Geriatric Care Services Market Size to Hit US$ 1754.1 Bn by 2030

According to Precedence Research, the global geriatric care services market size is predicted to hit around US$ 1754.1 billion by 2030 and expanding growth at a CAGR of over 5.78% from 2022 to 2030.

Pune, INDIA


Ottawa, May 25, 2022 (GLOBE NEWSWIRE) -- The global geriatric care services market size was estimated at US$ 1057.8 billion in 2021. These services include the various facilities that are provided to the elderly people to make their life smooth and easy when things become quite difficult to handle at a long run. When physical and mental abilities tend to give-up, preventing and treating disorders is performed by these geriatric care services. Financial management which is also provided with these essential services uphold the independence that is required at this crucial stage of life.

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Regional Snapshots

North America has dominated the geriatric care services market and has captured more than 92% of revenue in 2020-21 pertaining to the numerous factors like the increase in the attractive offers given by the policy companies, rise in the geriatric population and funds provided by the government bodies. The Italy geriatric services market is foreseen to growth at a CAGR of 8.9% till 2027. Increase in the number of elderly people in the European nations has increased the demand for modern healthcare services.

Report Highlights

  • The geriatric care services market on the basis of services, will have the Home care segment dominating the market. As it provides benefits like the comfort of the home and high recovery rates, this segment is expected to grow during the forecast. The home care system is often associated with reduced risk of rehospitalization and a longer life. The companies providing Home Care Services offer advantages like affordability and quality care givers.
  • On the basis of the service providers, the private service providers segment is expected to grow during the forecast. The private care providers have limited patients, more doctors and better consultation provided. The customer service is great as compared to the public facilities. They have professional care providers with who are fully trained. The factors that are helping the growth of this segment is the availability of drugs and the cleanliness which they provide.
  • The public insurance segment will have the largest market share during the forecast. They provide affordable options, tax benefits and comprehensive medical insurance for seniors. Many public insurance policies cover the pre-existing diseases and the hospitalization costs of such diseases.

Scope of the Report

Report AttributesDetails
Market Size in 2021USD 1057.8 Billion
Revenue Forecast by 2030USD 1754.1 Billion
CAGR5.78% from 2022 to 2030
Base Year2021
Forecast Data2022 to 2030
 Amedisys Incorporated, GGNSC Holdings, Brookdale Senior Living Incorporated, Home Instead Senior Care Incorporated, Extendicare Incorporated, Kindred Healthcare Incorporated, Senior Care Centers of America, Genesis HealthCare Corporation, Gentiva Health Services Incorporated

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Market Dynamics

Drivers

The current improvements related to the geriatric care services and skilled work force combined with transparency and patient management has given a boost to the current market. The increasing technological developments and government support helps to makes these services available to the consumers on a large scale. The increase in chronic ailments such as diabetes type 1 and 2, orthopedic disorders, cardiovascular diseases, cancer and many others have pledged to give these services a boom to the market and have thus proved to be a boon.

Restraints

The high cost which is associated with these geriatric care services hinders the growth of the market to a great extent. The total healthcare cost for the elderly age group goes up tremendously due to the intervention expenses. The increased life expectancy amongst the people in the recent times has put a great pressure over the market as the consumers consuming these healthcare services keep on increasing day by day. The increase in the use of expensive medicines for the modern-day diseases has also imposed a pressure over the growth of the market. Increased use of advanced care services is another setback that hinders the market growth

Opportunities

The outbreak of the pandemic like Covid-19 has proved to be a boon in increasing the awareness amongst the geriatric age group for better healthcare services. Increased use of developed technology has reduced the risk of cross infection if the individual is infected with the virus. Hence providing better facility to the individual. Increase in the long-term diseases amongst the elderly age group has boosted the need for better healthcare services and facilities. With these advanced technologies a variety of emergency as well as non-medical services are provided to the geriatric age group, thus maintaining the independence as well as health.

Challenges

Shortage of geriatric healthcare services in the developing nations has led to a decline in the market. Lack of awareness among people regarding the benefits and services provided by these geriatric care services has affected the sales and market growth. The high cost which is levied on the individual in order to enjoy these services poses a great threat to the market growth as the cost of associated services attached to these primary services has increased. The reduction in the income capacity has reduced the capability of the elderly to afford such advanced healthcare services.

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Recent Developments

  • A collaboration of Royal Philips and Sunrise Senior Living Inc in November 2019 introduced the advanced Senior Care technology for the residents at the Welltower's flagship Manhattan Community. The organization shall have a strong service portfolio across the globe.
  • In order to enhance the company's overall status and the nursing home segment, Genesis Healthcare Corp. Entered into a partnership with the Next healthcare capital in February 2019. Provide better health.

Market Segmentation

By Service

  • Home Care
  • Adult Day Care
  • Institutional Care

By Service Provider

  • Public
  • Private

By Payment Source

  • Public Insurance
  • Private Insurance
  • Out-of-pocket
  • Others

By Application

  • Respiratory Diseases
  • Diabetes
  • Osteoporosis
  • Heart Diseases
  • Neurological Diseases
  • Kidney Diseases
  • Arthritis
  • Cancer
  • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

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