontology” (study of aging) and “geriatrics” (medical care for aging people) were both coined in the first decade of the century. term, as it encompasses everything from assistive devices, providing personal care product, assisted living and nursing care to adult day care, home care, even hospice care. Although, old age itself is no reason to consider Elderly care, it is the varied Definition & Market Scope physical disabilities and diseases that lead a person to • Elderly care products and services includes medical, general or otherwise, that facilitates the elder population to live comfortably. Factors such as physical disabilities or impairments, a new diagnosis, post-surgery recovery, worsening conditions or symptoms, declining overall health, among others make the elder people seek assistance for activities of daily life (ADLs), thus generating demand for elderly care products and services. • The base year of the study is 2021, with forecast done up to 2027. The study presents a thorough analysis of the competitive landscape, considering the market shares of the leading companies. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product & services analysis. contemplate on availing elderly care products and services. ❖ Increasing geriatric population who are prone to various medical conditions including neurological, orthopaedic, cardiovascular & respiratory disorders coupled with upsurge in technological advancement including development of specialty robots capable of assisting elder people in carrying out day to day operations are projected to boost the market growth. Page . 6 | Web . www.industryarc.com Mail – sales@industryarc.com
1. MARKET OVERVIEW (2/2) North America and Europe Elderly Care Products and Services Market Classification By Type By Product By Service By Age By Gender By End User By Health Issue By Geography • Products • Services • Housing and Assistive Devices • Personal Care Products • Homecare • Healthcare • Non-Medical Care • Community Based services • Adult Day Care • Continuing Care Retirement Communities • Institutional Care • Hospital Based • Independent Senior Living • Assisted Living • Nursing Home • 65 to 74 • 75 to 84 • 85 and Older • Male • Female • Hospitals • Elderly Nursing Home • Homecare • Chronic Health Conditions • Cognitive Health • Depression • Physical Injury • Malnutrition • Sensory Impairments • Bladder Control • Others • North America • Europe Page . 7 | Web . www.industryarc.com Mail – sales@industryarc.com
CHAPTER - 02 NORTH AMERICA AND EUROPE ELDERLY CARE PRODUCTS AND SERVICES MARKET EXECUTIVE SUMMARY Page . 8 | Web . www.industryarc.com Mail – sales@industryarc.com
2. EXECUTIVE SUMMARY (1/4) North America and Europe Elderly Care Products and Services Market Revenue Share, By Type, 2021, 2027 (%) North America and Europe Elderly Care Products and Services Market Revenue Share, By Product, 2021, 2027 (%) 2021 2027 2021 2027 Housing and Assistive Devices Housing and Assistive Devices Product Product Personal Care Products Personal Care Products Services Services North America and Europe Elderly Care Products and Services Market Revenue Share, By Gender, 2021, 2027 (%) North America and Europe Elderly Care Products and Services Market Revenue Share, By Age, 2021, 2027 (%) 2021 2027 2021 2027 65 to 74 65 to 74 Male Male 75 to 84 75 to 84 Female Female 85 and Older 85 and Older Page . 9 | Source: IndustryARC Analysis, Expert Insights Web . www.industryarc.com Mail – sales@industryarc.com
2. EXECUTIVE SUMMARY (2/4) ❖ North America and Europe Elderly Care Products and Services Market generated revenue of $588.54 bn in 2021 and is estimated to reach $726.13 bn by 2027, growing at CAGR of 3.87% during the forecast period of 2022-2027. ❖ The Services segment accounted for major share in 2021 and generated a revenue of $367.45 bn in 2021, growing at a CAGR of 4.12% during the forecast period 2022-2027. This segment is projected to generate revenue of $266.04 bn by 2027 owing to the surge in the life expectancy of the population and rise in the disorders like dementia and Alzheimer in the old age. ❖ Personal Care Products generated revenue of $181.27 Bn in 2021 and is projected to grow at a CAGR of 2.79% during the forecast period 2022-2027. This segment is forecast to reach revenue of $210. 93 Bn by 2027. Moreover, Housing and assistive devices segment is projected to grow at a CAGR of 6.24% during the forecast period of 2022-2027. ❖ By Age, 85 and Older accounted for the major share in 2021. This segment generated a revenue of $262.83 bn in 2021 and is expected to be growing at a CAGR of 3.68% during the forecast period 2022-2027. This segment is projected to generate revenue of $320.57 Bn by 2027 owing to the surge in the life expectancy of the population and rise in the disorders like dementia and Alzheimer in the old age. ❖ By Gender, Female accounted for the major share in 2021. This segment generated a revenue of $358.57 Bn in 2021 and is forecast to be growing at a CAGR of 3.45% during the forecast period 2022-2027. This segment is projected to generate revenue of $431.57 Bn by 2027 owing to the increasing awareness of home care services, insurance coverage and soaring government initiatives to provide cost-effective medical treatment for ageing population. ❖ By End User, Homecare accounted for the major share in 2021. This segment generated a revenue of $261.98 Bn in 2021 and is forecast to be growing at a CAGR of 4.42% during the forecast period 2022-2027. This segment is projected to generate revenue of $333.71 Bn by 2027 owing to the growing incidences of hyper tension, blood pressure, and cardiovascular diseases amongst elderly patients. Page . 10 | Web . www.industryarc.com Mail – sales@industryarc.com
CHAPTER - 06 NORTH AMERICA AND EUROPE ELDERLY CARE PRODUCTS AND SERVICES MARKET FORCES Page . 11 | Web . www.industryarc.com Mail – sales@industryarc.com
6.1 DRIVERS - IMPACT ANALYSIS (1/3) MARKET IMPACT OF DRIVERS Short Term Medium Term Long Term Drivers (2021-2023) (2023-2025) (2025-2027) Growing Demand Of Home Care Services For The Elder People Technological Advancement and Product Innovation Low High Page . 12 | Web . www.industryarc.com Mail – sales@industryarc.com
6.1 DRIVERS – IMPACT ANALYSIS (2/3) Growing Demand Of Home Care Services For The Elder People ❖ The demand of home care services for geriatric population is increasing as the availability of these services in home-care settings is the preferred alternative of the patients, so that they can live out their lives in the comfort of their own homes with required assistance for activities of daily life (ADLs) such as cooking meals, personal care, domiciliary care, mobility support, administering medication or simply companionship and support getting out and about. ❖ These services are designed for assisting healthcare providers in assisted living facilities and also the main focus of these services are to improve the lives of elderly population, whether they are at home or in assisted care. ❖ The awareness regarding the implementation of these services in a variety of scenarios is also improving the overall outlook of the market and thus driving the growth of the market. Elder Care primarily focuses on providing senior care services including housekeeping, homemaker service, physical therapy, occupational therapy, nursing services among others. ❖ Also, the increasing geriatric population worldwide and increase in the awareness of elderly care among people is driving the growth of the market. According to World Health Organization, in 2019, there were approximately 1 billion aged people of 60 years or older worldwide. This number will increase to 1.4 billion by 2030 and 2.1 billion by 2050. This increase is occurring at an unprecedented pace and will accelerate in coming decades, particularly in developing countries. ❖ Increase in the population worldwide requires high elder care and hence, the market growth is anticipated to increase in future. ❖ The services is rising significantly as the number of individuals suffering from chronic illnesses that are above the age of 60 are rising. This rising number of population has ensured that the demand for elderly care is on the rise owing towards its effectiveness in ensuring a better life for the patient. ❖ Moreover, government is also increasing the expenditure on elderly care to provide this section of society with amenities and increase their years of comfortable living. Page . 13 Source: IndustryARC Analysis, Expert Insights | Web . www.industryarc.com Mail – sales@industryarc.com
CHAPTER - 07 NORTH AMERICA AND EUROPE ELDERLY CARE PRODUCTS AND SERVICES MARKET STRATEGIC ANALYSIS Page . 14 | Web . www.industryarc.com Mail – sales@industryarc.com
7.1. VALUE CHAIN ANALYSIS North America and Europe Elderly Care Products & Services Market, Value Chain Analysis Product Value Chain Testing & Regulatory Bodies Supplier & Distributor Research & development End-Users Manufacturing Service Value Chain Healthcare Service Providers Insurance Providers/Payers Suppliers Patients ❖ The value chain analysis deals with the comprehensive evaluation of each activity involved in process of any product or service being delivered to the end users. Each stage across the value chain of the product or service is associated with creating some sort of monetary value. The value chain of a product or service, can offer the company to examine every activity across the value chain and identify the steps where elimination or modification is essential. ❖ The value chain of Elderly Care Products and Services Market involves various stages. The products for elderly care are essentially healthcare devices or products designed for the elderly. These require to be developed after research and various companies come out with products for various needs. These are then subject to tests and regulatory bodies approve them for manufacture. Manufacturing involves large scale production of these which are then distributed to various end- users in different regions through suppliers or distributors. The different end-user are hospitals or clinics, nursing homes, and home care. Thus the products/services are largely in demand from these sectors. Adoption of better technology in various processes as well as updating exiting product add value and keep up with the changes in demand. ❖ Elderly care services are offered to patients by service providers. They procure the various products from the suppliers. Rise in geriatric population using care services have driven the demand of products in this sector. The increasing healthcare costs are met by support from various Insurance providers which can be public or private. Various coverage are provided so as to meet the requirements of the expenses for elderly care. Patients also expect more of home care and thus service providers are offering various options to them to receive care of their choice at lower expenses. Page . 15 | Web . www.industryarc.com Mail – sales@industryarc.com
7.2. OPPORTUNITIES ANALYSIS (1/3) MARKET IMPACT OF OPPORTUNITIES Short Term Medium Term Long Term Opportunities (2021-2022) (2023-2024) (2025-2027) Government initiatives favoring elderly care Rising awareness and increased healthcare spending by developing countries Low High Page . 16 | Web . www.industryarc.com Mail – sales@industryarc.com
CHAPTER - 08 NORTH AMERICA AND EUROPE ELDERLY CARE PRODUCTS AND SERVICES MARKET - BY TYPE Page . 17 | Web . www.industryarc.com Mail – sales@industryarc.com
8.1. PRODUCTS ❖ There are various products that are designed to make lives easier for the elderly population such as Product: North America and EuropeElderly Care Products and Services Market Revenue, 2021-2027 ($Bn) bathroom accessories, bedroom accessories, mobility support. ❖ Bathroom accessories such as shower chair with backrest, folding commode etc. are best options for the 300.00 people who are not able to use a regular toilet. These are the best way to assist who have limited movability owing to an accident or any medical condition that are increasing the demand of elderly care 250.00 products and services market. 200.00 ❖ Bedroom Accessories such as assistive furniture that are designed or adapted to assist a person to perform a particular task. Many elderly people depend on assistive devices to enable them to carry out daily $Bn 150.00 activities and participate actively productively in common life that helps to increase the growth of this 100.00 segment. ❖ Mobility solutions such as T-Shaped folding cane, Arm crutch set, elbow crutch with folding handle, 50.00 wheelchair etc. helps to empower to move around with ease and helps to increase the growth of this 0.00 segment. ❖ Increasing health concerns among consumers and the urge of spending more on elderly products are some 2021 2022 2023 2024 2025 2026 2027 factors driving the growth of this market. ❖ There is a real opportunity to improve efficiency with technology and reduce inefficiencies in many segments, for example, by increasing compliance. ❖ Furthermore, Honor, for example, is targeting the home health market, where there are currently 50,000 home health agencies in the United States. Page . 18 | Web . www.industryarc.com Mail – sales@industryarc.com Source: IndustryARC Analysis, Expert Insights
8.2. SERVICES ❖ Home Care Services such as household maintenance, transportation, home modification, personal care Services : North America and Europe Elderly Care Products and Services Market Revenue, 2021-2027 ($Bn) etc. that helps the elderly population to live independently which increases the market growth. ❖ Home healthcare services enable seniors to live independently in their homes as long as possible. 500.00 Moreover, with advancement in technology many medical services for seniors that are available in the 450.00 400.00 hospital can be provided at home which is cost efficient as patient does not have to pay for board/room 350.00 expenses, food etc. which are increasing the growth of this segment. 300.00 ❖ Non-medical elderly Home Care primarily focuses on helping our elders/seniors continue the life and ($Bn) 250.00 routing they are used to and now caregivers can spend quality time with seniors, versus helping them 200.00 with their daily tasks that helps to increasing the demand of this market. 150.00 ❖ Other services such as community based services, institutional care helps to provide meals that are 100.00 50.00 available at reasonable cost and provides maintenance and repairs are contributing the market growth 0.00 of this segment. 2021 2022 2023 2024 2025 2026 2027 ❖ According to WHO, informal care accounts for the majority of care-hours in all European countries, even in countries with the largest publicly supported elderly care sectors. Nonetheless, institutional care continues to receive the majority of public funding for long-term care: more than 70% in Belgium, Iceland, and Switzerland. This type of funding accounts for 0.3–3.9 percent of GDP. Furthermore, access to and the quality of nursing homes vary greatly across Europe. Cost-sharing alone can be a financial constraint. Page . 19 | Web . www.industryarc.com Mail – sales@industryarc.com Source: IndustryARC Analysis, Expert Insights
CHAPTER - 09 NORTH AMERICA AND EUROPE ELDERLY CARE PRODUCTS AND SERVICES MARKET - BY PRODUCT Page . 20 | Web . www.industryarc.com Mail – sales@industryarc.com
9.1. HOUSING AND ASSISTIVE DEVICES ❖ As people get older, there is a gradual decline in hearing, vision, and mobility and with increasing Housing and Assistive Devices : North America and EuropeElderly Care Products and Services Market Revenue, 2021-2027 ($Bn) age, the number of chronic diseases increases such as arthritis, cataracts, or heart disease are some factors that increases the use of housing and assistive devices and are driving the market growth of this segment. ❖ According to World Health Organization, about more than 1 billion people are using housing and 60.00 50.00 assistive devices which promotes independence and decreases the need for other support which 40.00 are increasing the growth of this segment. ❖ New developments in assistive and housing technologies helps to contribute care for the elderly ($Bn) 30.00 people in institution and at home. Video-monitoring, remote health monitoring, electronic 20.00 sensors and equipment such as fall detectors, door monitors, bed alerts, pressure mats and smoke 10.00 and heat alarms can improve older people’s safety, security and ability to cope at home. ❖ Assistive technology devices are basically helpful products that improve or maintain a person’s 0.00 2021 2022 2023 2024 2025 2026 2027 ability to live and function independently which increases the market growth of this segment. ❖ According to IndustryARC Insights, the European market for assistive technologies is dominated by small and medium-sized businesses. ❖ Housing and assistive devices segment of North America and Europe Elderly Care Products and Services Market generated a revenue of $39.82Bn in 2021 and projected to reach a revenue of $55.10Bn by 2027 growing at a CAGR of 6.24% during the forecast period 2021-2027. Page . 21 | Web . www.industryarc.com Mail – sales@industryarc.com Source: IndustryARC Analysis, Expert Insights
9.1.3. BATHROOM SAFETY AND ASSISTIVE PRODUCTS 9.1.3.2. Shower Chairs ❖ Shower chair is a seat made for bathtubs or showers. These seats are designed for use by people who are unable to stand to take a shower. ❖ Shower chairs helps to Improve hygiene, independence, better access to therapeutic showers and are portable which increases the demand for this segment. ❖ Shower chairs are key items for people with disabilities, and they allow people to wash and bathe with ease and dignity. ❖ Shower Chairs segment of North America and Europe Elderly care Products and Services Market generated a revenue of $0.98Bn in 2021 and projected to reach a revenue of $1.24Bn by 2027 growing at a CAGR of 4.8% during the forecast period 2021-2027. Shower Chairs : North America and Europe Elderly Care Products and Services Market Revenue, 2021-2027 ($Bn) 1.40 1.20 1.00 0.80 ($Bn) 0.60 0.40 0.20 0.00 2021 2022 2023 2024 2025 2026 2027 Page . 22 | Web . www.industryarc.com Mail – sales@industryarc.com Source: IndustryARC Analysis, Expert Insights
CHAPTER - 11 NORTH AMERICA AND EUROPE ELDERLY CARE PRODUCTS AND SERVICES MARKET - BY AGE Page . 23 | Web . www.industryarc.com Mail – sales@industryarc.com
11.1. 65 TO 74 (1/3) ❖ In the age group of 65-74 around 81% of elder are living alone whereas remaining are living with Others. Many number of people suffer from cardiovascular disease with this 64 to74: North America and Europe Elderly Care Products and Services Market Revenue, 2021-2027 ($Bn) age group. However, Decline in the mortality rates have been consistently greater for women then men's which is almost as large as for 85 years and above . 145.00 ❖ Among home health care patients aged 65 to 74 years, males were more likely than 140.00 females to receive home health care immediately after an inpatient stay and more 135.00 likely to receive services that were associated with post-acute care such as wound care Revenue ($Bn) 130.00 and physical therapy. ❖ Elders aged 65 to 74 years and 75 years and older, respectively, average 6.5 and 7.7 125.00 office visits to physicians. Per year, the out-of-pocket health care expense incurred by 120.00 seniors is about $4,600, in contrast to $2,850 for the total population in the US. 115.00 ❖ 65 to 74 segment of North America and Europe Elderly Care Products and Services 110.00 Market generated a revenue of $121.63Bn in 2021 and is projected to reach a revenue 2021 2022 2023 2024 2025 2026 2027 of $140.23Bn by 2027 growing at a CAGR of 2.72% during 2022-2027. Page . 24 | Source: IndustryARC Analysis, Expert Insights Web . www.industryarc.com Mail – sales@industryarc.com
11.2. 75 TO 84 (2/3) ❖ The market for 75-84 years elder population age category is susceptible to an array of infections, orthopaedic diseases, diabetes, heart diseases, stroke, cancer, and many 75 to 84 North America and Europe Elderly Care Products and Services Market Revenue, 2021-2027 ($Bn) others, that would drive the demand for elderly care services. ❖ Age group of above 75 to 84 completely depend on the care services as the potential of 300.00 working among themselves have reduced. They are not that much active and robust as 250.00 they were in age of 65-74. 200.00 ❖ Almost 75% of elderly population is set to be living in developing nations as the Revenue ($Bn) accessibility of products and services for their care and health is at its best. 150.00 ❖ The awareness regarding the implementation of services in a variety of scenarios is also 100.00 improving the overall outlook of the market and thus driving the growth of the market. 50.00 Elder Care primarily focuses on providing senior care services including housekeeping, homemaker service, physical therapy, occupational therapy, nursing services among 0.00 2021 2022 2023 2024 2025 2026 2027 others for aged elder between 75 and 84 above elders. ❖ 75 to 84 segment of North America and Europe Elderly Care Products and Services Market generated a revenue of $204.08Bn in 2021 and is projected to reach a revenue of $265.33Bn by 2027 growing at a CAGR of 4.76% during 2022-2027 Page . 25 | Source: IndustryARC Analysis, Expert Insights Web . www.industryarc.com Mail – sales@industryarc.com
CHAPTER - 13 NORTH AMERICA AND EUROPE ELDERLY CARE PRODUCTS AND SERVICES MARKET - BY END USER Page . 26 | Web . www.industryarc.com Mail – sales@industryarc.com
13.1. HOSPITALS (1/3) ❖ Elderly patients in Hospitals include Comprehensive physical, cognitive & psycho-social assessment, Hospitals: North America and Europe Elderly Care Products and Services Market Revenue, 2021-2027 ($Bn) Development of a personal care plan, Super-specialists recommended surgical programs, recommendations to improve health & functional ability. 110.00 ❖ Patients age 65 years and older represent 30% of acute care hospitalizations and 50% hospital expenditures. The Hospitalized elder is at risk of poor outcomes which may increased mortality, prolonged 105.00 length of stay, high rates of admission, skilled nursing facility placement and functional decline. ❖ In additions to disease-based management, care of the elderly must be approached within a specific 100.00 psychological and functional context. Hospitals engage in collaborative and multidisciplinary approach to Revenue ($Bn) the care of elderly patients that begins at time of hospitals readmission and continues to all care transitions. 95.00 ❖ Hospitals should appreciate the medical and economic impact of hospitalization on elderly patients and their families. Moreover, they must connect elderly patients with social services early in hospitals course 90.00 to provide institutional support, which is set to include referral from insurance, drug benefits, transportation and mental health services. 85.00 ❖ Hospitals segment of North America and Europe Elderly Care Products and Services Market generated a 2021 2022 2023 2024 2025 2026 2027 revenue of $92.46Bn in 2021 and is projected to reach a revenue of $106.63Bn by 2027 growing at a CAGR of 2.72% during 2022-2027. Page . 27 | Source: IndustryARC Analysis, Expert Insights Web . www.industryarc.com Mail – sales@industryarc.com
13.2. ELDERLY NURSING HOME (2/3) ❖ Almost half of people who are living in a nursing homes are 85 years and older. Elderly Nursing Home: North America and Europe Elderly Care Products and Services Market Revenue, 2021-2027 ($Bn) Relatively very few people are younger than 65 years of age. Mostly women prefer Nursing Home in which many of whom doesn’t have spouse. 350.00 ❖ Nursing homes increasingly offer medical services similar to those offered in hospitals 300.00 after surgery, illness. Nursing homes usually include skilled nursing care, orthopaedic care, breathing treatments, support after surgery, wound care for elderly peoples. 250.00 ❖ Almost 25% of elder admitted to these facilities stay only for short time. These people Revenue ($Bn) 200.00 are admitted for rehabilitation end of life care. About half of residents spend at least 150.00 1 year in the nursing home and 21% live there for almost 5 years. ❖ However, few improvement in terms of problems related to overuse of unnecessary 100.00 drugs , underuse of beneficial drugs and poor maintenance of chronic diseases need 50.00 to improve. ❖ Elderly Nursing Home segment of North America and Europe Elderly Care Products 0.00 2021 2022 2023 2024 2025 2026 2027 and Services Market generated a revenue of $234.10Bn in 2021 and is projected to reach a revenue of $285.79Bn by 2027 growing at a CAGR of 3.69% during 2022-2027. Page . 28 | Source: IndustryARC Analysis, Expert Insights Web . www.industryarc.com Mail – sales@industryarc.com
CHAPTER - 15 NORTH AMERICA AND EUROPE ELDERLY CARE PRODUCTS AND SERVICES MARKET - BY GEOGRAPHY Page . 29 | Web . www.industryarc.com Mail – sales@industryarc.com
15.1. NORTH AMERICA (1/10) 15.1.1. U.S. ❖ Increased geriatric population in U.S. using elderly care services is increasing the demand for U.S.: North America and Europe Elderly Care Products and Services Market Revenue, 2022-2027 ($Bn) elderly care market. It is estimated that 1 in 5 Americans will be senior by 2030. According to United Nation, number of elder population will be 122.8 million by the year 2050 in Northern 300.00 America. ❖ Geriatric population in U.S. are highly inclined towards elderly care services due to change in 250.00 lifestyle as well as increase in awareness among older people. 200.00 Revenue ($Bn) ❖ The awareness regarding the implementation of these services in a variety of scenarios is also 150.00 improving the overall outlook of the market. ❖ The burden of chronic disease such as diabetes, obesity, cancer, osteoporosis and dental diseases 100.00 has increased significantly. Patient pools of elderly care is increasing as number of individuals 50.00 suffering from chronic illnesses that are above the age of 60 are rising. ❖ According to National health council, it has been estimated that 40.0% of the population in the 0.00 2021 2022 2023 2024 2025 2026 2027 U.S. are suffering from chronic diseases in 2020 out of which the share of elderly population is Source: IndustryARC Analysis, Expert Insights high. This is likely to increase the need for elderly care. ❖ U.S. segment of North America and Europe Elderly Care Products and Services Market generated a revenue of $212.64Bn in 2021 and is projected to reach a revenue of $276.04Bn by 2027 growing at a CAGR of 4.17% during 2022-2027. Page . 30 | Web . www.industryarc.com Mail – sales@industryarc.com
CHAPTER - 19 NORTH AMERICA AND EUROPE ELDERLY CARE PRODUCTS AND SERVICES MARKET COMPANY PROFILES Page . 31 | Web . www.industryarc.com Mail – sales@industryarc.com
19.1. KONINKLIJKE PHILIPS N.V. (1/3) Address: Amstelplein 2, Amsterdam, Koninklijke Philips N.V. : Product Portfolio North Holland, Netherlands. Tel: +31205977777 Division Products Specification Website: www.philips.com Philips Hear Link uses groundbreaking Sound Map technology that helps to connect to people and the world. Sound Map technology helps one to hear speech more clearly, even in noisy environments. Philips Hear Link is made up of the three sound processing pillars-effective noise control, advanced amplification, and groundbreaking feedback cancellation. Business Overview Philips HearLink Koninklijke Philips N.V. Description Establishing Year 1891 Philips Telehealth is powered by an industry that is leading in clinical algorithms, and patented processes. Philips inpatient telehealth programs ensure to have the technology, tools, and support that need to improve the quality of care in every unit of the hospital. Employees 78,189 Elderly Care Philips Telehealth Headquarters Netherlands Revenue (2021) $20.29 bn Philips Hospital Respiratory Care Solution delivers consistency, and quality respiratory care. It provides quick therapy transitions, easy non- invasive ventilation, and can respond quickly to changing patient's condition, across the continuum while delivering consistent quality care. Business Segments Philips Hospital Respiratory Care Solution Diagnosis & Treatment Personal Health Connected Care Other Page . 32 | Web . www.industryarc.com Mail – sales@industryarc.com Source: Company Website
19.1. KONINKLIJKE PHILIPS N.V. (2/3) Financials: Koninklijke Philips N.V Revenue, 2019-2021 ($bn) Koninklijke Philips N.V Revenue share, By Segments 2021 (%) 25.00 16% 20.29 19.77 19.20 20.00 Diagnosis & Treatment businesses 37% Revenue ($bn) 15.00 Connected Care businesses 18% 10.00 Personal Health businesses 5.00 Other 0.00 2019 2020 2021 29% Koninklijke Philips N.V Revenue share, By Geography 2021 (%) Note: 21% ❖ Other mature geographies include Japan, South Korea, Israel, Australia, and New 29% Zealand. Western Europe North America ❖ Growth Geographies include Asia-Pacific (excluding Japan, South Korea, Israel, Other mature geographies Australia, and New Zealand), Latin America, Central & Eastern Europe, Middle Growth Geographies East & Turkey (excluding Israel) and Africa. 10% 40% Page . 33 | Web . www.industryarc.com Mail – sales@industryarc.com Source: Company Website, Annual Report
19.1. KONINKLIJKE PHILIPS N.V. (3/3) Koninklijke Philips N.V.: Developments Date Approach Description Royal Philips, one of the leader in health technology, announced it has signed a 12-year strategic partnership with IJsselland Hospital (Capelle aan den Ijssel, The Netherlands). December, 2021 Partnership Philips, announced a collaboration with USA-based MedChat to integrate MedChat’s live chat and AI-driven chatbot services into Philips Patient Navigation Manager, helping improve call center efficiency and speed the time to resolve patient inquiries. November, 2021 Collaboration July, 2021 Collaboration Philips and Cognizant collaborate to introduce digital health solutions to providers, researchers, and patients. Philips partners with Orbita to develop conversational voice and chatbot applications to complement its telehealth solutions. Partnership to create AI-based virtual assistants with the human touch needed for effective remote patient engagement March, 2021 Partnership Koninklijke Philips N.V. acquired Intact Vascular Inc. in a deal worth approximately $275 million upfront to expand its portfolio of minimally invasive therapy options for peripheral artery disease with the tack endovascular system. August, 2020 Acquisitions Koninklijke Philips N.V. , one of the leader in health technology collaborated with the American Telemedicine Association to help further the adoption of telehealth across the industry, demonstrating its commitment to connecting care across acute, post- acute, and home care settings. June, 2020 Collaboration Koninklijke Philips N.V. acquired Care stream Health’s Healthcare information system which is a cloud-enabled enterprise imaging platform through which Philips will reinforce the commitment to provide industry-leading medical system. August, 2019 Acquisitions Koninklijke Philips N.V. acquired Menlo Park, CA-based Blue Willow Systems Inc. to complements Philips existing Care Point 6.0 senior living platform by providing the company’s customers with new solutions for resident and staff management with a software-as-a-service business model, as well as added functionality such as Bluetooth-enabled wearable devices and access points, real-time location tracking and enterprise reporting. July, 2019 Acquisitions Koninklijke Philips N.V. acquired Luciom to cultivate its capabilities in Li-Fi, the lighting technology transferring data through lights at an incredibly fast speed. April, 2019 Acquisitions Page . 34 | Source: Company Website, Annual Report Web . www.industryarc.com Mail – sales@industryarc.com
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