SELBYVILLE, Del., June 14, 2021 /PRNewswire/ -- According to the latest report, "Geriatric Care Services Market by Service (Home Care, Adult Day Care, Institutional Care), Service Provider (Public, Private), Payment Source (Public Insurance, Private Insurance, Out-of-pocket), Age Group (65-70 Years, 71-75 Years, 76-80 Years, 81-85 Years, 86-90 Years, Above 91 Years), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027", by Global Market Insights Inc., the market valuation of geriatric care services will cross $2,056 billion by 2027.
Growing medical technology development in geriatric care coupled with rising access to health insurance will impel the market growth. Development in novel approaches to improve senior care and a more health-conscious society is expected to impact the market expansion. Organizations in the U.S. such as the American Association of Retired Persons, the American Society on Aging, and the Alliance for Aging Research are providing resources and education to enhance the lives of elderly people. As per the recent research article, in the U.S., around 80% of elderly people have at least one chronic disorder, such as cancer, diabetes, and heart disease among others, that need focused medical attention and, thereby, is augmenting the business expansion positively. Further, increasing focus on surging the number of healthcare workers helps to develop a more accessible and efficient healthcare system for the geriatric population. Thus, with a growing need for home care & nursing care settings, patient care management, administrative & clinical procedures in geriatric care services will amplify the geriatric care services market progression during the forecast period.
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The institutional care segment in the geriatric care services market is anticipated to expand at a 9.9% growth rate through 2027, led by the 24-hours monitoring/supervision, professional nursing care, rehabilitation, psychological services, etc. Institutional care is delivered within an assembled living environment intended to meet the medical, personal, social, and housing needs of people with mental, physical, and/or developmental disorders. According to the National Center for Health Statistics, in 2016, more than 15,600 nursing homes were operated in the U.S. Many older people that reside in nursing homes require support in daily activities such as eating or preparing meals, managing medications, and getting to other locations among others. Residents in nursing homes have at minimum one chronic disorder for which they require constant medical and more intensive care.
The geriatric care services market for the public segment accounted for USD 709 billion in 2020 owing to the easy accessibility to quality geriatric care services and emphasis on building human resource capacity through focused training and education opportunities. These public geriatric care service providers offer mechanisms to support healthy and active aging procedures, well-organized models of geriatric healthcare delivery, and a study on alternative medicine and age-related ailments. Public service providers emphasize cost-effective feasible models of geriatric care that are suitable and based on cultural traditions and practices. Along with long-term medical care, it also explores innovative models of economic support and insurance. In many countries, public elder care service providers are offering a comprehensive preventive package including awareness and knowledge associated with common geriatric concerns, promotion of mental well-being, and healthy nutrition, among others.
The out-of-pocket segment in the geriatric care services market is estimated to attain a CAGR of 10.3% by 2027 on account of the desire to live longer lives, rising demand for senior care, and preference for advanced healthcare among others. Long-term care costs, comprising assisted living and nursing homes, are the top category of out-of-pocket spending, followed by home care. The use of out-of-pocket payment sources rising is attributed to the growing prevalence of chronic conditions among elderly people and the requirement of additional support. As a result, the majority of older people are proven to require long-term care that will expedite the demand for geriatric care services, thereby amplifying the segment growth.
The geriatric care services market for 65-70 years segment exceeded USD 62 billion in 2020 impelled by the growing geriatric population demanding medical interventions and more intensive healthcare. For instance, in 2020, people aged 65 years and above in India were around 6.6% of the total population. As per the World Health Organization, the number of people aged 65 years or older is poised to reach over 1.5 billion in 2050 across the globe with the increase in the burden of dementia coupled with other associated disorders.
Brazil dominated the Latin America geriatric care services market and was valued at over USD 11 billion in 2020 and is predicted to progress at a significant growth rate of 10.9% by 2027 due to the improved life expectancy, government initiatives, and enhancements in the country's healthcare system. The government initiatives comprise of and place emphasis on building age-friendly cities and healthcare plans concerned specifically toward the older population in Brazil. The companies in the country have launched services and products using information and communication technology to meet the requirements of elderly people and their families. Further, the government of Brazil has increased funding for improvements that help with the independent living of elderly people. In Brazil, the National Agency of Supplementary Health launched a Well-Cared-For Elderly Project in 2016. It was intended to develop a model for offering the facility of quality care to older people.
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Some of the major players operating in the geriatric care services market are Brookdale Senior Living Inc., Extendicare Inc., Gentiva Health Services Inc., Kindred Healthcare Inc., Senior Care Centers of America, Sunrise Senior Living Inc., and Genesis Healthcare Corp. among others. These leaders are engaged in undertaking several strategies and working on expanding their service portfolio through focusing on the development of innovative services.
Table of Contents (ToC) of the report:
Chapter 3 Geriatric Care Services Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2027 (USD Million)
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By service
3.4.2 By service provider
3.4.3 By payment source
3.4.4 By age group
3.5 COVID-19 impact analysis
3.6 Porter's analysis
3.7 Competitive landscape, 2020
3.7.1 Competitive matrix analysis, 2020
3.8 PESTEL analysis
Browse the Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/geriatric-care-services-market-report
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth-consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision-making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Geriatric Care Services Market Growth Predicted at 10% Through 2027: GMI
Major geriatric care services market players include Brookdale Senior Living Inc., Extendicare Inc., Gentiva Health Services Inc., Kindred Healthcare Inc., Senior Care Centers of America, Sunrise Senior Living Inc., and Genesis Healthcare Corp.
SOURCE Global Market Insights, Inc.