Geriatric Care Services Market | USD 1,997.55 Billion by 2034
The geriatric care services market size was exhibited at USD 1,074.19 billion in 2024 and is projected to hit around USD 1,997.55 billion by 2034, growing at a CAGR of 6.4% during the forecast period 2024 to 2034.
| Report Coverage | Details |
| Market Size in 2025 | USD 1,142.94 Billion |
| Market Size by 2034 | USD 1,997.55 Billion |
| Growth Rate From 2024 to 2034 | CAGR of 6.4% |
| Base Year | 2024 |
| Forecast Period | 2024-2034 |
| Segments Covered | Services, Region |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Regional Covered | North America, Europe, Asia Pacific, Latin America, MEA |
| Key Companies Profiled | Brookdale Senior Living Inc.; EXTENDICARE; Gentiva; Knight Health Holdings, LLC (Kindred Hospitals); Sunrise Senior Living; Genesis HealthCare; Home Instead, Inc.; GGNSC Holdings LLC |
A significant rise in the aging population has fueled the demand for geriatric care services. Rising government support, the prevalence of chronic infectious diseases, focus on preventive health care for the old age population, and advantageous long-term reimbursement policies for senior housing are some factors likely to drive the market growth. According to the Congressional Budget Office, the legislative branch of the U.S. government has estimated that the percentage of people aged 65 or older relative to the number of people aged 25 to 64 is projected to rise from 34% in 2023 to 46% in 2053.
The COVID-19 pandemic had a significant impact on the global market. The elderly population was more prone to get affected by the virus, therefore older adults and their families sought assistance with healthcare management, home care, and nursing services. Due to the risks associated with communal living spaces, such as nursing homes and assisted living facilities, many families opted for home care services for their elderly family members. This shift created opportunities for home care agencies and caregivers to provide personalized assistance in a safer environment. According to a survey by the Centers for Disease Control and Prevention (CDC), 4127 adult daycare service centers in the U.S. were active in 2020 during the pandemic.
The pandemic also fostered innovation in the geriatric care industry by providing technological solutions, such as remote monitoring devices, gadgets for emergency assistance, wearable health trackers, and communication platforms, which were increasingly utilized to ensure the well-being and safety of older adults and patients with minimal effort. For instance, the CarePredict Tempo Series 3 monitors daily activities via sensors and alerts family members if something changes in a senior's routine, helping to identify health risks such as accidents, heart attacks, or any major hazards.
The development of specialty robots that can assist the elderly in performing daily tasks and an aging population that is more susceptible to neurological conditions, cancer, orthopedic conditions, atherosclerosis, cardiovascular diseases, respiratory disorders, arthritis, and Alzheimer’s disease are some factors that are anticipated to fuel the growth of the geriatric care services market. According to the Alzheimer's Association in Chicago, it is estimated that 6.7 billion of the U.S. population aged 65 and older are suffering from Alzheimer's disease in 2023 and the proportion is projected to grow up to 12 billion by 2050.
Geriatric care services help in providing legal and financial aid to the geriatric population catering to their psychological as well as social needs which comprises services such as nutritional, healthcare, emotional & psychological support, and accommodation for elderly people. According to the World Health Organization (WHO), it is estimated that by 2050, the global population of adults aged 60 years and above is expected to double from 12% to 22% respectively.
The service segment is categorized into home care, adult day care, and institutional care services. The home care segment dominated the market with the largest revenue share of 43.0% in 2024 and is also expected to grow at the fastest CAGR of 6.8% over the forecast period, owing to the benefits associated with home care segments such as the comfort, independent caretaking, and less expenditure. Home care services offer valuable assistance to families in creating care plans for their elderly members, covering a wide range of medical treatments, nursing services, and personalized care.
These services are delivered by licensed professionals who possess expertise in this field. One notable advantage of home care services is their cost-effective structure, which allows for efficient allocation of resources. Caregivers employed by home care service providers visit the patients multiple times per week, ensuring that their specific needs are met and identifying any unattended care requirements within the geriatric population.
The adult daycare services segment is further bifurcated into healthcare and non-medical healthcare services. One of the emerging trends in the geriatric service market is Intergenerational Day Centers (IDCs). These are facilities that provide care and activities for both older adults and children under one roof. IDCs offer benefits for both generations, such as improved cognitive function, emotional well-being, and mutual learning. IDCs also promote social cohesion and cultural diversity by fostering positive interactions between different age groups and backgrounds.
North America dominated the market and accounted for the largest revenue share of 41.8% in 2024. Key factors attributing to its large share include the constant development of reimbursement policies coupled with the presence of a wide variety of long-term care centers throughout the U.S. According to the National Library of Medicines, around 237,400 individuals in the U.S. were enrolled in adult day services centers (ADSCs) in 2024.
Asia Pacific is expected to grow at the fastest CAGR of 8.3% during the forecast period. Changing family structure in countries such as China is expected to heighten the need for an outside care provider. Due to China's 1980-2015 one-child policy, fewer families are expected to sustain an aging population, and an increasing number of elderly people are living alone. The growing geriatric population with long-term medical conditions, growing disposable income, and rising awareness regarding these healthcare facilities are some of the factors attributing to the rapid growth in countries such as Japan, China, and India.
This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2034. For this study, Nova one advisor, Inc. has segmented the geriatric care services market
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Regional
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Country/Region-specific Report
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