Geriatric Care Services Market Dynamics, Growth Prospect and Consumption Analysis till 2022
19th January 2021 – The global Geriatric Care Services Market size is estimated to reach USD 1,012.02 billion by 2022, registering at a 6.1% CAGR during the forecast period. Growing geriatric population coupled with rising prevalence of chronic diseases is one the key factors driving the growth of geriatric care services market. According to United Nations World Ageing Population 2015 report, it was estimated that between 2015 and 2030, the number of people aged 60 years and above will grow by 56 percent, from 901 million (2015) to 1.4 billion (2030). It was also reported that by 2050, the number is expected to double its size, reaching about 2.1 billion. In addition, growing demand for independent aging solutions and introduction of robotic technology in geriatric care is also anticipated to further boost up the market growth.
Presence of favorable reimbursement policies and increased life
expectancy are also amongst few factors expected to propel demand for geriatric
care services. There is an increase in the adoption level for these services
owing to the advantages associated with these services such as in chronic care
management. Furthermore, increasing number of homecare and long term care
services offered by geriatric care centers such as nursing care, health
assessment & monitoring, and counseling & financial support is anticipated
to drive the demand for these services. Favorable government initiatives and
increasing elderly population prone to cardiovascular, orthopedic,
neurological, and respiratory disorders are some of the crucial attributes of
this market. However, high cost of devices may hinder the growth of geriatric
care services in emerging economies like China, India, and Brazil.
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Geriatric Care Services Market Report with
Based
on the services, the market is segmented as home care, adult day care, and
institutional care. Institutional services market held the largest market share
of about 41.1% in 2014 pertaining to the factors such as presence of large
number of institutions and high usage levels of the institutions offering
geriatric care services. In addition, homecare services is expected to witness
fastest growth over the forecast period owing to increasing awareness regarding
the advantage associated with the home care services among the elderly and
patients in post-surgery recoveries. Increasing demand for independent aging
solutions and need for reducing overall cost of care services further drives up
demand for such services. However, low preference and availability of other
options such as community centers and assisted living in developing countries
may limit the growth of geriatric care services.
North
America dominated the market with the maximum share of 44.5% in 2014. Some of
the key factors attributing to the market growth include favorable
reimbursement policies and presence of large number of care centers in the U.S.
According the Center of Disease Control (CDC) in 2012, there were nearly 95%
nursing homes, 77% adult day care service centers, 78% home health agencies,
and 52% residential care communities were certified to participate in Medicaid.
Asia pacific region is expected to be the fastest growing segment with a CAGR
of 8.5% over the forecast period. The region offers untapped potential due to
low product penetration rate, unmet medical needs, and large elderly population
base in emerging economies like India and China. Rising incidences of
neurological, orthopedic, and cardiovascular disorders in such countries is
expected to drive the growth in this region. The growth prospects in Mexico are
significant during the forecast period due to inadequate and distributed
geriatric care services.
Few of
the key participants of geriatric care services market include, Senior Care
Centers of America; Brookdale Senior living; Kindred Healthcare Inc.; Genesis
Healthcare Corp.; Sunrise Senior Living Inc.; GGNSC Holdings, LLC and
Extendicare, Inc.
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