[300 Pages Report] 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 US$ 954 Million in 2032, from US$ 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) | US$ 534 Million |
| Geriatric Care Services Market (2032) | US$ 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 US$ 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 US$ 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 US$ 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 US$ 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 US$ 497.3 Million, as per FMI
By 2022-end, the market for geriatric care services closed at a value of US$ 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 US$ 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
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and Their Roles
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyers
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.9.2. By Key Countries
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032
4.1. Historical Market Size Value (US$ Million) Analysis, 2017 to 2021
4.2. Current and Future Market Size Value (US$ Million) Projections, 2022 to 2032
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Service
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Service, 2017 to 2021
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Service, 2022 to 2032
5.3.1. Home Care
5.3.2. Adult Day Care
5.3.3. Institutional Care
5.4. Y-o-Y Growth Trend Analysis By Service, 2017 to 2021
5.5. Absolute $ Opportunity Analysis By Service, 2022 to 2032
6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Payment Source
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) Analysis By Payment Source, 2017 to 2021
6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Payment Source, 2022 to 2032
6.3.1. Public Insurance
6.3.2. Private Insurance
6.3.3. Out-of-pocket
6.3.4. Others
6.4. Y-o-Y Growth Trend Analysis By Payment Source, 2017 to 2021
6.5. Absolute $ Opportunity Analysis By Payment Source, 2022 to 2032
7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Application
7.1. Introduction / Key Findings
7.2. Historical Market Size Value (US$ Million) Analysis By Application, 2017 to 2021
7.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Application, 2022 to 2032
7.3.1. Respiratory Diseases
7.3.2. Diabetes
7.3.3. Heart Diseases
7.3.4. Neurological Diseases
7.3.5. Kidney Diseases
7.3.6. Cancer
7.3.7. Others
7.4. Y-o-Y Growth Trend Analysis By Application, 2017 to 2021
7.5. Absolute $ Opportunity Analysis By Application, 2022 to 2032
8. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region
8.1. Introduction
8.2. Historical Market Size Value (US$ Million) Analysis By Region, 2017 to 2021
8.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2022 to 2032
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa
8.4. Market Attractiveness Analysis By Region
9. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032
9.2.1. By Country
9.2.1.1. United States of America
9.2.1.2. Canada
9.2.1.3. Rest of North America
9.2.2. By Service
9.2.3. By Payment Source
9.2.4. By Application
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Service
9.3.3. By Payment Source
9.3.4. By Application
9.4. Key Takeaways
10. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032
10.2.1. By Country
10.2.1.1. Brazil
10.2.1.2. Mexico
10.2.1.3. Rest of Latin America
10.2.2. By Service
10.2.3. By Payment Source
10.2.4. By Application
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Service
10.3.3. By Payment Source
10.3.4. By Application
10.4. Key Takeaways
11. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032
11.2.1. By Country
11.2.1.1. Germany
11.2.1.2. Italy
11.2.1.3. France
11.2.1.4. United Kingdom
11.2.1.5. Spain
11.2.1.6. Russia
11.2.1.7. BENELUX
11.2.1.8. Rest of Europe
11.2.2. By Service
11.2.3. By Payment Source
11.2.4. By Application
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Service
11.3.3. By Payment Source
11.3.4. By Application
11.4. Key Takeaways
12. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032
12.2.1. By Country
12.2.1.1. China
12.2.1.2. Japan
12.2.1.3. South Korea
12.2.1.4. Rest of Asia Pacific
12.2.2. By Service
12.2.3. By Payment Source
12.2.4. By Application
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Service
12.3.3. By Payment Source
12.3.4. By Application
12.4. Key Takeaways
13. Middle East and Africa Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032
13.2.1. By Country
13.2.1.1. GCC Countries
13.2.1.2. South Africa
13.2.1.3. Turkey
13.2.1.4. Rest of Middle East and Africa
13.2.2. By Service
13.2.3. By Payment Source
13.2.4. By Application
13.3. Market Attractiveness Analysis
13.3.1. By Country
13.3.2. By Service
13.3.3. By Payment Source
13.3.4. By Application
13.4. Key Takeaways
14. Key Countries Market Analysis
14.1. United States of America
14.1.1. Pricing Analysis
14.1.2. Market Share Analysis, 2021
14.1.2.1. By Service
14.1.2.2. By Payment Source
14.1.2.3. By Application
14.2. Canada
14.2.1. Pricing Analysis
14.2.2. Market Share Analysis, 2021
14.2.2.1. By Service
14.2.2.2. By Payment Source
14.2.2.3. By Application
14.3. Brazil
14.3.1. Pricing Analysis
14.3.2. Market Share Analysis, 2021
14.3.2.1. By Service
14.3.2.2. By Payment Source
14.3.2.3. By Application
14.4. Mexico
14.4.1. Pricing Analysis
14.4.2. Market Share Analysis, 2021
14.4.2.1. By Service
14.4.2.2. By Payment Source
14.4.2.3. By Application
14.5. Germany
14.5.1. Pricing Analysis
14.5.2. Market Share Analysis, 2021
14.5.2.1. By Service
14.5.2.2. By Payment Source
14.5.2.3. By Application
14.6. Italy
14.6.1. Pricing Analysis
14.6.2. Market Share Analysis, 2021
14.6.2.1. By Service
14.6.2.2. By Payment Source
14.6.2.3. By Application
14.7. France
14.7.1. Pricing Analysis
14.7.2. Market Share Analysis, 2021
14.7.2.1. By Service
14.7.2.2. By Payment Source
14.7.2.3. By Application
14.8. United Kingdom
14.8.1. Pricing Analysis
14.8.2. Market Share Analysis, 2021
14.8.2.1. By Service
14.8.2.2. By Payment Source
14.8.2.3. By Application
14.9. Spain
14.9.1. Pricing Analysis
14.9.2. Market Share Analysis, 2021
14.9.2.1. By Service
14.9.2.2. By Payment Source
14.9.2.3. By Application
14.10. Russia
14.10.1. Pricing Analysis
14.10.2. Market Share Analysis, 2021
14.10.2.1. By Service
14.10.2.2. By Payment Source
14.10.2.3. By Application
14.11. BENELUX
14.11.1. Pricing Analysis
14.11.2. Market Share Analysis, 2021
14.11.2.1. By Service
14.11.2.2. By Payment Source
14.11.2.3. By Application
14.12. China
14.12.1. Pricing Analysis
14.12.2. Market Share Analysis, 2021
14.12.2.1. By Service
14.12.2.2. By Payment Source
14.12.2.3. By Application
14.13. Japan
14.13.1. Pricing Analysis
14.13.2. Market Share Analysis, 2021
14.13.2.1. By Service
14.13.2.2. By Payment Source
14.13.2.3. By Application
14.14. South Korea
14.14.1. Pricing Analysis
14.14.2. Market Share Analysis, 2021
14.14.2.1. By Service
14.14.2.2. By Payment Source
14.14.2.3. By Application
14.15. GCC Countries
14.15.1. Pricing Analysis
14.15.2. Market Share Analysis, 2021
14.15.2.1. By Service
14.15.2.2. By Payment Source
14.15.2.3. By Application
14.16. South Africa
14.16.1. Pricing Analysis
14.16.2. Market Share Analysis, 2021
14.16.2.1. By Service
14.16.2.2. By Payment Source
14.16.2.3. By Application
14.17. Turkey
14.17.1. Pricing Analysis
14.17.2. Market Share Analysis, 2021
14.17.2.1. By Service
14.17.2.2. By Payment Source
14.17.2.3. By Application
15. Market Structure Analysis
15.1. Competition Dashboard
15.2. Competition Benchmarking
15.3. Market Share Analysis of Top Players
15.3.1. By Regional
15.3.2. By Service
15.3.3. By Payment Source
15.3.4. By Application
16. Competition Analysis
16.1. Competition Deep Dive
16.1.1. Amedisys Inc
16.1.1.1. Overview
16.1.1.2. Product Portfolio
16.1.1.3. Profitability by Market Segments
16.1.1.4. Sales Footprint
16.1.1.5. Strategy Overview
16.1.1.5.1. Marketing Strategy
16.1.2. Brookdale Senior Living Inc
16.1.2.1. Overview
16.1.2.2. Product Portfolio
16.1.2.3. Profitability by Market Segments
16.1.2.4. Sales Footprint
16.1.2.5. Strategy Overview
16.1.2.5.1. Marketing Strategy
16.1.3. Econ Healthcare Group
16.1.3.1. Overview
16.1.3.2. Product Portfolio
16.1.3.3. Profitability by Market Segments
16.1.3.4. Sales Footprint
16.1.3.5. Strategy Overview
16.1.3.5.1. Marketing Strategy
16.1.4. Extendicare Inc
16.1.4.1. Overview
16.1.4.2. Product Portfolio
16.1.4.3. Profitability by Market Segments
16.1.4.4. Sales Footprint
16.1.4.5. Strategy Overview
16.1.4.5.1. Marketing Strategy
16.1.5. Genesis HealthCare
16.1.5.1. Overview
16.1.5.2. Product Portfolio
16.1.5.3. Profitability by Market Segments
16.1.5.4. Sales Footprint
16.1.5.5. Strategy Overview
16.1.5.5.1. Marketing Strategy
16.1.6. Home Instead Inc
16.1.6.1. Overview
16.1.6.2. Product Portfolio
16.1.6.3. Profitability by Market Segments
16.1.6.4. Sales Footprint
16.1.6.5. Strategy Overview
16.1.6.5.1. Marketing Strategy
16.1.7. Kindred Healthcare
16.1.7.1. Overview
16.1.7.2. Product Portfolio
16.1.7.3. Profitability by Market Segments
16.1.7.4. Sales Footprint
16.1.7.5. Strategy Overview
16.1.7.5.1. Marketing Strategy
16.1.8. Portea Medical
16.1.8.1. Overview
16.1.8.2. Product Portfolio
16.1.8.3. Profitability by Market Segments
16.1.8.4. Sales Footprint
16.1.8.5. Strategy Overview
16.1.8.5.1. Marketing Strategy
16.1.9. Revera Inc
16.1.9.1. Overview
16.1.9.2. Product Portfolio
16.1.9.3. Profitability by Market Segments
16.1.9.4. Sales Footprint
16.1.9.5. Strategy Overview
16.1.9.5.1. Marketing Strategy
16.1.10. Rosewood Care Group Inc
16.1.10.1. Overview
16.1.10.2. Product Portfolio
16.1.10.3. Profitability by Market Segments
16.1.10.4. Sales Footprint
16.1.10.5. Strategy Overview
16.1.10.5.1. Marketing Strategy
17. Assumptions & Acronyms Used
18. Research Methodology
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Geriatric Care Services Market
