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Forecast Period
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2024-2028
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Market Size (2022)
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USD 1011.93 billion
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CAGR (2023-2028)
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6.00%
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Fastest Growing Segment
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Home Care Services
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Largest Market
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North America
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Market Overview
Global Geriatric Care Services Market
was valued at USD 1011.93 billion in 2022 and is anticipated to project impressive
growth in the forecast period with a CAGR of 6.00% through 2028. The increased
aging population has led to a heightened need for services catering to the
elderly. Factors contributing to the growth of this market include increased
government backing, the prevalence of chronic infectious diseases, a growing
emphasis on preventive healthcare for the elderly, and favorable long-term
reimbursement policies for senior housing. According to estimates by the
Congressional Budget Office, the proportion of individuals aged 65 or older
compared to those aged 25 to 64 is expected to increase from 34% in 2023 to 46%
in 2053.
Key Market Drivers
Aging
Population Demographics
The global landscape of healthcare
services is experiencing a profound transformation due to the demographic shift
towards an aging population. As the world's elderly population continues to
grow, the demand for specialized care and support is on the rise. This
demographic phenomenon is proving to be a catalyst for the growth of the global
Geriatric Care Services Market.
The most obvious factor contributing to
the growth of the global Geriatric Care Services Market is the increasing
proportion of elderly individuals within the global population. The world's
population is aging at an unprecedented rate, with the number of individuals
aged 65 and above steadily increasing. According to the United Nations, by
2050, it is projected that one in six people will be over the age of 65,
emphasizing the pressing need for comprehensive geriatric care services.
Advancements in healthcare, nutrition,
and living conditions have resulted in longer life expectancy worldwide. As
people live longer, they often require more specialized care and support,
especially in the later stages of life. This longevity is driving the demand
for geriatric care services that can provide assistance and healthcare tailored
to the unique needs of the elderly.
With aging comes an increased
susceptibility to various age-related health conditions, such as heart disease,
diabetes, dementia, and mobility issues. The prevalence of these conditions
among the elderly population drives the need for specialized healthcare
services that can manage, treat, and improve the quality of life for these
individuals.
Geriatric care is not just about
treating individual health conditions but also about managing the complex
healthcare needs of elderly individuals. Many seniors have multiple health
issues that require integrated and coordinated care. This necessitates a
comprehensive approach provided by geriatric care services, including medical,
psychological, and social support.
Many aging individuals prefer to remain
in the comfort of their own homes as they grow older. As a result, there is a
growing demand for in-home geriatric care services, which provide essential
healthcare, assistance with daily activities, and companionship. The preference
for in-home care is contributing to the market's growth, as it offers a more
personalized and comfortable alternative to institutional care.
The aging population also has economic
implications. As people retire, they may have significant financial resources
available for healthcare services. This has led to the development of
specialized care facilities and services, including retirement communities and
assisted living facilities, tailored to the preferences and financial
capabilities of this demographic.
Preventive
Health Care
The Global Geriatric Care Services
Market is experiencing a significant surge in demand, driven by various
factors, one of the most prominent being the increasing emphasis on preventive
healthcare for the elderly. As healthcare providers and policymakers recognize
the importance of early intervention and wellness for aging populations, the
market for geriatric care services is poised for substantial growth.
The primary objective of preventive
healthcare for the elderly is to extend their healthy, active years and enhance
their overall quality of life. By promoting a proactive approach to healthcare,
geriatric care services aim to help seniors stay independent, mobile, and
engaged for as long as possible. This focus on maintaining well-being
ultimately drives demand for a wide range of services catering to the specific
needs of older individuals.
Preventive healthcare places a strong
emphasis on early detection and management of chronic diseases that are more
prevalent among the elderly, such as diabetes, heart disease, and certain types
of cancer. Geriatric care services often incorporate regular health check-ups
and screenings, which enable timely interventions and personalized treatment
plans. This not only improves health outcomes but also reduces the burden on
healthcare systems.
Incorporating wellness programs into
geriatric care services is becoming increasingly common. These programs may
include physical fitness regimes, nutrition counseling, mental health support,
and social activities aimed at maintaining physical and mental well-being. Such
holistic approaches to preventive healthcare contribute to the growth of the
geriatric care market, as they offer comprehensive solutions for elderly
individuals looking to lead healthier lives.
Preventive healthcare measures are not
only beneficial to the health of elderly individuals but also to healthcare
systems and economies. By preventing or managing chronic diseases before they
progress to advanced stages, the healthcare industry can save on treatment
costs and reduce hospitalizations. This cost-effective approach to healthcare
is appealing to both governments and individuals and contributes to the growth
of the geriatric care services sector.
Many seniors prefer to age in place,
remaining in their homes as they grow older. Preventive healthcare services
support this preference by offering in-home care and assistance to ensure the
safety and well-being of elderly individuals. This emphasis on enabling seniors
to age in place fuels the demand for geriatric care services that provide
tailored solutions for in-home care.
Government
Support
The global healthcare landscape is
undergoing a significant transformation, driven in part by the growing emphasis
on providing specialized care and services for the elderly. A key factor
propelling the growth of the Global Geriatric Care Services Market is the
substantial support and involvement of governments worldwide.
Government support often comes in the
form of financial assistance and subsidies for geriatric care services.
Subsidies help lower the cost of care for the elderly, making it more
affordable for individuals and their families. These financial incentives encourage
the use of geriatric care services, driving demand and growth within the
market.
Government bodies play a crucial role in
establishing and enforcing regulations that ensure the quality and safety of
geriatric care services. These regulations can include licensing requirements,
staffing ratios, and safety standards for facilities. The existence of a
well-defined regulatory framework boosts the credibility of the industry,
instills confidence in consumers, and promotes market growth.
Governments often allocate funds for
research and development in the field of geriatric care. This support
facilitates the development of innovative solutions and technologies that
enhance the quality of care provided to elderly individuals. Investments in
R&D lead to improved services, increased efficiency, and the development of
new treatment modalities, further driving the growth of the market.
Many governments provide healthcare
insurance programs and Medicaid for their aging populations. These programs
cover a range of geriatric care services, including hospital care, long-term
care, and home healthcare. By including these services in government-sponsored
healthcare plans, elderly individuals have improved access to geriatric care,
bolstering the market's growth.
Government support extends to training
and education programs for healthcare professionals specializing in geriatric
care. These initiatives ensure that there is a well-trained and skilled
workforce ready to meet the needs of the aging population. A proficient
workforce contributes to the growth of the geriatric care services market by
delivering high-quality care.
Governments may actively invest in the
development of geriatric care facilities, including assisted living centers and
nursing homes. These investments increase the availability of specialized care
options, providing families with more choices when deciding on the best care
for their elderly loved ones.
Diverse
Care Options
One of the keyways that diverse care
options contribute to the growth of the geriatric care services market is by
offering tailored solutions that meet the unique needs of elderly individuals.
The elderly population is not a monolithic group, and their requirements for
care and support can vary greatly. Diverse care options encompass a range of
services, from in-home care to assisted living, memory care, and skilled
nursing facilities, ensuring that older adults can access the specific level of
care that suits their individual preferences and health status.
Diverse care options provide elderly
individuals and their families with choices and flexibility. This is especially
important as seniors increasingly seek to maintain their independence and make
decisions about their care. The availability of various care settings and
services allows individuals to select the most appropriate care solution,
ensuring that they are comfortable and well-cared for while retaining a sense
of autonomy.
The geriatric care services market has
evolved to offer holistic care options that address the physical, mental, and
emotional well-being of elderly individuals. This holistic approach considers
not only medical needs but also the importance of social engagement, mental
health, and overall quality of life. Diverse care options encompass a wide
array of services and amenities to support comprehensive well-being, promoting
both health and happiness among the aging population.
Many seniors prefer to age in place,
remaining in the comfort of their own homes as they grow older. In-home care
options provide a vital solution for those who wish to maintain their
independence and familiarity. These services offer a broad spectrum of support,
including personal care, housekeeping, medication management, and
companionship, contributing to the growth of the geriatric care services market
by catering to the diverse needs and preferences of the elderly population.
As age-related cognitive conditions such
as Alzheimer's and dementia become more prevalent, specialized memory care
facilities and services have emerged. These options offer a safe and supportive
environment for individuals with memory impairments. By addressing the unique
needs of this specific population, diverse care options ensure that elderly
individuals with memory conditions receive the specialized care and attention
they require.
Diverse care options also include
respite care, which allows family caregivers to take a break while ensuring
that their loved ones continue to receive high-quality care. This service is
essential for caregivers who need temporary relief and can contribute to the
overall well-being of both the caregiver and the elderly individual.
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Key Market Challenges
One of the most pressing challenges in
the geriatric care services market is a shortage of qualified healthcare
professionals. This shortage encompasses various roles, including nurses,
aides, therapists, and geriatric specialists. The aging population places a
heavy demand on these professionals, making it essential to attract, train, and
retain a competent workforce.
- Increasing
Healthcare Costs
The cost of providing geriatric care
services can be substantial, especially for individuals without insurance
coverage. High healthcare costs can be a barrier for many seniors who need
specialized care, limiting their access to critical services. Addressing the
affordability of geriatric care is crucial to ensure that all elderly
individuals can receive the support they need.
- Quality
and Standardization
Ensuring consistent and high-quality
care across diverse care settings and providers is another challenge.
Standardizing care practices, maintaining quality controls, and enforcing
patient safety standards can be complex, especially in a market with numerous
service options, such as in-home care, assisted living, and nursing homes.
Key Market Trends
A shift towards person-centered care is
evident. This approach emphasizes the individual needs and preferences of
elderly patients, recognizing that each person's health and well-being are
unique. Geriatric care services are increasingly focused on tailoring care
plans to align with patients' personal goals, values, and lifestyles.
With the growing prevalence of
age-related cognitive conditions like Alzheimer's and dementia, specialized
memory care services are in high demand. The geriatric care market is
responding by expanding services designed to provide safe and supportive environments
for individuals with memory impairments, including innovative therapies and
programs.
Gerontechnology, which combines
gerontology and technology, is gaining importance. This field is dedicated to
developing technology specifically designed to meet the needs of the aging
population. From mobility aids and fall detection devices to communication
platforms, gerontechnology plays a crucial role in enhancing the quality of
life for elderly individuals.
Segmental Insights
Services
Insights
Based on the category of 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.
Home care services play a vital role in
helping families create tailored care plans for their elderly members,
encompassing a wide spectrum of medical treatments, nursing services, and
personalized care. These services are administered by licensed professionals
with specialized expertise in the field. An evident benefit of home care
services is their cost-effective structure, enabling efficient resource
allocation. Caregivers employed by home care service providers make regular
visits to patients, ensuring that their unique needs are met and identifying
any unmet care requirements among the elderly population.
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.
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Regional Insights
In 2022, North America emerged as the
dominant force in the market, 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.
Recent Developments
- In March 2023, Encompass Health
Corporation unveiled its Care Transitions Program, strategically crafted to
complement patient discharge plans, with a specific emphasis on curbing
hospital readmissions in the elderly population. This initiative is finely
tuned to cater to the distinct requirements of this demographic, with the
overarching goal of facilitating a seamless shift from hospital to home. The
intended outcome is to improve patient results and diminish the chances of
rehospitalization for additional care.
- In January 2023, Baracoda, a leading
provider of cutting-edge IoT services, introduced BHeart, a groundbreaking
health tracker boasting an infinite battery life.
Key Market Players
- 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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By Services
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By Region
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- Home Care Services
- Adult Care Services
- Institutional Care
Services
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- North America
- Europe
- Asia-Pacific
- South America
- Middle East &
Africa
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Report Scope:In this report, the Global Geriatric Care Services
Market has been segmented into the following categories, in addition to the
industry trends which have also been detailed below:
- Geriatric Care Services
Market, By
Services:
o Home Care Services
§ Health Care
§ Non-Medical Home Care
o Adult Care Services
§ Health Care
§ Non-Medical Care
o Institutional Care Services
§ Nursing Homes
§ Hospital-Based
§ Assisted Living
§ Independent Senior Living
- Geriatric Care Services
Market, By Region:
o North America
§ United States
§ Canada
§ Mexico
o Europe
§ Germany
§ United Kingdom
§ France
§ Italy
§ Spain
o Asia-Pacific
§ China
§ Japan
§ India
§ Australia
§ South Korea
o South America
§ Brazil
§ Argentina
§ Colombia
o Middle East & Africa
§ South Africa
§ Saudi Arabia
§ UAE
§ Kuwait
Competitive Landscape
Company Profiles: Detailed analysis of the major companies
present in the Global Geriatric Care Services Market.
Available Customizations:
Global Geriatric Care Services market report
with the given market data, TechSci Research offers customizations according
to a company's specific needs. The following customization options are
available for the report:
Company Information
- Detailed analysis and
profiling of additional market players (up to five).
Global Geriatric Care Services Market is an
upcoming report to be released soon. If you wish an early delivery of this
report or want to confirm the date of release, please contact us at [email protected]