Geriatric Care Services Market

Global Geriatric Care Services Market Research,2032

The Global Geriatric Care Services Market was valued at 0.61 billion USD in 2021 and is estimated to reach 1.2 billion USD by 2032, increasing at a CAGR of 6.5% during the forecast period, 2022- 2032.

Geriatric care is the medical care offered to elderly people. Geriatric care services include the medical, psychological and social needs of older people. Geriatric care management combines the health and psychological care with services like home care, nutrition, housing, and helping with daily life activities and planning. Geriatric care is a holistic approach to manage aging and the resultant effects. The main segments of geriatric care services market are adult day care, home care, and institutional care services. Home care services include health care services provided at home. Institutional care services include hospital-based services nursing homes. Adult day care services are segmented into healthcare and non-medical healthcare services.

Market Highlights

Global Geriatric Care Services Market is expected to project a CAGR of 6.5% during the forecast period

The Global Geriatric Care Services Market was valued at 0.61 billion USD in 2021 and is estimated to reach 1.2 billion USD by 2032, increasing at a CAGR of 6.5% during the forecast period, 2022- 2032 owing to the rising geriatric population which has led to the demand for nursing care services. Due to the old age of people, the condition of Alzheimer’s is increasing along with high incidence of dementia and is resulting in the growth of geriatric care services market.

Global Geriatric Care Services Market: Segments

Private health insurance segment expected is expected to grow with a higher CAGR during 2022-32

Global Geriatric Care Services Market is classified based on the Payment Source into Public Insurance, Private Insurance, Out-of-pocket. The Private Insurance segment is expected to grow owing to avoiding the Medicare and increasing focus of people on private healthcare facilities. These private health insurance offer less waiting time to customers by offering extra medical attention and improved facilities.

Diabetes segment is expected is expected to grow with a higher CAGR during 2022-32

Global Geriatric Care Services Market is classified based on the Application into Respiratory Diseases, Diabetes, Osteoporosis, Heart Diseases, Others. Diabetes segment is expected to grow with a high CAGR during the forecast period owing to the rising diabetic patients’ number. Regular monitoring of blood sugar at home aids in attaining proper diabetic plan and helps managing blood sugar medications, diet, and exercise.                          

Market Dynamics                                                      

Growth Drivers

Increasing Geriatric population is aiding the growth of market

The increasing geriatric population created a demand for geriatric care services. The increasing number of patients with Alzheimer’s and rising dementia cases is a major factor driving the growth of global skilled nursing care services market. The incidence of diabetes, heart strokes, blood pressure, and other conditions has increased due to the elderly age which has led to the growth of market. Constantly rising geriatric population is increasing the demands on health care system leading to the growth of Global Geriatric Care Services Market.

Rising health issues in geriatric population is driving the market growth

The increase in the older population will result in increased health problems like various comorbidities, diabetes, arthritis, renal insufficiency, heart issues etc. which is increasing the scope and necessity of geriatric care services, thereby boosting the market growth. The low immunity issues in the elderly population is also aiding the market growth.

Restraint

High cost of Geriatric care services is restraining market growth

The cost of Geriatric care services is high owing to the continuous monitoring and assisting of the elder people which will be a major factor restraining the growth of the market. In the developing countries, the scarcity of geriatric care services, the high costs of nursing services, and low acceptance of these services are the factors expected to hinder the growth of business in have been restraining the market.

Recent Developments

• In June 2021, Webrock Ventures and Helathforce joined to launch telehealth products in South Africa.
• In April 2021, a health tech startup in South Africa, Quro Medical, had closed a million USD round investment led by Enza Capital and Mohau Equity Partners to aim providing acute patient care at home.

Global Geriatric Care Services Market: Key Players

• Epoch Elder Care

Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis

• St Luke's ElderCare Ltd
• ProVita International Medical Center
• Econ Healthcare Group
• Home Instead, Inc
• Living Assistance Services, Inc.
• Samvedna Senior Care
• Rosewood Care Group Inc.
• ApnaCare India Private Limited
• GoldenCare Private Limited
• Carewell-Service Co., Ltd
• SASCO Integrated Eldercare Centre
• Millennia Personal Care Services
• India Home Health Care
• Other Prominent Players

Global Geriatric Care Services Market: Regions

Global Geriatric Care Services Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America region dominated the global geriatric care service market, owing to the technological advancement, rising geriatric care organizations, aging population, and due to favorable reimbursement policies, which is expected to dominate the market.

Global 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, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, 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

Global Geriatric Care Services Market report also contains analysis on:

Global Geriatric Care Services Market Segments:

• By Type
  • Home-care
  • Health-care
  • Institutional care centers
  • Non-medical health care
  • Hospital based care
  • Assisted living
  • Independent senior living
  • Rehabilitative care services
• By Application
  • Respiratory Diseases
  • Diabetes
  • Osteoporosis
  • Heart Diseases
  • Others
• By Payment source
  • Public Insurance
  • Private Insurance
  • Out-of-pocket
• By Age group
  • 65-70 Years
  • 71-75 Years
  • 76-80 Years
  • 81-85 Years
  • 86-90 Years
  • Above 91 Years
• By End User
  • Institutional Care Services
  • Nursing Homes
  • Rehabilitation Centers
  • Hospitals
• Global Geriatric Care Services Market Dynamics
• Global Geriatric Care Services Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints

Global Geriatric Care Services Market Scope and Segmentation

Frequently Asked Questions (FAQ):