The global geriatric care services market size was valued at US$ 1057.8 billion in 2021 and is expected to surpass around US$ 1754.1 billion by 2030, growing at a CAGR of over 5.78% over the forecast period 2022 to 2030.
The medical care of elderly people is the geriatric care services provide in catering the psychological as well as the social needs of the seniors. It helps in combating the various complexities of aging. The geriatric care services integrates the healthcare, the psychological care, the nutritional care and the housing of the elderly people. It also helps in providing financial and legal planning. The elderly people were at a higher risk for contracting COVID-19. As the old Age is associated with many co-morbidity's like hypertension, diabetes, kidney diseases and pulmonary diseases. The pandemic had posed many challenges across to geriatric caregivers. It was very critical for them to follow the protocols and take necessary measures and precautions to avoid the transmission of disease. There was a higher mortality rate in the elderly people. Due to the shortage of Labor during the pandemic, there was an extra strain on this sector.
Substantial increase in the geriatric population across the world has increased the demand for the skilled services worldwide. There are many patients that are suffering from the Alzheimer's disease with high incidence of dementia and is expected to help in the growth of the market. About 47.5 million suffer from dementia, according to the World Health Organization report. Other conditions like diabetes, high blood pressure and stroke are also helping in the growth of the market. The demand for the skilled nursing services has increased. The skilled nursing services are expensive. There are ongoing improvements which are related to the geriatric care services like professional education and transparency regarding the quality of care provided to the patients. Technological advancements in this sector and favorable government policies will drive the market. There are many attractive insurance and reimbursement policies for the geriatric population and there is a growing funding from the government for the elderly care. So all of these factors are collectively responsible for the growth of the geriatric care services market during the forecast period.
Report Scope of the Geriatric Care Services Market
|Market Size by 2030||USD 1754.1 Billion|
|Growth Rate from 2022 to 2030||
CAGR of 5.78%
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2022 to 2030|
|Segments Covered||Service, Service Provider, Payment Source, Application, Region|
|Companies Mentioned||Amedisys Incorporated, Brookdale Senior Living Incorporated, GGNSC Holdings, Home Instead Senior Care Incorporated, Kindred Healthcare Incorporated, Senior Care Centers of America, Extendicare Incorporated, Genesis HealthCare Corporation, Gentiva Health Services Incorporated, Skilled Healthcare Group Incorporated, Sunrise Senior Living Incorporated|
There is an increase in the demand and a huge preference for the home care segment. The Home Care segment in the geriatric care services market has seen a growth in the recent years and it is expected to rise at a hour of 10.7% during the forecast. Home care segment is expected to grow as it provides comfort, personal care. It helps in improving the overall health of the person and promotes confidence. The home care segment is preferred and it is growing because it is associated with reduced risk of re hospitalization and longer life of the patients. Owing to all these reasons, the geriatric care services market will see a growth in the future. The other service segments are adult daycare and institutional care. The adult daycare services of other divided into non medical health care services and health care services. The home care services are expected to witness good growth during the forecast due to many other reasons. Like the awareness regarding the advantages of the Home Care Services in the patients and in the post surgery recoveries of these patients.
Service Provider Insights
High level of geriatric care is provided by the private sectors to the elderly. The private segment in the geriatric care services is expected to grow at a CAGR of 10.6% by the year 2030. The private service providers have fully trained workers, professionally qualified people and quality care providers. The private segment has more doctors allocated to limited number of patients which helps in offering better consultation and service to the consumers which is not the case in the public facilities. Due to the factors like the availability of drugs, cleanliness and privacy, the private sector is expected to grow. The private sector has many support policies which provide good coverage of various diseases and expenses.
Payment Source Insights
The public insurance segment of the geriatric case services market is expected to grow during the forecast. As the public insurance is affordable and it provides many tax benefits, the market shall prove. The public insurance segment provides a comprehensive medical insurance for the senior citizens and hence it is expected to grow during the forecast period. But the medical insurance providers that provide for both the families and the sufferers.
The public insurance often covers the pre-existing diseases and the hospitalization cost. As they provide a coverage for many disorders like the cancer, cardiovascular diseases and organ transplants the market for the public insurance is expected to grow during the coming years.
The North American region had the largest market share for the geriatric care services. The US has dominated the North American market. US is the largest market for geriatric care services as it has a rising geriatric population. It provides insurance services and government funding for the elderly people. In US, about 7500 centers are providing geriatric care services. Italy has the maximum number of aged people in the European countries. The geriatric care services market rally is expected to grow at a CR of 9.2% during the forecast. Due to the availability of well established health policies and high average life expectancy the market is expected to grow. Many major players of the geriatric care services market are targeting the european nations.
The Asia Pacific region has untapped Potential as there are unmet medical needs, large elderly population and low rate of product penetration. In countries like India and China there is a rise in the conditions related to the neurological, orthopedic and cardiovascular disorders.
Key Market Players
Segments covered in the report
By Service Provider
By Payment Source
No cookie-cutter, only authentic analysis – take the 1st step to become an Precedence Research client