Geriatric Care Services Market Size To Report Impressive Growth, Revenue To Surge To USD 1996.03 Billion by 2032
The medical care of elderly people is the geriatric care services provide in catering the psychological as well as the social needs of the seniors. It helps in combating the various complexities of aging. The geriatric care services integrates the healthcare, the psychological care, the nutritional care and the housing of the elderly people. It also helps in providing financial and legal planning.
Global Geriatric Care Services market size accrued earnings worth approximately USD 1058.69 Billion in 2023 and is predicted to gain revenue of about USD 1996.03 Billion by 2032, is set to record a CAGR of nearly 7.30% over the period from 2024 to 2032.
The elderly people were at a higher risk for contracting COVID-19. As the old Age is associated with many co-morbidity's like hypertension, diabetes, kidney diseases and pulmonary diseases. The pandemic had posed many challenges across to geriatric caregivers. It was very critical for them to follow the protocols and take necessary measures and precautions to avoid the transmission of disease. There was a higher mortality rate in the elderly people. Due to the shortage of Labor during the pandemic, there was an extra strain on this sector.
growing demand for home care services for elderly people
increasing technological advancement and product innovation
supportive government initiatives across various countries
ongoing diversification in product portfolios
contemporary-day changes in the healthcare setup
integration of robotics engineering in dental procedures
outstanding customer and employee experience
revenue, profit growth, and business model innovation
Demand for geriatric care services is expected to positively drive the market over the forecast period owing to the focus on extensive Research and Development by manufacturers to support the healthcare sector with prominent offerings. The presence of various long-term care services providers coupled with favorable reimbursement policies is a few factors expected to boost the growth of the geriatric care services market.
In a key event that can impact geriatric care services market gains, on September 4th 2018, NYU Meyers introduced a new initiative Aliviado, which is a resource for home health & hospice teams caring for dementia patients. Reportedly, the program is aimed at offering relief to patients affected due to dementia by assisting healthcare agencies and hospitals impart high-quality as well as compassionate care for patients.
In yet another major breakthrough witnessed across geriatric care services market, in August 2018, Guangzhou city of China introduced smart technologies for enhancing healthcare services for old-age population of the region. Reports cite that the robot, which is embedded with facial recognition technology, can perform a physical examination as well as offer medical advice pertaining to user’s health requirements.
As estimated in this report, The main types available in this geriatric care services market are home care, adult day care, and institutional care services. Among them, the demand for institutional care services is relatively higher and the trend is anticipated to remain so over the next few years, notes the research report.
Meteoric Geriatric Population Rise To Favorably Leverage Market Value
“Exponential rise in the geriatric population across the globe is anticipated to promote geriatric care services market trends over the years ahead,” says the author of this study. Apart from this, mounting need of personal care for elderly population affected due to chronic ailments is likely to boost geriatric care services market demand over the forthcoming years.
Long Term Presence Of Geriatric Care Services To Impel Regional Growth
Regionally, North America has been leading the worldwide geriatric care services market and is anticipated to continue on the dominant position in the years to come, states the geriatric care services market study. The long-term presence of geriatric care services along with existence of well-established medical & healthcare infrastructure is the main factor behind the dominance of the North America geriatric care services market. The high number of market players being headquartered in North America is another significant factor that is supporting this regional geriatric care services market.
Key aspects of the geriatric care services market include:
Types of Services:
Assisted Living Facilities: Assisted living facilities provide housing, meals, personal care assistance, and medical supervision for elderly individuals who require help with activities of daily living (ADLs) but do not need round-the-clock nursing care.Nursing Homes: Nursing homes offer skilled nursing care, rehabilitation services, and 24-hour supervision for seniors with complex medical needs or disabilities.Home Care Services: Home care services include in-home assistance with personal care, household tasks, medication management, and companionship to help seniors remain independent and age in place.Hospice Care: Hospice care provides end-of-life care and support services to terminally ill individuals and their families, focusing on pain management, symptom control, and emotional support.
Market Growth Drivers:
Aging Population: The aging global population, driven by factors such as declining fertility rates and increasing life expectancy, is a primary driver of the geriatric care services market.Prevalence of Chronic Diseases: The high prevalence of chronic diseases among the elderly, such as cardiovascular diseases, diabetes, arthritis, and dementia, increases the demand for specialized care services and medical management.Advancements in Healthcare Technology: Technological innovations in healthcare, including remote monitoring devices, telemedicine, and digital health solutions, are transforming the delivery of geriatric care services, enabling better care coordination, remote patient monitoring, and improved access to healthcare services.Focus on Aging in Place: There is a growing trend towards aging in place, with many seniors preferring to receive care and support services in their own homes rather than moving to institutional settings. This trend is driving the demand for home care services and community-based care options.Government Initiatives and Policies: Government initiatives aimed at improving access to quality geriatric care services, promoting healthy aging, and enhancing caregiver support contribute to market growth. Policies related to healthcare reimbursement, long-term care financing, and elder abuse prevention also impact the market dynamics.
Challenges and Opportunities:
Workforce Shortages: The shortage of qualified healthcare professionals, including nurses, caregivers, and geriatric specialists, poses a significant challenge to meeting the growing demand for geriatric care services.Cost of Care: The high cost of long-term care services, particularly nursing home care, can be a barrier for many elderly individuals and their families. Addressing affordability and financing options for long-term care remains a challenge.Quality of Care: Ensuring high-quality, person-centered care that meets the diverse needs of elderly individuals, including cultural, linguistic, and functional preferences, is essential for the success of geriatric care services.Integration of Services: Integrated care models that coordinate medical care, social services, and community-based support are increasingly recognized as effective approaches to improving outcomes and reducing healthcare costs for elderly populations.
Key Market Players:
The geriatric care services market includes a diverse range of providers, including healthcare systems, long-term care facilities, home care agencies, hospice organizations, and assisted living operators.Major players in the market include companies such as Brookdale Senior Living, Sunrise Senior Living, Kindred Healthcare, Amedisys, Home Instead Senior Care, and VITAS Healthcare, among others.
Research and Development Initiatives:
Ongoing research efforts focus on developing innovative care models, technologies, and interventions to address the evolving needs of elderly populations, improve quality of life, and promote healthy aging. Areas of research include geriatric medicine, dementia care, palliative care, and age-friendly communities.
The Global geriatric care services market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Key Players:
Brookdale Senior Living Inc.
Extendicare Inc.
Genesis HealthCare Corp.
Gentiva Health Services Inc.
GGNSC Holdings
Home Instead Senior Care, Inc
Kindred Healthcare Inc.
Senior Care Centers of America
Skilled Healthcare Group Inc.
and Sunrise Senior Living Inc.
The global geriatric care services market is segmented as follows:
By Product
Home CareHealth CareNon-Medical Health Care
Adult Day CareHealth CareNon-Medical Health Care
Institutional CareNursing homesHospital-basedAssisted livingIndependent Senior Living
By Region
North AmericaThe U.S.
EuropeUKFranceGermany
Asia PacificChinaJapanIndia
Latin AmericaBrazil
The Middle East and Africa
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