Overview and Scope
Geriatric care services encompass a range of specialized healthcare and support services tailored to meet the unique needs of elderly individuals. These services often include medical care, assistance with daily activities, social engagement programs, and support for caregivers.
Sizing and Forecast
The geriatric care services market size has grown strongly in recent years. It will grow from $1,007.33 billion in 2023 to $1,076.85 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to an increase in disorders, increased government initiatives, an increasing geriatric population, an increasing prevalence of obesity, and a rising prevalence of chronic health conditions.
The geriatric care services market size is expected to see strong growth in the next few years. It will grow to $1,479.04 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to an increase in the number of medical facilities, a rise in dementia cases, increasing personalized care plans, increasing demand for home-based care services, and rising palliative and hospice care. Major trends in the forecast period include innovations in medical technology and healthcare delivery systems, remote consultations and monitoring, product developments, advancements in healthcare technology, artificial intelligence in wearable devices, and rising partnerships.
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Segmentation & Regional Insights
The geriatric care services market covered in this report is segmented –
1) By Type: Homecare, Healthcare, Institutional Care Centers, Non-Medical Health Care, Hospital Based Care, Assisted Living, Independent Senior Living, Rehabilitative Care Services
2) By Age Group: 65 To 70 Years, 70 To 75 Years, 75 To 80 Years, More Than 80 Years
3) By Application: Respiratory Diseases, Diabetes, Osteoporosis, Other Applications
4) By End User: Institutional Care Services, Nursing Homes, Rehabilitation Centers, Hospitals
North America was the largest region in the geriatric care services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the geriatric care services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing prevalence of chronic diseases is expected to propel the growth of the geriatric care services market going forward. Chronic diseases refer to long-term health conditions that persist over an extended period, often requiring ongoing management and treatment as they are generally not curable. Chronic disease rates are rising due to several interconnected factors, such as an aging population, unhealthy lifestyles, and the accessibility and infrastructure of healthcare. Geriatric care services are essential in improving the quality of life for senior citizens with long-term medical conditions because they offer comprehensive, patient-centered care that takes into account their functional, psychological, and medical requirements. For instance, in January 2023, according to the National Library of Medicine, a US-based biomedical library, the number of people 50 years of age and older who have at least one chronic illness is predicted to rise from 71.522 million in 2020 to 142.66 million in 2050, representing a 99.5% increase. Simultaneously, it is anticipated that the number of people with multimorbidity is going to grow from 7.83 million in 2020 to 14.97 million in 2050, marking a 91.16% increase. Therefore, the increasing prevalence of chronic diseases is driving the geriatric care services market.
Key Industry Players
Major companies operating in the geriatric care services market are Home Instead Senior Care Incorporated, Pfizer Inc., F. Hoffmann-La Roche AG, Merck & Co. Inc., Bristol-Myers Squibb Company, Allergan Inc., Regeneron Pharmaceuticals Inc., Quest Diagnostics Incorporated, Juniper Networks US, Genesis HealthCare Corporation, Kindred Healthcare Incorporated, Benesse Holdings Inc., Brookdale Senior Living Incorporated, Endo Pharmaceuticals Inc., Amedisys Incorporated, Sunrise Senior Living Incorporated, Active Day Inc., NMC ProVita International Medical Centre Ltd., Econ Healthcare Group, Living Assistance Services Inc., Rosewood Care Group Inc., St Luke’s ElderCare Ltd., Epoch Elder Care Private Limited, LivHOME, GGNSC Holdings LLC
The geriatric care services market report table of contents includes:
1. Executive Summary
2. Geriatric Care Services Market Characteristics
3. Geriatric Care Services Market Trends And Strategies
4. Geriatric Care Services Market – Macro Economic Scenario
5. Global Geriatric Care Services Market Size and Growth
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31. Geriatric Care Services Market Other Major And Innovative Companies
32. Global Geriatric Care Services Market Competitive Benchmarking
33. Global Geriatric Care Services Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Geriatric Care Services Market
35. Geriatric Care Services Market Future Outlook and Potential Analysis
36.Appendix
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