Geriatric Care Services Market Size Worth US$ 1.73 Bn by 2026

LOS ANGELES, Feb. 10, 2020 /PRNewswire/ -- The Geriatric Care Services Market growth is driven by growing number of geriatric population, increase in insurance and reimbursement schemes for elderly people, and increase in chronic diseases across the globe.

The geriatric care services market size is poised to reach around US$ 1.73 billion by 2026.

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Acumen Research & Consulting, a global provider of market research studies, in a recently published report titled "Geriatric Care Services Market (By Service Provider: Public, Private; By Service: Home Care, Adult Day Care, Institutional Care; By Payment Source: Public Insurance, Private Insurance, Out-of-pocket; By Age Group: 65-70 years, 71-75 years, 76-80 years, 81-85 years, 86-90 years, Above 91 years) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026".

North America dominated the global geriatric care services market in the year 2018. The region has experienced the potential growth owing to the presence of Geriatric Care Services companies such as Charles River Laboratories, Thermo Fisher Scientific Inc. and Cytovance Biologics, Inc. among others. The presence of a large customer base along with favorable reimbursement policies is additionally accelerating the regional market growth. Moreover, stringent government regulations regarding biologics and growing number of laboratories and clinic centers are expected to enhance the market growth in the global Geriatric Care Services market in future. The European Medicines Agency (EMA) and the US Food and Drug Administration (FDA) require all biopharmaceutical products and vaccines to undergo stringent testing to ensure the product is safe and free of contaminants. Growing prevalence of such chronic diseases further expected to raise the demand for Geriatric Care Servicesin North America. The Europe region is expected to exhibit a second-largest share in the Geriatric Care Services market. R&D Investments in Life Science and growing investment in healthcare industry, growing number of drug launchesin countries, such as Germany, the UK, France, Spain, and Italy, are expected to enhance the market growth in the global Geriatric Care Services market during the forecast.

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Asia-Pacific region is expected to exhibit highest CAGR in the Geriatric Care Services market. The rapid growth in the urbanization, growing healthcare industry in developing countries, and liberalization of foreign direct investment in the healthcare sector are the major driving factor for the region in the global market. Moreover, the rising chronic diseases population and growing awareness regarding treatment options increases its dominance in the global Geriatric Care Services market in future.

Growing demand for geriatric care services in emerging economies, increase government investment in care services across the globe and rising number of pharmaceutical and biological firmsare the main drivers for the market growth of the global geriatric care services market over the forecast period. Furthermore, supportive government investment in life science and growing number of laboratory and research centers and insurance providers further grows the demand for geriatric care services over the forecast the period. Moreover, technological advancement and increase in the number of applications, and availability of advanced healthcare facilities in developing countries are expected to enhance the market size. This also expected to open investment opportunities in the global market for the manufacturers in the coming years.

However, high cost of associated with the services and lack of service care providers in emerging economies are expected to hamper the growth of the global geriatric care services market during the forecast period.

Institutional care segment have dominated the service segment in the year 2018 and the segment is projected to maintain its dominance over the forecast period from 2019 to 2026. Several guidelines and recommendations issued by regulatory authorities and escalating demand for new service providers further expected to drive the demand for the segment. The manufacturers Senior Care Center of America, and Kindred Healthcare, Gentiva Health Services, Inc., Brookdale Senior Living's, and Emeritus corporation are the mainly investing in the development of institutional care services which expected the lead the market in the coming years.

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86-90 years segment dominated the geriatric care services market on the basis of age group in the year 2018. The major factors that are driving the growth of this segment are growing prevalence of chronic diseases including diabetes, heart diseases and cancer and laboratories and growing number of test centers and laboratories. This expected to enhance the dominance of the 86-90 years in the global market over the forecast period.

Key Insights

• The institutional care segment accounted for approximately 44% of the share in the global geriatric care services market in 2018.
• The public service segment accounted for approximately 52% of the share in the global geriatric care services market in 2018.
• The 86-90 years segment accounted for approximately 27% of the share in the global geriatric care services market in 2018.

Some of the leading competitors are Kindred Healthcare, Gentiva Health Services, Inc., Brookdale Senior Living's, Emeritus corporation, GGNSC Holdings, LLC, Extendicare Inc., Home Instead Senior Care Inc., Skilled Healthcare Group, Inc., Genesis Healthcare, The Adult Day Health Services Center of Family Matters, LLC, and Senior Care Center of America.

Some of the key observations regarding geriatric care services industry include:

• In January 2019, Arosa Group acquired senior care. The acquisition focuses on expansion into North America and enhances its customer base.
• In April 2018, Thermo Fisher Scientific Inc.launched new cloud-enabled biological safety cabinet. This product is designed to fortify workflow connectivity and contamination control and helped company to enhance its customer base in Geriatric Care Services market.

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