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The global long term care market size is expected to reach USD 1.7 trillion by 2027, expanding at a CAGR of 7.1%. The market is expected to grow primarily owing to the rising prevalence of target diseases, especially Alzheimer’s and other dementias, among the aging population. In addition to this, increasing awareness about different long term care (LTC) facilities and the increasing medical coverage for home healthcare are likely to benefit LTC market growth. view source 
According to World Population Prospects 2019, the global population aged 65 years and above was 703 million in 2019. The number of elderly people is projected to double by 2050 to reach 1.5 billion. The global share of the elderly population increased to 9% in 2019 from 6% in 1990 and is expected to rise further to 16% by 2050 with one in every six people in the world to be over 65 years of age. It is expected that the people turning 65 years are more likely to take some type of long term care services in the years to come. There has also been a shift towards in-home care from hospitals.
Elderly Care Products and Services Market size is $832.8 billion in 2019, growing at a CAGR of 3.9% during the forecast period 2020-2025. The growing demand for home care services for elderly people is a significant factor driving the Elderly Care Products and Services market during the forecast period 2020-2025.
Elderly care, often referred to as senior care, is specialized care that is designed to meet the needs and requirements of senior citizens at various stages. As such elderly care is a broader term, as it encompasses everything from assisted living and nursing care to adult day care, home care and even hospice care. Increasing geriatric population and the growing awareness among consumers regarding home care services is a significant factor fueling its market growth.
Besides, this upsurge in technological advancement including development of robots capable of assisting elderly people in carrying out day to day operation is estimated to boost its market growth. Also, various government organizations are supporting this industry, thus fueling market growth.
For instance, in Australia the government funds offer an Aged Care Approval Round (ACAR) and similar other programs to help service providers with grant or build their facilities. In addition, owing to the Covid 19 pandemic the government is set to provide a package of $52.9million, to residential aged care (RAC), National Aboriginal and Torres Strait Islander (NATSI), and Home Care providers over the next 2 years.
Europe contributed to the largest market share of 37.4% owing to the presence of large dominant players in the region including Koninklijke Philips and Medtronic Plc.
Housing and Assistive Devices segment held the largest market share in the year 2019 owing to the rising geriatric population leading to an increase in the number of cardiovascular diseases such as arthritis, cataracts, and heart diseases are some of the factors increasing the use of housing and assistive devices in the upcoming years. view source 
According to the World Health Organization, about more than 1 billion people are using housing and assistive devices promoting dependency and decreasing the need for other support which is projected to increase the growth of this segment. Also, personal care products are projected to witness growth at the fastest CAGR of 3.3% in the forecast period 2020-2025. Personal care products help to maintain personal hygiene for elderly people improving health problems and an increase in the demand of this segment.
The increasing social services in U.K. covering multiple services from counselling, referrals, day care, vocational rehabilitation and habilitation services to the elderly people will further support market expansion. Moreover, according to the provisional figures published by the Central Bureau of Statistics (CBS), UK on January 2019, estimated 3.31 million population is above 65 years old which in turn accounted for estimated 19.4% of the total population of U.K.
CBS predicts a 36% growth in persons aged 85+ between 2015 and 2025, from 1.5 million to 2 million. This is expected to lead to a substantial increase in demand for care home services.
The care homes services is worth around £15.9 billion a year in the UK, with around 410,000 residents (2017).
It is estimated that the demand for beds in care homes will rise by 60% until 2023 and by 150% until 2043. The many more elderly people living in the UK today, rightfully expect to enjoy the comfort, security and social environment that are so important for those reaching retirement. view source 
In the UK the idea of living in a care home in your golden years is very much embedded in the local culture.
Therefore, the growing elderly population coupled with the rising demand of services for individuals suffering from chronic diseases that are above the age of 60 worldwide will further fuel market growth. In addition, increase in the population globally has ensured higher elder care thereby, the market is anticipated to grow in the upcoming years.