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Industry Analysis Medical & Healthcare

Geriatric Care Services market to Surge at 8.12% CAGR, which is anticipated to reach USD 2130.10 billion by 2030.

CRI Report has released a report titled Geriatric Care Services Market – Analysis of Market Size, Share & Trends for 2020 – 2030 and Forecasts to 2030” which is anticipated to reach USD 2130.10 billion by 2030. According to this Report, the market is anticipated to portray a CAGR of 8.12% between 2020 and 2030. According to the report, 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.

The market report on Geriatric Care Services market includes in-depth insights as:

  • The estimated value of the market was USD 976.2 billion in the year 2020.
  • Region-wise, the market in North America which held the largest market share in the year 2019, emerged as a key market for the Geriatric Care Services market.
  • Based on Payment sources, public insurance emerged as a key segment in the Geriatric Care Services market.
  • Based on Age group, 86-90 years segment emerged as a key segment in the Geriatric Care Services market.
  • Key players are likely to focus on product innovations and expansion through mergers to retain their positions in developed markets.

“Globally, significant growth in the ageing 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.”, according to this report

The 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 daycare, and institutional care services.

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.

Key Players in the Market

Some of the key players operating in the Geriatric Care Services market are 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

Get Valuable Insights into Geriatric Care Services market

In the new report, CRI Report thrives to present an unbiased analysis of the Geriatric Care Services market that covers the historical demand data as well as the forecast figures for the period, i.e., 2020-2030. The study includes compelling insights into growth that is witnessed in the market. The market is segmented by Service into Home Care, Adult Day Care, Institutional Care. By Service Provider into Public, Private. By Payment Source into Public Insurance, Private Insurance, Out-of-pocket, Others. By Age group into 65-70 years, 71-75 years, 76-80 years, 81-85 years, 86-90 years, Above 91 years. Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East, and Africa.

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