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The geriatric care services market has been experiencing significant growth and is projected to continue this trend in the coming years. As the global population ages, the demand for specialized care services tailored to older adults is increasing. This blog explores the current landscape and future outlook of the geriatric care services market, highlighting key drivers, trends, and major players.

Strong Growth in Recent Years

• Current Market Size and Growth: The geriatric care services market grew from $1,007.33 billion in 2023 to $1,076.85 billion in 2024. This represents a robust compound annual growth rate (CAGR) of 6.9%.
• Historical Drivers: The growth can be attributed to several factors:
  • Rising prevalence of chronic health conditions
  • Increase in government initiatives
  • Expanding geriatric population
  • Increased incidence of obesity

Future Projections and Trends

• Expected Market Size: The market is anticipated to reach $1,479.04 billion by 2028, with a projected CAGR of 7.1%.
• Forecast Drivers:
  • Increase in medical facilities
  • Rising cases of dementia
  • Growing demand for personalized and home-based care services
  • Enhanced palliative and hospice care options
• Major Trends:
  • Innovations in medical technology and healthcare delivery
  • Remote consultations and monitoring
  • Advancements in artificial intelligence (AI) for wearable devices
  • Strategic partnerships and product developments

Read More On The Geriatric Care Services Market Report 2024 – https://www.thebusinessresearchcompany.com/report/geriatric-care-services-global-market-report

Growing Prevalence of Chronic Diseases

• Impact on Market Growth: Chronic diseases are a major factor driving the expansion of geriatric care services. These long-term conditions often require continuous management and tailored care.
• Statistics and Projections:
  • By 2050, the number of people aged 50 and older with at least one chronic illness is expected to nearly double to 142.66 million.
  • Multimorbidity cases are anticipated to grow by 91.16% by 2050.
• Importance of Geriatric Care: Geriatric care services are crucial for improving the quality of life for seniors with chronic conditions through comprehensive, patient-centered care.

Technological Innovations in Geriatric Care

• AI-Driven Assistants: Companies are increasingly integrating AI technology to enhance elder care. For example:
  • IvedaCare: Launched in November 2022 by Iveda Solutions, this AI-driven assistant provides enhanced safety and security for elderly care through predictive software and sensors.
• Benefits:
  • Reduces false alarms
  • Allows for non-intrusive monitoring
  • Supports caregivers with intelligent decision-making

Strategic Acquisitions and Market Dynamics

• Honor Technology Inc.’s Acquisition: In August 2021, Honor Technology Inc. acquired Home Instead Inc. This move is expected to enhance the quality and efficiency of care services by combining the strengths of both companies.
• Market Segmentation:
  • By Type: Homecare, healthcare, institutional care centers, non-medical health care, and more.
  • By Age Group: 65 to 70 years, 70 to 75 years, 75 to 80 years, and more than 80 years.
  • By Application: Respiratory diseases, diabetes, osteoporosis, and other conditions.
  • By End User: Institutional care services, nursing homes, rehabilitation centers, hospitals.

Regional Insights

• Current Leaders: North America was the largest market for geriatric care services in 2023.
• Future Growth: Asia-Pacific is expected to be the fastest-growing region in the forecast period due to its expanding elderly population and increasing healthcare infrastructure.

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