Geriatric Care Services Market: Trends, Competition, and Opportunity Analysis from 2019 to 2028

The Geriatric Care Services Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028 report by TechSci Research delves into the expansive landscape of geriatric care, providing comprehensive insights into market dynamics, growth drivers, and emerging trends. The market, valued at USD 1011.93 billion in 2022, is projected to witness a steady growth trajectory, with a forecasted CAGR of 6.00% during the period of 2024-2028.

Definition of Geriatric Care Services:

Geriatric Care Services encompass a range of specialized services designed to cater to the needs of elderly individuals. These services include healthcare, emotional support, accommodation, legal and financial assistance, and addressing social needs, aiming to enhance the quality of life for the aging population.

 

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Benefits of the Research Report:

1. Understanding Long-Term Reimbursement Policies

The report elucidates the influence of long-term reimbursement policies on the growth of the geriatric care market. These policies facilitate financial accessibility to high-quality care and accommodations for the elderly, contributing significantly to market expansion.

2. Cultural Competence in Geriatric Care

Emphasizing cultural competence in care provision is highlighted in the report. Providers are undergoing diversity training to ensure culturally sensitive care practices, addressing the diverse backgrounds and beliefs of the elderly population.

3. Impact of COVID-19 and Shifting Care Preferences

The report explores the profound impact of the COVID-19 pandemic on the geriatric care industry. It details how concerns about communal living arrangements led to a surge in home care services, creating opportunities for personalized support in safer environments.

4. Technological Innovations Driving Industry Growth

Innovation within the geriatric care sector is showcased, focusing on the development and adoption of technological solutions. Remote monitoring devices, emergency assistance gadgets, and wearable health trackers are detailed, underscoring their role in ensuring the well-being and safety of older adults.

5. Addressing Complex Health Conditions and Growing Demographics

The report examines the market’s response to an aging population susceptible to various health conditions. It highlights specialized robots and forecasts the prevalence of conditions like Alzheimer’s disease, shedding light on the market’s growth trajectory.

Market Dynamics and Growth Factors:

• Reimbursement Policies: Long-term reimbursement policies have been instrumental in expanding the market, ensuring financial viability for families seeking quality care for elderly members.
• COVID-19 Impact: The pandemic shifted preferences towards home care due to concerns about communal living, fostering opportunities for personalized care services and technological advancements.
• Technological Advancements: Innovations in remote monitoring devices and specialized robotics are driving the market’s growth, addressing the diverse health needs of the elderly population.

Segmentation and Key Insights:

Services:

• Home Care: Emerged as the dominant market player in 2022 and is projected to exhibit rapid growth. The comfort, autonomy, and cost-effectiveness of home care services contribute to its increasing demand.
• Adult Daycare Services: Intergenerational Day Centers (IDCs) represent an emerging trend, offering benefits to both older adults and children, fostering cognitive function, emotional well-being, and social cohesion.

Regional Distribution:

• North America: Dominated the market in 2022, fueled by evolving reimbursement policies and the abundant presence of long-term care centers, particularly in the United States.
• Asia Pacific: Poised for rapid growth due to changing family dynamics in countries like China, where smaller family units struggle to support an aging population, leading to increased demand for external care providers.

The Geriatric Care Services market presents a dynamic landscape driven by evolving reimbursement policies, the impact of the COVID-19 pandemic, technological innovations, and an aging demographic. The report by TechSci Research offers invaluable insights for stakeholders, enabling informed decision-making and strategic planning amidst the evolving landscape of geriatric care services globally.

Major companies operating in Global Geriatric Care Services Market are:

• Brookdale Senior Living Inc.
• Extendicare Canada Inc
• Gentiva Health Services Inc
• Knight Health Holdings LLC
• Sunrise Senior Living LLC
• Genesis Healthcare LLC
• Home Instead Inc
• GGNSC Holdings LLC

 

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“The Global Geriatric Care Services Market is at a crossroads, marked by numerous promising trends that reflect the evolving needs and expectations of the aging population. The integration of telehealth, the focus on aging in place, technology adoption, person-centered care, memory care services, gerontechnology, holistic wellness programs, cultural competence, and the application of AI and machine learning are some of the transformative trends that will continue to shape the industry,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Geriatric Care Services Market By Services (Home Care Services (Health Care, Non-Medical Home Care), Adult Care Services (Health Care, Non-Medical Care), Institutional Care Services (Nursing Homes, Hospital-Based, Assisted Living, Independent Senior Living)), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Geriatric Care Services Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Geriatric Care Services Market.

 

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