The global Geriatric Care Services Market size is estimated to reach USD 1,012.02 billion by 2022, registering at a 6.1% CAGR during the forecast period. Growing geriatric population coupled with rising prevalence of chronic diseases is one the key factors driving the growth of geriatric care services market. According to United Nations World Ageing Population 2015 report, it was estimated that between 2015 and 2030, the number of people aged 60 years and above will grow by 56 percent, from 901 million (2015) to 1.4 billion (2030). It was also reported that by 2050, the number is expected to double its size, reaching about 2.1 billion. In addition, growing demand for independent aging solutions and introduction of robotic technology in geriatric care is also anticipated to further boost up the market growth.
Presence of favorable reimbursement policies and increased life expectancy are also amongst few factors expected to propel demand for geriatric care services. There is an increase in the adoption level for these services owing to the advantages associated with these services such as in chronic care management. Furthermore, increasing number of homecare and long term care services offered by geriatric care centers such as nursing care, health assessment & monitoring, and counseling & financial support is anticipated to drive the demand for these services.
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Favorable government initiatives and increasing elderly population prone to cardiovascular, orthopedic, neurological, and respiratory disorders are some of the crucial attributes of this market. However, high cost of devices may hinder the growth of geriatric care services in emerging economies like China, India, and Brazil.
Service Insights
Based on the services, the market is segmented as home care, adult day care, and institutional care. Institutional services market held the largest market share of about 41.1% in 2014 pertaining to the factors such as presence of large number of institutions and high usage levels of the institutions offering geriatric care services. In addition, homecare services is expected to witness fastest growth over the forecast period owing to increasing awareness regarding the advantage associated with the home care services among the elderly and patients in post-surgery recoveries. Increasing demand for independent aging solutions and need for reducing overall cost of care services further drives up demand for such services. However, low preference and availability of other options such as community centers and assisted living in developing countries may limit the growth of geriatric care services.
Regional Insight
North America dominated the market with the maximum share of 44.5% in 2014. Some of the key factors attributing to the market growth include favorable reimbursement policies and presence of large number of care centers in the U.S. According the Center of Disease Control (CDC) in 2012, there were nearly 95% nursing homes, 77% adult day care service centers, 78% home health agencies, and 52% residential care communities were certified to participate in Medicaid. Asia pacific region is expected to be the fastest growing segment with a CAGR of 8.5% over the forecast period. The region offers untapped potential due to low product penetration rate, unmet medical needs, and large elderly population base in emerging economies like India and China. Rising incidences of neurological, orthopedic, and cardiovascular disorders in such countries is expected to drive the growth in this region. The growth prospects in Mexico is significant during the forecast period due to inadequate and distributed geriatric care services.
Competitive Insights
Few of the key participants of geriatric care services market include, Senior Care Centers of America; Brookdale Senior living; Kindred Healthcare Inc.; Genesis Healthcare Corp.; Sunrise Senior Living Inc.; GGNSC Holdings, LLC and Extendicare, Inc.
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Market Segment
Global Geriatric Care Services Product Outlook (Revenue, USD Billion, 2014 - 2022)
• Home care
• Medical care
• Physiotherapy services
• Telehealth
• Palliative care
• Hospice care
• Non Medical Home Care
• Personal care
• Home making
• Meals and grocery
• Rehabilitation
• Others
• Adult day care
• Health care
• Non medical care
• Institutional care
• Nursing Homes
• Palliative Care
• Hospice Care
• Hospital Based
• Assisted Living
• Independent Senior Living
Geriatric Care Services Regional Outlook (Revenue, USD Billion, 2014 - 2022)
• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• UK
• Asia Pacific
• China
• Japan
• India
• MEA
• South Africa
• Latin America
• Brazil
Related Reports of This Category Available at Million Insights: https://www.millioninsights.com/industry/medical-devices
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