Recently, the Twitter community shared their thoughts about “Elderly care business” which was found to have a high growth direction in the last 2-3 years, mainly because comes from the fact that many countries around the world have stepped into the “an aging societyand the number of newborn populations is decreasing.
Some Twitter users reflected that Another reason that makes this business hot. because of the economic situation and society today forcing the children I had to go out to work to support my own family. More than caring for parents, elderly people at home
Some share that palliative care has been growing in Europe for 10 years, but in Asia it is just starting to grow. because of the way of thinking about death And caring for the elderly or sick people in our home has started to change from the past.
from the comments from the netizens. Digging deeper, there are surveys from many marketing agencies. pointing in the same direction as from 2020-2021 onwards Palliative care and/or Home Care around the world is actually growing and is expected to continue to grow every year within the next 3-8 years
According to Allied Market Research, a survey of the market value of palliative care businesses from around the world, it found that The global market forecast for the said business is valued at $11.2 billion in 2020 and is expected to reach $25.309 million by 2030, with a compound annual growth rate of 8.4% between 2021 and 2030.
Photo credit: Allied Market Research.
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The key factors driving the high growth of the palliative care market are:
- Increase in the aging population worldwide
- The demand for palliative care services in hospitals and clinics is increasing.
- The number of doctors qualified for palliative care is increasing.
- People these days are aware of increasing awareness of chronic life threatening diseases
- Advances in remote disease detection technology in the “Wellness” industry are more advanced.
However, on the other hand, the inaccessibility of palliative care in underdeveloped countries is expected to hinder the growth of the market during the forecast period.
On the other hand, a report from Bank of America (BofA) Global Research indicates that housing and elderly care in the United States is a $23 billion industry by 2021, with growth in the coming years at a rate of 7-8% annually. U.S. mitigation) is expected to boom in the next few years.
Although data from the Global Well-being Institute (GWI) has previously provided predictions, The global well-being economy will be worth about 7 trillion dollars or 230 trillion baht by 2025.
Looking back in Thailand Many people may want to know that there is a palliative care business and a home for the elderly in our home. How much will it grow?
The answer is.. It will grow like all over the world with information from the Business Development Department. It was found that the elderly care business The capital increase continues to increase 8 times and the market for elderly businesses in Thailand The value is higher than 100 billion baht, while only the elderly care business. with a total value of more than 10 billion baht, growing 1.5 times per year since pre-Covid-19
There are off-site care services, the private sector, and a home care provision business. Including businesses involved in the care of the elderly, while registered members of the Association of Health and Elderly Organizations There are approximately 150-200 places.
Palliative care, or palliative care, refers to health care that focuses on improving the quality of life of patients and their families, reducing physical, mental, social and spiritual suffering Living with a chronic disease that limits daily life ( The elderly and non-elderly) and cannot be cured, such as cancer, chronic kidney disease, lung disease, or dementia (Alzheimer’s).
Palliative Care can provide treatment in conjunction with the main treatment at the same time, and Palliative Care will help patients understand the disease. understand the prognosis of the disease understand the treatment and understand the benefits and risks of treatment and help patients make better decisions about treatment
Palliative care is not just hospice care. but will start caring for the patient from the time the patient is diagnosed until the patient is close to death. It is holistic care from start to finish. to support the patient’s quality of life reducing severe symptoms and suffering caused by disease
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Reference: elder.org/palliative-care, Ramathibodi University Faculty of Medicine, related market research, hospicenews, twitter/Palidavera
Proofread…Silawong Sure
