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What is the Expected Growth Rate of the Geriatric Care Services Market Based on Industry Projections?

In recent years, there has been a significant expansion in the geriatric care services market. The market is projected to elevate from $1076.85 billion in 2024 to $1156.62 billion in 2025, showcasing a compound annual growth rate (CAGR) of 7.4%. The trajectory of growth during the historical period can be attributed to the rise in health disorders coupled with increased government interventions, a growing elderly population, increasing obesity rates, and the escalating occurrence of chronic health issues.

The market size for geriatric care services is forecasted to experience significant expansion in the coming years. The predicted growth is to reach $1519.57 billion in 2029 with a compound annual growth rate (CAGR) of 7.1%. The surge during the forecast period could be ascribed to expansions in medical facilities, surging cases of dementia, growing personalized care strategies, escalating demand for home care services, and the increase in palliative and hospice care. Noteworthy trends during this period include breakthroughs in healthcare technology and delivery systems, remote evaluations and tracking, novel product developments, advancements in medical technology, application of artificial intelligence in wearable devices, and the emergence of partnerships.

Which Major Market Drivers Are Expected to Boost the Geriatric Care Services Market’s Growth Potential?

The escalation in chronic disease cases is projected to stimulate the growth of the geriatric care services market. Chronic diseases are long-enduring health issues that typically require continuous management and treatment due to their incurable nature. The surge in chronic disease cases is attributed to factors such as a rising elderly population, unhealthy lifestyles, and the state of healthcare infrastructure and accessibility. Geriatric care services play a pivotal role in enhancing the living quality of aged individuals dealing with chronic illnesses, offering inclusive and personalized care which considers their psychological, functional, and medical needs. For example, the National Library of Medicine, a U.S. based biomedical library, revealed in January 2023 that the count of individuals aged 50 and above suffering from a minimum of one chronic disease is expected to leap from 71.522 million in 2020 to 142.66 million in 2050, indicating a 99.5% increase. Simultaneously, the count of individuals with multimorbidity is expected to rise from 7.83 million in 2020 to 14.97 million in 2050, recording a 91.16% increment. Therefore, the rising prevalence of chronic diseases is propelling the geriatric care services market.

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What Companies Are At the Forefront of Innovation in the Geriatric Care Services Market?

Major companies operating in the geriatric care services market are:

• Conagra Brands Inc.

• The Hershey Company

• Barilla G. e R. Fratelli S.p.A

• Hero Group

• Hain Celestial Group

How Are Emerging Trends in Consumer Behavior Affecting the Geriatric Care Services Market?

Leading firms in the geriatric care services market are concentrating on the development of breakthrough technologies, such as AI-powered aid services, to allow efficient caregiving for seniors. The AI-powered assistants for older adult care use innovative technology solutions that employ artificial intelligence to improve and aid the wellness, health, and daily life tasks of elderly individuals. For example, Iveda Solutions, a technology company based in the US known for cloud video AI surveillance and analytics, rolled out IvedaCare in November 2022. This AI-assisted system, primarily for safety, security, and aged care, uses predictive software to lessen false alarms and provide comfort to caregivers, learning from the lifestyle choices of users to make smart security and health choices. The system incorporates sensors strategically located in the elderly person’s residence to observe their lifestyle, allowing thorough tracking without the utilization of invasive cameras.

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Which Primary Segments of the Geriatric Care Services Market Are Driving Growth and Industry Transformations?

The geriatric care services market covered in this report is segmented –

1) By Type: Homecare, Healthcare, Institutional Care Centers, Non-Medical Health Care, Hospital Based Care, Assisted Living, Independent Senior Living, Rehabilitative Care Services

2) By Age Group: 65 To 70 Years, 70 To 75 Years, 75 To 80 Years, More Than 80 Years

3) By Application: Respiratory Diseases, Diabetes, Osteoporosis, Other Applications

4) By End User: Institutional Care Services, Nursing Homes, Rehabilitation Centers, Hospitals

Subsegments:

1) By Homecare: Personal Care Services ( Bathing, Dressing), Companionship Services, Home Health Aide Services, Nursing Care Services At Home, Physical Therapy And Rehabilitation At Home, Chronic Disease Management At Home

2) By Healthcare: In-Home Medical Care ( Physician Visits), Telehealth And Telemedicine For Seniors, Geriatric Nursing Services, Palliative And Hospice Care, Elderly Vaccination And Preventive Health Services, Geriatric Health Screenings And Assessments

3) By Institutional Care Centers: Nursing Homes, Long-Term Care Facilities, Memory Care Units (For Alzheimer’s Or Dementia Patients), Skilled Nursing Facilities (Snfs), Rehabilitation Centers, Geriatric Psychiatric Care Institutions

4) By Non-Medical Health Care: Assistance With Daily Living Activities ( Meal Preparation, Housekeeping), Elderly Transportation Services, Companion Care Services, Caregiver Support And Respite Care, Home Safety And Accessibility Modifications

5) By Hospital-Based Care: Acute Geriatric Care, Geriatric Emergency Care Services, Geriatric Surgery Services, Inpatient Rehabilitation Services, Palliative Care And Pain Management In Hospitals

6) By Assisted Living: Independent Living With Assistance, Memory Care Assisted Living, 24/7 Supervision And Personal Care Assistance, Community-Based Assisted Living Centers, Medication Management And Assistance

7) By Independent Senior Living: Senior Apartments And Housing Communities, Age-Restricted Independent Living Communities, Senior Retirement Communities, Community Socialization And Recreation Services, Maintenance-free Living For Seniors, Active Lifestyle Programs For Seniors

8) By Rehabilitative Care Services: Physical Therapy And Occupational Therapy, Post-Surgery Recovery Services, Speech And Language Therapy, Cardiac And Stroke Rehabilitation, Inpatient And Outpatient Rehabilitation Services, Sports Medicine And Injury Recovery

What Regions Are Propelling Growth in the Geriatric Care Services Industry?

North America was the largest region in the geriatric care services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the geriatric care services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What Does the Definition of the Geriatric Care Services Market Include?

Geriatric care services encompass a range of specialized healthcare and support services tailored to meet the unique needs of elderly individuals. These services often include medical care, assistance with daily activities, social engagement programs, and support for caregivers.

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