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Australia And New Zealand Elderly Care Services Market

Australia And New Zealand Elderly Care Services Market

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Australia and New Zealand Elderly Care Services Market, By Services (Home Care Services, Adult Care Services, Institutional Care Services); By Providers (Services, Content), Trend Analysis, Competitive Landscape & Forecast, 2019–2030

  • Published Date: July 2024
  • Report ID: BWC24496
  • Available Format: PDF
  • Page: 200

Report Overview

Increasing life expectancy driving geriatric population, governments’ supportive initiatives to improve elderly care services, an increasing number of elderly people preferring home-based care services, and rising prevalence of chronic diseases among them are expected to drive Australia and New Zealand Elderly Care Services Market during the forecast period between 2024 and 2030.

Australia and New Zealand Elderly Care Services Market – Industry Trends & Forecast Report, 2030

Australia and New Zealand Elderly Care Services Market size was estimated at USD 29.54 billion in 2023. During the forecast period between 2024 and 2030, Australia and New Zealand Elderly Care Services Market size is projected to grow at a CAGR of 7.89% reaching a value of USD 42.18 billion by 2030. Prominent drivers of the market include the rapidly aging population, increasing life expectancy, and government initiatives to improve elderly care services. Globally, populations are aging rapidly, and Australia and New Zealand are no exceptions. By 2026, over 22% of Australians will be aged over 65, significantly influencing the elderly care services market. Both countries are experiencing a rise in their aging populations, driving growth in the residential aged care sector. Culturally, there is a strong preference for aging-in-place, with a growing demand for home and community-based care that allows seniors to maintain their independence. Economic stability and rising disposable incomes further enable families to afford comprehensive elderly care services, while advancements in healthcare and technology are revolutionizing the quality and delivery of these services, making them more efficient and accessible. Notably, there is an increasing focus on quality and transparency in service provision, driven by both regulatory bodies and consumer expectations. As a result, there is significant expansion in home care and community services, reducing reliance on traditional institutional care. Awareness and acceptance of professional elderly care services are also rising, encouraging more people to utilize these services. Also, workforce development and training initiatives are enhancing the capacity of aged care workers to deliver high-quality care. Lastly, strategic investments and market consolidation within the sector are driving growth, improving service availability, and elevating the standard of care. Together, these factors are expected to shape a robust and dynamic market landscape for elderly care services in Australia and New Zealand during the forecast period.

Australia and New Zealand Elderly Care Services Market

Elderly Care Services – Overview

Elderly Care Services are diverse support systems designed to enhance the quality of life for seniors as they age. These services include home care, where personalized assistance is provided in a senior's home, and adult day care, offering daytime supervision and social activities. Residential care encompasses long-term facilities like nursing homes, providing round-the-clock care. Specialty care caters to specific health conditions, such as dementia, while community-based services offer local programs like transportation and meal delivery. Together, these services ensure seniors receive comprehensive, dignified, and compassionate support tailored to their needs.

Australia and New Zealand Elderly Care Services Market

Growth Drivers

Increasing Prevalence of Chronic Diseases

A surge in chronic diseases among the elderly population (aged 65 and over) in Australia and New Zealand is fueling a significant boom in their Elderly Care Services Market. Statistics reveal a sobering reality, with over 60% of older Australians living with at least one chronic condition, most commonly heart disease, arthritis, and diabetes. These conditions often impede mobility and daily living, leading to a dramatic rise in demand for elderly care services. This encompasses a wider range of options, including in-home care, assisted living facilities, and specialized care for dementia patients. As the burden of chronic disease management continues to grow on the elderly, Australia and New Zealand Elderly Care Services Market is positioned for substantial growth during the forecast period.

Shift towards Home-based Care

The shift towards home-based care is driving significant growth in Australia and New Zealand elderly care services market. Supported by initiatives like Australia's Commonwealth Home Support Program (CHSP), which provides essential support to seniors, this trend allows elderly individuals to maintain independence in familiar surroundings. Services such as personal care, meal preparation, and respite care are tailored to meet their needs, reducing the necessity for higher-level residential care. This cultural preference for aging in place is reinforced by government investments in home care infrastructure, enhancing accessibility and affordability. As demographic trends favor an aging population, both countries are adapting with flexible, personalized care options that cater to seniors' desires for independence and community connections. This strategic shift not only improves seniors' quality of life but also stimulates market growth by expanding service offerings and provider networks in the elderly care sector.

Challenges

High Cost of Care

The growth of Australia and New Zealand Elderly Care Services Market faces significant constraints due to high costs. These expenses, spanning healthcare, residential facilities, and in-home services, often deter seniors from seeking necessary care and strain healthcare budgets. Addressing these challenges requires innovative funding solutions, policy reforms to enhance affordability, and promoting efficient service delivery models. These measures are crucial to ensuring sustainable and accessible elderly care in both countries.

Impact of Escalating Geopolitical Tensions on Australia and New Zealand Elderly Care Services Market

Escalating geopolitical tensions among countries across regions could have a significant impact on Australia and New Zealand Elderly Care Services Market. These tensions may disrupt supply chains, increase financial market volatility, and alter healthcare funding priorities. Shortages of essential supplies and changes in labor availability could affect service delivery and infrastructure investment. Consumer confidence in seeking elderly care services might fluctuate amid uncertainty, while government policies addressing public health and care standards could face adjustments. The market's resilience to geopolitical dynamics will depend on how effectively stakeholders navigate these challenges, balancing immediate operational needs with long-term strategic planning.

Australia and New Zealand Elderly Care Services Market

Segmental Coverage

Australia and New Zealand Elderly Care Services Market – By Service

On the basis of service, Australia and New Zealand Elderly Care Services Market is divided into Home Care Services, Adult Care Services, and Institutional Care Services segments. The home care services segment is the dominant segment Australia and New Zealand Elderly Care Services Market by service, primarily due to benefits such as comfort, independent living support, and cost-efficiency. Home care services facilitate tailored care plans for elderly individuals, encompassing medical treatments and nursing administered by licensed professionals. These services are particularly valued for their efficient resource allocation. Caregivers make frequent visits to ensure personalized care, addressing specific needs and identifying unmet requirements among the elderly population. Also, the home care services is subdivided into healthcare and non-medical home care.

Australia and New Zealand Elderly Care Services Market Demand

Australia and New Zealand Elderly Care Services Market – By Providers

Based on providers, Australia and New Zealand Elderly Care Services Market is bifurcated into Services and Content segments.

Competitive Landscape

Major players operating in Australia and New Zealand Elderly Care Services Market include Care Services Australia, Homecare Group Pty Ltd, Home Care Assistance, Home Caring Pty Ltd, Care For Family, TLC Aged Care (TLC), Private Care NZ, New Zealand Aged Care Services Ltd, Home Instead, and Mycare. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

  • In March 2023 - AWS unveiled the lineup for its Healthcare Accelerator in Australia and New Zealand, focusing on aged care and digital health. The program, launched in Sydney, features 11 startups aiming to enhance health and aged care services through cloud-based solutions.

Scope of the Report

 

Attributes

Details

Years Considered

Historical Data – 2019–2030

Base Year – 2023

Estimated Year – 2024

Forecast Period – 2024–2030

Facts Covered

By Value - USD Billion

Market Coverage

Australia, New Zealand 

Product/ Service Segmentation

Services, Providers

Key Players

Care Services Australia, Homecare Group Pty Ltd, Home Care Assistance, Home Caring Pty Ltd, Care For Family, TLC Aged Care (TLC), Private Care NZ, New Zealand Aged Care Services Ltd, Home Instead, Mycare

 

By Services

  • Home Care Services

  • Adult Care Services

  • Institutional Care Services

By Providers

  • Content

  • Services

  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Executive Summary
  3. Australia and New Zealand Elderly Care Services Market Insights
    1. DROC Analysis
      1. Growth Drivers
        1. Aging population
        2. Increasing prevalence of chronic diseases
        3. Shift towards home-based care
      2. Restraints
        1. Low profit margins
        2. High costs of care
        3. Fragmented and complex system
      3. Opportunities
        1. Advancements in assistive technologies
        2. Expansion of home and community-based services
        3. Increasing focus on wellness and prevention
      4. Challenges
        1. Adapting to changing consumer preferences
        2. Ensuring quality of care
        3. Addressing social determinants of health
    2. Technological Advancements/Recent Developments
    3. Industry Value Chain Analysis
    4. Regulatory Framework
    5. Porter’s Five Forces Analysis
  4. Australia and New Zealand Elderly Care Services Market: Marketing Strategies
  5. Australia and New Zealand Elderly Care Services Market Overview
    1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
    2. Market Share & Forecast
      1. By Services
        1. Home Care Services
          1. Health Care
            1. Medical Care
            2. Physiotherapy Services
            3. Telehealth
            4. Palliative Care
            5. Hospice Care
          2. Non-Medical Home Care
            1. Personal Care
            2. Homemaking
            3. Meals and Grocery
            4. Rehabilitation
            5. Others
        2. Adult Care Services
          1. Health Care
          2. Non-Medical Care
        3. Institutional Care Services
          1. Nursing Homes
            1. Palliative Care
            2. Hospice Care
          2. Hospital-based
          3. Assisted Living
          4. Independent Senior Living
      2. By Providers
        1. Services
        2. Content
  6. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Australia and New Zealand Elderly Care Services Market Company Market Share Analysis, 2023
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
  7. Impact of Escalating Geopolitical Tensions on Australia and New Zealand Elderly Care Services Market
  8. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
    1. Care Services Australia
    2. Homecare Group Pty Ltd
    3. Home Care Assistance
    4. Home Caring Pty Ltd
    5. Care For Family
    6. TLC Aged Care (TLC)
    7. Private Care NZ
    8. New Zealand Aged Care Services Ltd
    9. Home Instead
    10. Mycare
    11. Other Prominent Players
  9. Key Strategic Recommendations
  10. Research Methodology
    1.       Qualitative Research
      1.   Primary & Secondary Research
    2.       Quantitative Research
    3.       Market Breakdown & Data Triangulation
      1.   Secondary Research
      2.   Primary Research
    4.       Breakdown of Primary Research Respondents
    5.       Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable

 

List of Figures

 

Figure 1       Australia and New Zealand Elderly Care Services Segmentation

Figure 2       Australia and New Zealand Elderly Care Services Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2023

Figure 4       Australia and New Zealand Elderly Care Services Market Size, By Value (USD Billion), 2019–2030

Figure 5       Australia and New Zealand Elderly Care Services Market Share, By Services, By Value, 2019–2030

Figure 6       Australia and New Zealand Elderly Care Services Market Share, By Providers, By Value, 2019–2030

 

List of Tables

 

Table 1        Australia and New Zealand Elderly Care Services Market Size, By Value (USD Billion), 2019–2030

Table 2        Australia and New Zealand Elderly Care Services Market Size, By Services, By Value, 2019–2030

Table 3        Australia and New Zealand Elderly Care Services Market Size, By Providers, By Value, 2019–2030

Table 4        Care Services Australia Company Overview

Table 5        Care Services Australia Financial Overview

Table 6        Homecare Group Pty Ltd Company Overview

Table 7        Homecare Group Pty Ltd Financial Overview

Table 8        Home Care Assistance Company Overview

Table 9        Home Care Assistance Financial Overview

Table 10      Home Caring Pty Ltd Company Overview

Table 11      Home Caring Pty Ltd Financial Overview

Table 12      Care For Family Company Overview

Table 13      Care For Family Financial Overview

Table 14      TLC Aged Care (TLC) Company Overview

Table 15      TLC Aged Care (TLC) Financial Overview

Table 16      Private Care NZ Company Overview

Table 17      Private Care NZ Financial Overview

Table 18      New Zealand Aged Care Services Ltd Company Overview

Table 19      New Zealand Aged Care Services Ltd Financial Overview

Table 20      Home Instead Company Overview

Table 21      Home Instead Financial Overview

Table 22      Mycare Company Overview

Table 23      Mycare Financial Overview

Market Segmentation

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Frequently Asked Questions (FAQs):

Ans: Australia and New Zealand Elderly Care Services Market size by value was estimated at USD 29.54 billion.
Ans: Australia and New Zealand Elderly Care Services Market is expected to grow at CAGRs of 7.89% during the forecast period between 2024 and 2030.
Ans: By 2030, Australia and New Zealand Elderly Care Services Market size is forecast to reach a value of USD 42.18 billion.
Ans: The growth of Australia and New Zealand Elderly Care Services Market is primarily driven by the rapidly growing geriatric population, increasing prevalence of chronic diseases, and rising shift towards home-based care.
Ans: Key players in Australia and New Zealand Elderly Care Services Market include Care Services Australia, Homecare Group Pty Ltd, Home Care Assistance, Home Caring Pty Ltd, Care For Family, TLC Aged Care (TLC), Private Care NZ, New Zealand Aged Care Services Ltd, Home Instead, and Mycare.
Ans: The home care services segment accounts for the largest market share in Australia and New Zealand Elderly Care Services Market by service.