Geriatric Care Services Market to Register 5.3% CAGR Amid Rising Prevalence of Chronic Illnesses
Sales in Geriatric Care Services Market to Increase Three-fold by 2028
Fact.MR in its latest study provides a comprehensive analysis of the global geriatric care services market to help readers understand the market scenario. It also highlights key factors including recent trends, opportunities, and challenges influencing sales in the geriatric care services market through detailed segmentation including type and regions.
NEW YORK, April 20, 2022 /PRNewswire/ -- A Market Research and Competitive Intelligence Provider: The global geriatric care services market was valued at around US$ 400 Mn in 2020. With sales increasing at a 5.3% CAGR, the geriatric care services market is poised to reach US$ 700 Mn by the end of 2028.
According to the World Health Organization (WHO), 1 in 6 people across the globe will be aged 60 years or above by 2030. The population aged 60 years and above is expected to rise from 1 billion in 2020 to 1.4 billion by 2030.
Similarly, the aged population will reach 2.1 billion by 2050. Furthermore, 80 years and above individuals will reach 426 million by 2050. Thus, increasing risks of contracting illnesses and diseases among the geriatric population is expected to propel demand in the forthcoming years.
In addition to this, growing trend of living independently is projected to increase the requirement for care facilities to look after the disabled and the elderly. This is likely to influence the demand for geriatric care services.
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Rising government initiatives to provide the elderly with access to healthcare services without any financial burden are expected to create opportunities for growth in the market.
Also, the availability of advanced technologies such as robot-assisted medical devices and hi-tech medical equipment in geriatric care centers is expected to create a conducive environment for geriatric care service providers.
According to WHO, the aged population is expected to become victims of abuse owing to their low income, disability, and other physical issues. The number of victims of abuse is projected to reach around 320 million by 2050. This is underpinning the need for geriatric care services across emerging economies.
Report Attributes |
Details |
Market Size (2020A) |
US$ 400 Mn |
Projected Year Value (2028F) |
US$ 700 Mn |
Global Growth Rate (2021-2028) |
CAGR 5.3% |
Key Takeaways:
- By type, home care services are expected to dominate the global geriatric care services market during the forecast period.
- China is estimated to exhibit highest growth owing to rising preference of people in the country to live independently, thereby spurring demand for geriatric care services.
- The U.S. geriatric care services market held 90% of the share in North America market in 2020.
- Geriatric care services market is projected to grow 3X, reaching around US$ 700 Mn by the end of 2028.
Growth Drivers:
- Increasing prevalence of chronic illnesses such as cardiovascular disorders, lung diseases, and others among the geriatric population is fueling demand for geriatric care services.
- Favorable reimbursement policies and insurances offered by healthcare providers are projected to increase sales of geriatric care services.
Restraints:
- Daily assistance services are cost-intensive for healthcare providers and patients, thereby restraining the growth in the market.
- Lack of skilled and trained caretakers in developing countries is anticipated to hinder the demand for geriatric care services.
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Competitive Landscape:
Key geriatric care service providers are developing advanced care centers and facilities for the growing elderly population across the globe. Some of the key service providers also plan to introduce new initiatives to provide optimal care and to improve sales in the forthcoming years. For instance:
- April 2022: The Symbiosis University Hospital and Research Centre have together introduced an initiative to help care for the elderly population. The major goal is to make the senior citizens feel wanted and provide them with the necessary medical and social support.
Key Companies Profiled by Fact.MR
- Sunrise Senior Living Incorporated
- Gentiva Health Services Incorporated
- Amedisys Incorporated
- Extendicare Incorporated
- Brookdale Senior Living Incorporated
- Genesis HealthCare Corporation
- GGNSC Holdings
- Kindred Healthcare Incorporated
- Home Instead Senior Care Incorporated
- Senior Care Centers of America
- Skilled Healthcare Group Incorporated
More Valuable Insights on Geriatric Care Services Market
In the latest study, Fact.MR explicates key drivers, opportunities, and challenges expected to promote the growth in the geriatric care services market during the forecast period of 2022 to 2032. The study also highlights the future forecast data of the geriatric care services market through detailed segmentation as follows:
By Type:
- Home Care
- Health Care
- Medical Care
- Physiotherapy Services
- Telehealth
- Palliative Care
- Hospice Care
- Non-medical Home Care
- Personal Care
- Home Making
- Meals and Grocery
- Rehabilitation
- Others
- Adult Day Care
- Health Care
- Non-Medical Care
- Institutional Care
- Nursing Homes
- Palliative Care
- Hospice Care
- Hospital-Based
- Assisted Living
- Independent Senior Living
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East and Africa (MEA)
Key Questions Covered in the Geriatric Care Services Market Report
- What will be the demand outlook of geriatric care services market in 2028?
- At what rate will the global geriatric care services market grow during 2021-2028?
- Which are key drivers fueling the growth in geriatric care services market?
- Which are the challenges encountered in the global geriatric care services market?
- Which region is estimated to dominate the geriatric care services market during 2021-2028?
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