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How has the geriatric care services market size evolved in recent years?
The market for geriatric care services has seen considerable expansion in the past few years. It is expected to escalate from $1076.85 billion in 2024, advancing to $1156.62 billion in 2025, marking a compound annual growth rate (CAGR) of 7.4%. Factors contributing to this growth in the past include a surge in disorders, augmented government efforts, a growing elderly population, a rise in obesity prevalence, and an increasing occurrence of chronic health issues.
What are the predictions for the geriatric care services market size in the coming years?
The market size of geriatric care services is poised for robust expansion in the upcoming years, forecasted to reach $1519.57 billion in 2029 with a CAGR of 7.1%. The upswing projected in this period can be linked to the rise in the proliferation of medical establishments, an increase in dementia cases, growing preference for personalized care plans, escalating demand for home-based care services, and a surge in palliative and hospice care. The future years are set to witness trends such as advancements in medical technology and healthcare service platforms, the advent of remote consultations and patient monitoring, progress in product developments, enhancements in health tech innovations, the integration of artificial intelligence into wearable devices, and the growing alliances in the sector.
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What key factors are fueling the growth of the geriatric care services market?
The escalating presence of enduring ailments is predicted to drive the expansion of the geriatric care services market. Enduring ailments denote long-lasting health problems that continue for an extended period and typically require continuous handling and treatment as they are usually incurable. Multiple interrelated factors contribute to the increasing prevalence of such diseases, such as a progressively aging population, unhealthy lifestyle practices, and the availability and structure of medical services. Geriatric care services play an indispensable role in enhancing the life quality of elderly individuals with persistent medical issues by offering thorough, patient-focused care that considers their functional, psychological, and medical needs. As per the National Library of Medicine, a biomedical library based in the U.S., it was reported in January 2023, that the populace of individuals aged 50 and above with a minimum of one chronic disease will presumably surge from 71.522 million in 2020 to 142.66 million in 2050, indicating a 99.5% increase. At the same time, the number of multimorbidity sufferers is expected to proliferate from 7.83 million in 2020 to 14.97 million in 2050, recording a 91.16% increase. Consequently, the rising prevalence of enduring ailments is propelling the growth of the geriatric care services market.
How is the global geriatric care services market divided into key segments?
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
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Who are the key firms paving the way for growth in the geriatric care services market?
Major companies operating in the geriatric care services market are Home Instead Senior Care Incorporated, Pfizer Inc., F. Hoffmann-La Roche AG, Merck & Co. Inc., Bristol-Myers Squibb Company, Allergan Inc., Regeneron Pharmaceuticals Inc., Quest Diagnostics Incorporated, Juniper Networks US, Genesis HealthCare Corporation, Kindred Healthcare Incorporated, Benesse Holdings Inc., Brookdale Senior Living Incorporated, Endo Pharmaceuticals Inc., Amedisys Incorporated, Sunrise Senior Living Incorporated, Active Day Inc., NMC ProVita International Medical Centre Ltd., Econ Healthcare Group, Living Assistance Services Inc., Rosewood Care Group Inc., St Luke’s ElderCare Ltd., Epoch Elder Care Private Limited, LivHOME, GGNSC Holdings LLC
Which trends are expected to transform the geriatric care services market?
Leading businesses within the geriatric care services market are shifting their focus towards the creation of groundbreaking technologies such as AI-powered assistant services. These services aim to provide effective care for senior citizens. AI-enabled care assistants are technical solutions that apply AI to aid and improve elderly people’s daily tasks, health, and overall well-being. In a crucial development, Iveda Solutions, an American technology firm acclaimed for its expertise in cloud video AI surveillance and analytics, rolled out IvedaCare in November 2022. It’s an AI-based assistant developed specifically for security, safety, and senior care. This cutting-edge technology employs predictive software to diminish false alarms and offers caregivers tranquility by comprehending users’ habits to make smart security and health-related choices. The systems deploys sensors around the senior citizen’s house to keep track of their daily routines, ensuring meticulous monitoring without the necessitating intrusive cameras.
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What regions are contributing significantly to the growth of the geriatric care services market?
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.
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