Geriatric care services Market Global Industry Trades and Forecasted to 2030

Geriatric care services are the process by which elderly people and those with physical and or mental impairments are managed and organized to meet their long-term care needs, improve their quality of life, and preserve their independence for as long as possible. It includes working with elderly people and their families to administer, offer and refer to different forms of health and social care services. Geriatric care services combine health and psychological care with other necessary resources such as accommodation, home care services, nutrition services, daily life activities support, social programs as well as legal and financial planning. It encourages healthy change in older adults through the prevention and treatment of diseases and disabilities often associated with aging. The primary duties of geriatric care services are to ensure that elderly people are handled and controlled promptly and to protect and manage their health.

Global Geriatric Care Services to surpass USD billion by 2030. Continuously increasing the geriatric population with chronic and other health-based conditions is the major factor driving the growth of the worldwide Geriatric Care Services market. Also, changing social and economic conditions in many nations around the world are the factors propelling the Geriatric care services market growth. Furthermore, technological advancements in geriatric care services are projected to benefit the growth of the geriatric care services market in the upcoming years.

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  • Market size & share analysis
  • Top market players with sales, revenue, and business strategies analysis
  • Market growth drivers and restraints
  • Market opportunities & challenges
  • Research methodology

Global Geriatric Care Services: Key Players

  • Brookdale Senior Living
  • Extendicare Inc.
  • Gentiva Health Services, Inc.
  • Kindred Healthcare Inc.
  • Senior Care Centers of America
  • Sunrise Senior Living Inc.
  • Genesis Healthcare Corp.
  • Home Instead Senior Care Inc.
  • GGNSC Holdings, LLC
  • LivHOME
  • Other Prominent Players

Global Geriatric Care Services: Segments

Institutional Care segment to grow with the highest CAGR during 2020-30

Global Geriatric Care Services is segmented by Service into Home Care, Adult Day Care, and Institutional Care. Institutional Care, the segment held the largest market share in the year 2019 and will continue to dominate the market in the coming years. Institutional Care services consist of nursing homes, hospital-based services, independent senior living, and assisted living. Besides, nursing homes and assisted living facilities offers greater care to older patients where they don’t have to follow rigid timetable thereby driving the market segment growth.

Public segment to grow with the highest CAGR during 2020-30

Global Geriatric Care Services is divided by Service Provider into Public and Private. The public segment held the largest market share in the year 2019 and will continue to dominate the market in the coming years owing to the excellent and affordable medical services to the elderly population. The government regulates the price of drugs, care, and medical facilities via negotiation and legislation and thereby reduces the administrative costs of dealing with various private health insurers, thus boosting the growth of the market segment.

86-90 Years segment to grow with the highest CAGR during 2020-30

Global Geriatric Care Services is bifurcated by Age Group into 65-70 years, 71-75 years, 76-80 years, 81-85 years, 86-90 years, and above 91 years. 86-90 years segment held the largest market share in the year 2019 and will continue to dominate the market in the coming years since this age group is prone to various chronic diseases such as diabetes, stroke, cardiovascular diseases, cancer, and orthopedic diseases. Also, in this age group incidence of age-related diseases including renal insufficiency and arthritis, metabolic change, Parkinson’s disease, organ failures, and nervous disorders is higher which is projected to surge the demand for geriatric care services.

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Market Dynamics

Drivers

Increasing geriatric population

The growth of the geriatric care services market is expected to be driven by a growing geriatric population vulnerable to the risk of chronic diseases. In the geriatric population, the risk of chronic diseases such as arthritis, diabetes, cardiac disorders, dementia, and respiratory disorders is greater and therefore requires continuous monitoring which is anticipated to drive the growth of the global market for geriatric care services during the forecast period. According to the World health organization, in developing economies, the geriatric population is expected to hit almost 1 billion by 2050, and this growth would translate into tremendous demand for elderly care services, thereby expanding the market’s size in the near future. In addition, an increase in comorbid conditions and decline in immunity owing to aging is projected to surge the demand for geriatric care services.

Technological advancements in geriatric care services

With the introduction of current mobile technology and the increasing penetration of the internet, the rise in smartphone and tablet ownership has also increased. At the same time, the treatment paradigm for elderly care programs has turned to emerging technologies. Several devices monitor diet and nutrition, adherence to medication, and health symptoms that need urgent treatment from health practitioners. Senior care has vastly improved with the increasing advancements in technology. The geriatric population can be taken care of without a human even present. All these factors are expected to boost the growth of the geriatric care services market.

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Restraint

High cost of geriatric care services

High cost associated with geriatric care services is anticipated to restrict market growth over the forecasting period. Due to its high cost some patients are not able to afford it which may negatively impact the market growth. Furthermore, a lack of geriatric care services in developing economies is likely to hamper the growth of the market.

Global Geriatric Care Services: Regions

Global Geriatric Care Services is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and Middle East and Africa. Global Geriatric Care Services in North America held the largest market share in the year 2020. North America will continue to dominate the global Geriatric Care Services Market. The region has experienced potential growth due to the presence of major key players. The presence of a huge customer base along with favorable reimbursement policies is further accelerating the regional market growth. Besides, the mounting prevalence of chronic diseases and technological advancements further expected to upsurge the demand for Geriatric Care Services in North America.

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