A robust growth curve is set to be charted by adult day care services market. A number of reasons are set to support this growth over the next few years. These include a rapidly ageing population, and increasing life expectancy. Compounding this situation is a change in family structure, especially in the urban areas.
A rapid increase in nuclear families is being noted across the globe, even in areas that have been traditionally predominantly joint in terms of family set-up such as India. The reasons can be attributed to rapid urbanization and industrialization. Besides, as dual income families emerge among these nuclear ones, need for adult day care services increase substantially.
Furthermore, it is worth noting here that 2 million people worldwide will be 60 and above in age by the year of 2050. One in every six will be aged 65 and above; one in every four would be this ratio in regions of North America and Europe. This pace and level of ageing is set to create lucrative growth opportunities in the market.
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It is worth noting here that due to a notable shortage of these facilities, opportunities are waiting to be tapped into. For consumers however, this is a restraint. And, private sector senior care services are quite expensive to afford.
Region-wise, North America and Europe will dominate the global adult day care services market owing to favorable reimbursement policy, growing number of geriatrics, and modern lifestyle that leaves people with little time to extend care to old parents and dependents when at work. Over the next few years, the Asia Pacific region will generate new opportunities. These will be a result of a notable compound annual growth rate. Besides, players will clamor to tap into these in order to enlarge their market share and position.
Top players in the global adult day care services market are National Adult Day Services Association (NADSA), Alzheimer Association Day Care Center among others.