With a globally high percentage of senior citizens, aged care services and its associated markets have never been this important before. The baby boomer era is inching toward a close as the people born in that time frame are mostly past retirement. But the individual need for longevity is always present, creating the need for added assistance for senior citizens who are unable to perform a few basic functions by themselves.
The ability to live independently is a highly valued function, making the global aged care market one of the more rapidly developing ones on the pharmaceutical and healthcare fronts. But is this market truly providing what it claims to? Or are there still too many issues that need to be taken care of? Transparency Market Research analysts answer three questions that about the global aged care market that can help create a better understanding of what countries need to do to provide the right care for their geriatric demographics.
Who are the Current Leaders in the Global Aged Care Market?
There are three generalized perspectives from which to explore the global aged care market: pharmaceutical, nutraceuticals, and geriatric furniture. The key players in the global aged care market for pharma, for instance, are Novo Nordisk, AstraZeneca, GSK, Merck and Co., Novartis, and Pfizer. For nutraceuticals, the top names in the global aged care market are Proprietary Nutritionals Inc., Nutralliance, Inc., Barrington Nutritionals, Asiamerica Ingredients, Inc., and Alkemists Labs. As for the manufacturers of furniture, we have Kwalu, Flexsteel, and Phoenix Contract, Inc. Most of these companies are headquartered in North America or Europe. This says a lot about the development stages that different regions are at, in the global aged care market. Developing nations of South America, Asia Pacific, the Middles East, and Africa still need to expand their healthcare sectors a long way to make aged care services available at subsidized rates.
How is the Australian Aged Care Act Affecting the APAC Market?
At the moment, there are more questions than answers regarding the Australia aged care market and its overall effect on the Asia Pacific aged care market. Estia Health, the largest provider of aged care in the continent, has shown a drastic fall in share price recently, creating a lot of concern over how the reinforcement of the Aged Care Act (1997) is going to proceed.
There is a contradictory status of the aged care market in Australia: while the government and private funding in this market has ramped up significantly over the past few decades, major players are still being affected by hyped forecasts and overspending. The Australian government has recently increased the stringency of its regulations over funding, increasing adding to the pressure that these players are experiencing with regards to the older forecasts shown. As a result, while the over-70 population keeps increasing, funding for the aged care market in Australia is reducing. This could particularly affect home care services for the elderly, which is in high preference, similar to the global aged care market patterns.
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How Are the Other APAC Regions Progressing?
The Asia Pacific aged care market, specifically, is progressing at a highly optimistic rate. Healthcare infrastructure is improving at a tremendous rate in nations such as China, Japan, and India, leading to major interest being created for global players to make their mark in these territories. Additionally, the extremely high population densities of the Asia Pacific regions are increasing the prospect of a successful aged care market in the near future, provided there is sufficient funding to set the ball rolling.