Rising social media use for homecare boosts APAC's elderly care market

The homecare segment is expected to dominate the market.

A rising use of social media for home healthcare, on top of a growing ageing population, is driving the growth of the elderly care market, which is expected to reach $341.85b in 2027 at a compound annual growth rate of 6.2% from 2020, according to a report from Data Bridge Market Research.

China dominates the market due to its growing geriatric population associated with the diseases amongst elderly population. The rapid rise in ageing population and ageing-associated disease strongly suggest the need for home healthcare for the treatment of older people in China.

For instance, an article published by the World Health Organization found that China has a higher aging population than middle-income or low-income countries in Asia Pacific. The population aged 60 years or older was projected to double from 12.4% in 2010 to 28% in 2040.

The market is segmented into homecare, institutional care and adult day care. In 2020, homecare segment is expected to dominate the market as homecare provides its services and solution to aged patients at doorstep.

Further, this will not need patients to visit a hospital, hence, the geriatric population is becoming more dependent and is finding comfort with this facility, which ultimately leads to growth of the market from 2020 to 2027.