Geriatric Care Services Market
Geriatric Care Services Market to surpass USD 2130.10 billion by 2030 from USD 976.2 billion in 2020 at a CAGR of 8.12% in the coming years, i.e., 2021-30.
Medical treatment of older or elderly people is referred to as geriatric care. The scope of care has expanded to encompass not only medical but also psychological and social requirements of the elderly. Geriatric care now involves a holistic approach to coping with ageing and its impacts more than ever before. Geriatric care management combines medical and psychological care with other important services such as housing, home care, nutrition, support with activities of daily living, socializing programs, and financial and legal planning (e.g. banking, trusts). After further assessment, a care plan suited to individual circumstances is created, which is then evaluated and updated as needed. The major product segments of include home care, adult day care, and institutional care services.
Geriatric Care Services Market is expected to project a notable CAGR of 8.12% in 2030
Geriatric population growth in developing nations is one of the major reasons raising demand for geriatric care services. Because of the rise in chronic illnesses, the need for these services among the elderly has increased. One of the main reasons predicted to drive market growth is the growing desire for excellent elderly care provided by experts all over the world. Furthermore, a number of market players have implemented a complete and contemporary approach to senior care, resulting in an effective service with improved outcomes.
Recent highlights in the Geriatric Care Services market
In November 2019, Sunrise Elder Living Inc. and Royal Philips have established a partnership to bring innovative senior care technologies to residents at Welltower’s flagship Manhattan facility. This partnership helped the firm in broadening its service offerings across the world.
In February 2019, Genesis Healthcare Corp. announced a 15-skilled nursing facility collaboration with Next Healthcare Capital. This strategic decision elevated the company’s overall standing in the nursing home industry and broadened the company’s patient base.
Geriatric Care Services Market: Segments
Public Insurance segment to grow with the highest CAGR during 2020-30
Geriatric Care Services Market is segmented by Payment source into Public Insurance, Private Insurance, Out-of-pocket, and Others. Among these, the Public Insurance category dominated the market in 2020. There are numerous advantages to public insurance, including more affordable alternatives, tax advantages for acquiring the policy, and complete medical care for elderly citizens, to name a few. Medical insurance is a valuable resource for both families and patients.
86-90 years segment to grow with the highest CAGR during 2020-30
Geriatric Care Services Market is segmented by Age group into 65-70 years, 71-75 years, 76-80 years, 81-85 years, 86-90 years, Above 91 years. Among these, the 86-90 years category had the highest revenue share in 2020 and is expected to grow at a significant rate during the forecast period. The age group that is more sensitive to a range of illnesses, including diabetes, heart disease, and chronic infections, is driving growth. The fastest-growing age group in the United States is those aged 85 and up. The government of many nations has highlighted the need of support services and creating care models based on the needs of elderly people in order to satisfy the demands related to their physical and psychological health.
Increase in Geriatric Population
Globally, a significant growth in the aging population has increased the demand for skilled nursing care services. One of the main reasons driving the growth of the worldwide skilled nursing care services market is the rising number of people suffering from Alzheimer’s disease, as well as the high prevalence of dementia, a frequent form of Alzheimer’s disease.
Favorable reimbursement rules
The presence of a variety of long-term care service providers, as well as favorable reimbursement rules, are likely to drive the geriatric care services market’s growth.
High cost of geriatric care
The high cost of geriatric care will be a major market roadblock. In addition, the absence of adequate geriatric care services in developing nations would hinder long-term business growth.
Geriatric Care Services: Key Players
Benesse Style Care Co., Ltd
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Econ Healthcare Group
St Luke’s ElderCare Ltd
Latin America Home Health Care
Samvedna Senior Care
ApnaCare Latin America Private Limited
Nichiigakkan Co. Ltd
GoldenCare Group Private Limited
Carewell-Service Co., Ltd RIEI Co., Ltd
Geriatric Care Services Market: Regions
Geriatric Care Services market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. Geriatric Care Services market in North America held the largest market share in the year 2019. In the forecast period, the Geriatric Care Services market is expected to be dominated by North America owing to a variety of factors including an aging population, appealing insurance plans, and government support for senior care, to name a few. For elderly people in the country, important government healthcare programs such as the Veterans Health Administration, Medicaid, and Medicare have been established. As a result, the increased awareness of geriatric care services, together with other connected variables, is expected to boost the country’s geriatric care services market revenue.
Geriatric Care Services market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, and Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – China, Japan, Australia, and Rest of APAC
Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Geriatric Care Services report also contains analysis on:
Geriatric Care Services Segments:
Adult Day Care
By Service Provider
By Payment Source
By Age group
Above 91 years
Geriatric Care Services Market Dynamics
Geriatric Care Services Market Size
Supply & Demand
Current Market Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
Geriatric Care Services Market Report Scope and Segmentation
Report Attribute Details
Market size value in 2021 USD 1054.98 billion
Revenue forecast in 2030 USD 2130.10 billion
Growth Rate CAGR of 8.12% from 2021 to 2030
Base year for estimation 2020
Quantitative units Revenue in USD billion and CAGR from 2021 to 2030
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Service, Service provider, Payment source, Age-group, and Region
Regional scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)
Key companies profiled Benesse Style Care Co., Ltd, Econ Healthcare Group, Epoch Elder Care, St Luke’s ElderCare Ltd, Latin America Home Health Care, Samvedna Senior Care, ApnaCare Latin America Private Limited, Nichiigakkan Co. Ltd, GoldenCare Group Private Limited, Carewell-Service Co., Ltd RIEI Co., Ltd, and Other Prominent Players.
Frequently Asked Questions
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