Geriatric Care Services Market (Type: Home Care [Health Care and Non-medical Home Care], Adult Day Care [Health Care and Non-Medical Care]; and Institutional Care [Nursing Homes, Hospital Based, Assisted Living, and Independent Senior Living)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2022-2030

The global Geriatric Care Services market size was estimated at USD 1057.8 billion in 2021 and is expected to surpass around USD 1754.9 billion by 2030 and poised to grow at a compound annual growth rate (CAGR) of 5.79% during the forecast period 2022 to 2030.

Rise in Geriatric Population in Asia Pacific to Boost Geriatric Care Services Market: Key Driver

• Increase in geriatric population in Asia Pacific is one of the major factors driving the market. The number of geriatric people in Asia Pacific is increasing at a significant pace, and the region is at the forefront of the global phenomenon of aging population.
• As per the recent research article, the geriatric population in the region is slated to reach around 1.9 billion by 2050. Rising life expectancy, declining fertility rates, and geriatric care services are major drivers of aging population in some countries across Asia Pacific.
• As per the World Health Organization, the proportion of people aged 60 years or above was around 9% in 2017, and it is estimated to augment to more than 13% and 20% by 2030 and 2050, respectively. Health concerns among the geriatric population include non-communicable diseases, mental health, and injuries.
• Demand for these services that could diagnose, evaluate and manage clinical comorbidities is rising, as the number of older people increases. Thus, countries in the region are focusing on access to health facilities without financial burden for the geriatric population.

Multiple Benefits Offered by Public Insurance Policies in Geriatric Care Services to Propel Industry

• The public insurance segment of the geriatric care services market is driven by the several benefits associated with public insurance such as more affordable options, tax benefits associated with purchasing the policy, and comprehensive medical insurance for senior citizens
• Medical insurance offers significant support for both families and sufferers. For instance, the New India Assurance Health Insurance launched a government senior citizen Mediclaim policy for elderly people. It includes various features such as cover for pre-existing disease and pre & post-hospitalization costs.
• Older individuals may receive various benefits from these public insurance coverage attribute to retiring age, rising health concerns, and irregular source of income. Health insurance ensures better possible treatment with minimum out-of-pocket costs, as insurance offers coverage for major disorders such as cancer, cardiovascular diseases, organ transplant, etc.

Report Scope of the Geriatric Care Services Market

Product Insights

Home care, adult day care, and institutional care services are the key product segments of the geriatric care services market. Home care services include home health care services and non-medical home care services. Adult daycare services are further bifurcated into healthcare and non-medical healthcare services. Institutional care services include nursing homes (palliative care & hospice care), hospital-based services, assisted living, and independent senior living. In 2014, the institutional care services market accounted for nearly half of the revenue. However, the home care services market is expected to witness lucrative growth over the forecast period. Growing demand for home care services among older olds, the prevalence of chronic diseases, patients recovering from surgery is likely to boost market growth during the forecast period. Moreover, advantages associated with home care services such as the desire to stay at home, independent caretaking, and overall fewer care services expenditure are further expected to positively reinforce market growth. Lower availability of alternative options such as assisted living, residential living, hospice, etc. especially in developing areas are expected to limit consumer preferences.

Increase in Popularity of Geriatric Care Services Due to Healthcare Advancement

The global geriatric care services market is significantly driven by rapid advancements in the geriatric section within healthcare. The rising concerns of the masses toward the deteriorating health of the geriatric population has aided market growth. The stellar growth of the global healthcare industry has also emerged as a key driver of demand within the global geriatric care services market. Elder care includes a wide range of services meant to improve the health standards of the geriatric population. The field has gained traction in recent times as the population of the elderly is rising.

Furthermore, the presence of a wide range of services within the domain of healthcare has also brought elderly care under the spotlight of attention. The presence of a sound healthcare industry is a prerequisite to the success of a nation’s economy. Considering the aforementioned factors, the global market for geriatric care services is projected to expand at a starry rate in the years to come

Growth Opportunities Due to Rising Awareness of Elderly Care

The contemporary-day changes in the healthcare setup have largely aided the growth of the global geriatric care services market. Furthermore, the importance given to healthcare management in recent times has also led to advancements in the field of elderly care. The rising incidence of chronic diseases that persist until people become old has also created commendable market growth. The need for a functional domain for elderly care has been rising over the past decade. Governments are making ardent efforts to improve the quality of life for the geriatric population.

There is little contention that the global geriatric care services market would witness paced growth in the years to come. The medical reimbursement policies for the elderly have been improving over the past couple of decades. This factor has played an integral role in the growth of the global geriatric care services market. The need for establishing better values and standards for the treatment of elderly people has also aided growth. It is expected that increasing investments in healthcare would lead to the inflow of voluminous revenues into the global geriatric care services market.

Asia Pacific to Lead Geriatric Care Services Market

The Asia Pacific geriatric care services market is expected to dominate the global market due to rapidly rising geriatric population in the region. The rising number of elderly people in Asia Pacific countries is contributing to the market growth. Some of the other factors responsible for the rapid market expansion are healthcare advancement, increasing life expectancy, declining fertility rates, etc. There is an increasing demand for geriatric care services from the countries such as India, China, and Japan due to rising health concerns among the geriatric population. Aging people need extensive care due to rising health issues such as non-communicable diseases, mental health, and injuries. Accurate diagnosis of diseases and treatment is needed. Geriatric care service providers are focusing on disease diagnosis services with proper treatment without financial burden on the geriatric population.

Some of the prominent players in the Geriatric Care Services Market include:

• Amedisys Incorporated
• Brookdale Senior Living Incorporated
• Extendicare Incorporated
• Genesis HealthCare Corporation
• Gentiva Health Services Incorporated
• GGNSC Holdings
• Home Instead Senior Care Incorporated
• Kindred Healthcare Incorporated
• Senior Care Centers of America
• Skilled Healthcare Group Incorporated
• Sunrise Senior Living Incorporated

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Geriatric Care Services market

Global Geriatric Care Services Product

• Home care
• Medical care

• Physiotherapy services
• Telehealth
• Palliative care
• Hospice care
• Non Medical Home Care
• Personal care
• Home making
• Meals and grocery
• Rehabilitation
• Others
• Adult day care
• Health care
• Non medical care
• Institutional care
• Nursing Homes
• Palliative Care
• Hospice Care
• Hospital Based
• Assisted Living
• Independent Senior Living

By Geography

North America

• U.S.
• Canada

Europe

• Germany
• France
• United Kingdom
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Rest of Latin America

Middle East & Africa (MEA)

• GCC
• North Africa
• South Africa
• Rest of Middle East & Africa

Key Benefits for Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Geriatric Care Services industry analysis from 2022 to 2030 to identify the prevailing Geriatric Care Services industry opportunity.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the global Geriatric Care Services industry segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global Geriatric Care Services industry trends, key players, market segments, application areas, and market growth strategies.