Global demand for geriatric care services is anticipated to document a CAGR of 6.0% during the period of 2022 to 2032. The geriatric care services market is anticipated to reach USD 954 Million in 2032, from USD 534 Million in 2022
Governments of various countries are taking several initiatives to provide easily accessible and affordable social care services to the elderly population. This, in confluence with the introduction of favorable reimbursement policies, is contributing to the market growth. The market is supported by:
Demand for geriatric care services is expected to positively drive the market over the forecast period owing to the focus on extensive Research and Development by manufacturers to support the healthcare sector with prominent offerings.
The presence of various long-term care services providers coupled with favorable reimbursement policies is a few factors expected to boost the growth of the geriatric care services market.
| Attributes | Details |
|---|---|
| Geriatric Care Services Market CAGR (2022 to 2032) | 6.0% |
| Geriatric Care Services Market (2022) | USD 534 Million |
| Geriatric Care Services Market (2032) | USD 954 Million |
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According to the Centres for Disease Control and Prevention’s Estimates in 2014, the number of patients who received care worldwide was around 4.9 million in 2013, with 12,400 home healthcare agencies in the USA The USA is expected to hold a significant position in the global geriatric care services market, experiencing a CAGR of 6.9% during the forecast period, and is expected to reach a valuation of USD 332.5 Million.
Strategic initiatives by key players have also fueled market growth. For instance, in March 2022, Alexion, AstraZeneca’s Rare Disease group, closed an exclusive global collaboration and license agreement with Neurimmune AG for NI006, an investigational human monoclonal antibody currently in Phase Ib development for the treatment of transthyretin amyloid cardiomyopathy (ATTR-CM), an underdiagnosed, systemic condition that leads to progressive heart failure and high rate of fatality within four years from diagnosis.
Manufacturers are working hard for research and development of innovative offerings to serve a large customer base and that will allow the geriatric care services market to grow. Hence, manufacturers are adopting strategies such as mergers & acquisitions to expand their global footprint and add disruptive advancements to their product portfolio.
Further, a number of international market participants are entering into acquisitions and mergers and implementing new technology to increase commercial capacity to gain a major revenue share.
For instance, in January 2022, Century Therapeutics and Bristol Myers Squibb announced a research collaboration and license agreement (the Agreement) to develop and commercialize up to four induced pluripotent stem cell (iPSC) derived, engineered natural killer cell (iNK) and/or T cell (IT) programs for hematologic malignancies and solid tumors.
The first two programs include a program in acute myeloid leukemia and a program in multiple myeloma, which could incorporate either the iNK or a gamma delta iT platform. Bristol Myers Squibb has the option to add two additional programs which can be nominated subject to certain conditions agreed with Century in the agreement.
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Growing Demand for Home Care Services for Elderly People
The growing demand for home care services for elderly people is a significant factor driving the Elderly Care Products and Services market during the forecast period. The growing elderly population coupled with the rising demand for services for individuals suffering from chronic diseases that are above the age of 60 worldwide will further fuel the market growth.
In addition, the presence of a wide range of services within the domain of healthcare has also brought elderly care under the spotlight of attention. The presence of a sound healthcare industry is a prerequisite to the success of a nation’s economy.
Considering the aforementioned factors, the global market for geriatric care services is projected to expand at a starry rate in the years to come. Moreover, an increase in the population globally has ensured higher elder care thereby, the market is anticipated to grow in the upcoming years.
Technological Advancement and Product Innovation
Technological advancement and product innovation are some other factors that are expected to accelerate the Geriatric Care Services Market during the analysis period. Increasing product innovations including gadgets for emergency assistance, remote monitoring devices, and health monitoring wearable devices are increasing, which in turn helps to monitor the patient more efficiently with lesser effort.
In addition, new products such as grab bars, assistive sitting devices, toilet accessories, and others are contributing to the growth of the market.
Further, comorbidities such as diabetes, renal insufficiency, arthritis, and metabolic changes are quite common among the elderly population which makes them more susceptible to infection.
The combination of increased comorbid conditions and the decrease in the activity of the immune system of the elderly population is further driving the market for geriatric care services. Additionally, the recent technological evolution in geriatric care services will benefit the growth of the geriatric care services market in the upcoming years.
Absence of Proper Geriatric Care Services in Developing Countries
The lack of proper geriatric care services in developing countries is another major factor that is expected to hamper the growth of the geriatric care services market in the long run.
Violence continues to occur and is most prevalent in emergency departments, behavioral health facilities, intensive care units, waiting rooms, and geriatric care units. Approximately half of the nurses responding to a 2011 survey conducted by the Emergency Nurses Association (ENA) believe violence is simply part of their everyday work environment.
Between 8% and 13% of emergency room nurses are victims of physical violence every week. Thus, this violence can cause a bad shadow on Care services and people will not opt for them affecting the market growth.
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Rising Awareness of Elderly Care to Fuel Market Growth
The contemporary-day changes in the healthcare setup have largely aided the growth of the global geriatric care services market. Furthermore, the importance given to healthcare management in recent times has also led to advancements in the field of elderly care. The rising incidence of chronic diseases that persist until people become old has also created commendable market growth.
The need for a functional domain for elderly care has been rising over the past decade. Governments are making ardent efforts to improve the quality of life for the geriatric population.
There is little contention that the global geriatric care services market would witness paced growth in the years to come. The medical reimbursement policies for the elderly have been improving over the past couple of decades. This factor has played an integral role in the growth of the global geriatric care services market.
The need for establishing better values and standards for the treatment of elderly people has also aided growth. It is expected that increasing investments in healthcare would lead to the inflow of voluminous revenues into the global geriatric care services market.
An increase in demand and preference for home care will fuel the market growth
As per the American Geriatrics Society, home care is associated with longer life and a reduced risk of re-hospitalization which will result in fostering the geriatric care services market progression during the forecast period.
Home care service-providing companies commonly work with families to make care plans for aged people. One of the advantages of hiring a home care company is its affordability along with caregivers that come on several days each week to assist seniors. Identifying the unmet care and support requirements of the geriatric population is becoming an urgent public health priority.
Adult daycare to witness considerable CAGR for the market growth
The adult daycare segment of the geriatric care services market accounts for the highest CAGR of 6.9% during the forecast period, as adult daycare enables the elderly to stay at home and receive the whole daycare without altering their lifestyles. Services include medical and non-medical services.
The rise in technological advancements in recent years has led to the launch of new products for self-monitoring, and multi-parameter diagnostic monitors. This resulted in high demand for such diagnostic equipment for adult day care, which in turn is driving the segment’s growth over the analysis period.
Diabetes likely to be the highest contributor to Market Growth
The diabetes segment of the geriatric care services market is expected to grow at the highest CAGR of 6.8% during the forecast period, attributed to the increasing number of diabetic patients.
Monitoring blood sugar at home helps arrive at an overall diabetes treatment plan and aids in managing the medications for blood sugar, diet, and exercise.
Converging Trends of the Aging Population to Widen Scope of the Market
North America holds a dominant position in the global geriatric care service market, owing to the increasing number of geriatric care agencies, converging trends of an aging population, favorable reimbursement policies, and technological advancements.
According to the Centres for Disease Control and Prevention’s Estimates in 2014, the number of patients who received care worldwide was around 4.9 million in 2013, with 12,400 home healthcare agencies in the USA.
The USA is expected to hold a significant position in the global geriatric care services market, experiencing a CAGR of 6.9% during the forecast period, and is expected to reach a valuation of USD 332.5 Million.
Geriatric Care Services Market in China to Witness Better Growth Opportunities
The Asia Pacific region is expected to grow at the highest CAGR during the forecast period, owing to the growing adoption of Geriatric Care Services. The number of older people in the Asia-Pacific region is growing at an unprecedented rate and it is at the forefront of the global phenomenon of the aging population.
In addition, the growing life expectancy, declining fertility rates, and geriatric care services are the key drivers of the aging population in some countries of the region. China is expected to represent the highest CAGR of 6.5% in the geriatric care services market during the forecast period and is expected to reach a valuation of USD 68 Million.
Whereas, Japan is expected to represent the highest CAGR of 5.4% in the geriatric care services market during the forecast period and is expected to reach a valuation of USD 54.9 Million.
Endo Pharmaceuticals Inc., Merck & Co. Inc., AstraZeneca PLC, Pfizer Inc., Allergan Inc., Bristol-Myers Squibb Company, Regeneron Pharmaceuticals Inc., AstraZeneca PLC, F. Hoffmann-La Roche AG, Octapharma AG, Epoch Elder Care, St Luke's ElderCare Ltd., Korian Group, and ProVita International Medical Center, among others, are the top companies in the global geriatric care services market.
With a sizable geriatric care services market share, these main firms are concentrating on growing their consumer base in new countries. These businesses are making use of strategic collaboration initiatives to grow their market share and profits.
Mid-size and smaller businesses, on the other hand, are expanding their market presence by gaining new contracts and entering new markets, thanks to technical developments and product innovations.
As of 2021, the market for geriatric care services was valued at USD 497.3 Million, as per FMI
By 2022-end, the market for geriatric care services closed at a value of USD 534 Million
From 2017 to 2021, geriatric care services demand expanded at a CAGR of 10.5%
From 2022 to 2032, geriatric care services demand is expected to flourish at a CAGR of 6%
By 2032, the market value of geriatric care services is expected to reach USD 954 Million
From 2022 to 2032, geriatric care services demand in the USA is expected to surge at a CAGR of 6.9%
By service, the adult day care category constitutes the bulk of market share with a CAGR of 6.9%.
By application, the diabetes category of geriatric care services is expected to dominate the market with a CAGR of 6.8%.
1. Executive Summary | Geriatric Care Services Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Service 5.1. Home Care 5.2. Adult Day Care 5.3. Institutional Care 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Payment Source 6.1. Public Insurance 6.2. Private Insurance 6.3. Out-of-pocket 6.4. Others 7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Application 7.1. Respiratory Diseases 7.2. Diabetes 7.3. Heart Diseases 7.4. Neurological Diseases 7.5. Kidney Diseases 7.6. Cancer 7.7. Others 8. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 8.1. North America 8.2. Latin America 8.3. Europe 8.4. Asia Pacific 8.5. Middle East and Africa 9. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 10. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 11. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 12. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 13. Middle East and Africa Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 14. Key Countries Market Analysis 15. Market Structure Analysis 16. Competition Analysis 16.1. Amedisys Inc 16.2. Brookdale Senior Living Inc 16.3. Econ Healthcare Group 16.4. Extendicare Inc 16.5. Genesis HealthCare 16.6. Home Instead Inc 16.7. Kindred Healthcare 16.8. Portea Medical 16.9. Revera Inc 16.10. Rosewood Care Group Inc 17. Assumptions & Acronyms Used 18. Research Methodology
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Geriatric Care Services Market
