Geriatric Care Services Market to Grow with a CAGR of 6.00% through 2028
Government
support and favorable reimbursement policies are expected to drive the Global Geriatric
Care Services Market growth in the forecast period, 2024-2028.
According to
TechSci Research report, “Geriatric Care Services Market – Global Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2028”,
the Global Geriatric Care Services Market stood at USD 1011.93 billion in 2022
and is anticipated to grow with a CAGR of 6.00% in the forecast period,
2024-2028. This can be attributed to long-term reimbursement policies. The
availability of advantageous long-term reimbursement policies for senior
housing and healthcare services has significantly boosted the growth of the
geriatric care market. These policies make it financially feasible for families
and individuals to access high-quality care and accommodations for their
elderly loved ones, further driving the expansion of the industry.
Furthermore,
cultural competence is becoming essential in geriatric care services to provide
culturally sensitive care. Care providers are emphasizing diversity training to
ensure they can adapt their care practices to respect the cultural backgrounds
and beliefs of the elderly population.
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"Global Geriatric Care Services Market”
The global
market was significantly impacted by the COVID-19 pandemic. Older adults, being
more susceptible to the virus, sought assistance from healthcare management,
home care, and nursing services, along with their families. Concerns about the
risks associated with communal living arrangements, such as nursing homes and
assisted living facilities, led many families to opt for home care services for
their elderly loved ones. This shift created opportunities for home care
agencies and caregivers to offer personalized support within a safer
environment. A survey conducted by the Centers for Disease Control and
Prevention (CDC) in 2020 during the pandemic revealed that there were 4,127
active adult daycare service centers in the U.S.
The pandemic
also stimulated innovation in the geriatric care industry, leading to the
development and adoption of technological solutions. These solutions included
remote monitoring devices, emergency assistance gadgets, wearable health
trackers, and communication platforms, which were increasingly utilized to
ensure the well-being and safety of older adults and patients with minimal
effort. For example, the CarePredict Tempo Series 3 uses sensors to monitor
daily activities and notifies family members of any changes in a senior's
routine, helping to identify health risks such as accidents, heart attacks, or
other potential hazards.
Factors such as
the advancement of specialized robots designed to assist the elderly in their
daily tasks, along with an aging population that is more susceptible to a range
of health conditions, including neurological conditions, cancer, orthopedic
issues, atherosclerosis, cardiovascular diseases, respiratory disorders,
arthritis, and Alzheimer's disease, are expected to drive growth in the
geriatric care services market. The Alzheimer's Association in Chicago
estimates that in 2023, approximately 6.7 million people in the U.S. aged 65
and older will be suffering from Alzheimer's disease, and this figure is
projected to rise to around 12 million by 2050.
Geriatric care
services play a crucial role in providing legal and financial assistance to the
elderly, addressing their psychological and social needs. These services
encompass areas such as nutrition, healthcare, emotional and psychological
support, as well as accommodation for elderly individuals. According to the
World Health Organization (WHO), it is projected that by 2050, the global
population of adults aged 60 years and above will double, increasing from 12%
to 22% of the total population.
The Global Geriatric
Care Services Market is segmented into services, regional distribution, and
company.
Based on its services,
the home care sector stood out in 2022 as the dominant market player, boasting
the largest share of revenue. Furthermore, it is projected to exhibit the most
rapid CAGR over the forecast period. This growth is attributable to the
numerous advantages associated with home care, including the comfort it
provides, the autonomy it allows for in caregiving, and the reduced expenses
associated with it.
The
adult daycare services segment is further divided into healthcare and
non-medical healthcare services. An emerging trend in the senior care market is
the emergence of Intergenerational Day Centers (IDCs). These facilities offer
care and activities for both older adults and children under one roof. IDCs
deliver advantages to both generations, including enhanced cognitive function,
emotional well-being, and mutual learning. They also foster social cohesion and
cultural diversity by encouraging positive interactions between individuals of
different age groups and backgrounds.
Based on region,
North America emerged as the dominant force in the market in 2022, capturing
the largest share of revenue. This achievement can be primarily attributed to a
continuous evolution in reimbursement policies and the abundant presence of
various long-term care centers across the United States. To provide context,
the National Library of Medicine reported that approximately 237,400
individuals in the United States were enrolled in adult day services centers
(ADSCs) in 2020.
Conversely, Asia
Pacific is poised to experience the most rapid CAGR during the forecast period.
The changing family dynamics in countries like China are anticipated to
intensify the demand for external care providers. China's one-child policy,
enforced from 1980 to 2015, has resulted in smaller family units that may
struggle to support their aging population. As a result, there's a growing
number of elderly individuals living on their own. The expanding elderly
demographic, characterized by individuals with chronic medical conditions,
along with increased disposable income and heightened awareness of healthcare
facilities, are some of the driving factors behind the swift growth in nations
such as Japan, China, and India.
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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