Category : Healthcare and Pharmaceuticals | Published at : February-2020 | Delivery Format : PDF | Status: Published | Pages : 190
The global geriatric care services market is expected to grow at a CAGR of around 8.4% during the forecast period 2019 to 2026 and expected to reach the market value of around US$ 1.73 Bn by 2026.
The geriatric care services include home care, adult day care, and institutional care. The main functions of geriatric care services are to ensure the timely care and check up of elderly people and maintaining and control health. Based on age group, different types of age groups such as 65-70 years, 71-75 years, 76-80 years, 81-85 years, 86-90 years, Above 91 years are considered in this study.
Market Dynamics
The growth of the geriatric care services market is primarily driven by growing number of geriatric population, increase in insurance and reimbursement schemes for elderly people, an increase in chronic diseases across the globe, and rise in government support and spending for elderly care. Furthermore, increase in number of new care service providers and pharmaceutical key players and expanding base of various insurance and NGO worldwide, is estimated to boost the market growth. According to World Health Organization (WHO)around 1.5 billion people aged 65 and above will be generated by 2050 in developing countries. Moreover, changing lifestyles of young populations across developed and developing countries, growing pharmaceutical and medical industry, technological advancement and increase in the number of care service are expected to create opportunities for global market over the forecast period. 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 in the coming years.
By service, institutional care segment dominated the geriatric care services market
The institutional care segment accounted for approximately 44% of the share in the global geriatric care services market in 2018. Increase in demand for performing fast services, growing number of hospitals and laboratory and nursing homes and institutional caters to the diagnostics and laboratory expenses as compared to others is further expected to raise segment over the forecast period.
By service provider, public service segment dominated the geriatric care services market
The public service segment accounted for approximately 52% of the share in the global geriatric care services market in 2018. Growing demand for geriatric care services for various diseases and cataract procedures and growing investment for care services by government, and initiatives for immunization is further expected to raise segment over the forecast period. Owing to its growing number of government hospitals, growing number of new drug launches, and supportive government initiatives for geriatric care services in research and development centres further grows the demand for public sector during the forecast period.
By age group, 86-90 years segment dominated the geriatric care services market
The 86-90 years segment accounted for approximately 27% of the share in the global geriatric care services market in 2018. Rising prevalence of chronic diseases and unhealthy lifestyle and growing incidence of heart attack and cancer, and rising demand for safe test is further expected to raise segment over the forecast period.
The market research study on “Geriatric Care Services Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”, offers a detailed insight into the global geriatric care services market entailing insights on its different market segments. Market dynamics with drivers, restraints, and opportunities with their impact are provided in the report. The report provides insights into the global geriatric care services market, its service provider, service, payment source, age group, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global geriatric care services market size and volume, and segment markets by service provider, service, payment source, age group, and geography along with the information on companies operating in the market. The geriatric care services market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.
In 2018, North America dominated the regional market with a maximum market share
North America accounted for the high market share of the geriatric care services market and the region is also expected to maintain its dominance over the forecast period. The region is experiencing the maximum growth owing to the rapid demand of geriatric care services in crowd, presence of geriatric care services companies, favorable reimbursement policies, and government investment for the services. High research and development in biotechnology and pharmaceutical, development and launching of new biologics and drugs, and developed healthcare infrastructure in the North America region are one of the key factors driving the consumption of geriatric care services in this region. Moreover, highly skilled nurses, a growing number of insurance providers in key countries such as US and Canada are also propelling the growth of geriatric care services in the North America region. Europe is followed by the North America region in the geriatric care services market.
Asia-Pacific is expected to hold the highest CAGR in the global market during the forecast period. The growing pharmaceutical and biotechnology and industry increase in innovation and development in geriatric care services, and growing outsourcing industry, are expected to enhance the market growth in the global geriatric care services market during the forecast.
The players profiled in the report include Skilled Healthcare Group, Inc., Genesis Healthcare, The Adult Day Health Services Center of Family Matters LLC, Senior Care Center of America, and Kindred Healthcare, Gentiva Health Services, Inc., Brookdale Senior Living’s, Emeritus corporation, GGNSC Holdings LLC, Extendicare Inc., Home Instead Senior Care Inc., among others. The companies are involved in mergers and acquisitions and new product development for expanding their market share and also for gaining competitive advantages over its competitors.
Market Segmentation
Market By Service Provider
- Public
- Private
Market By Service
- Home Care
- Adult Day Care
- Institutional Care
Market By Payment Source
- Public Insurance
- Private Insurance
- Out-of-pocket
Market By Age Group
- 65-70 years
- 71-75 years
- 76-80 years
- 81-85 years
- 86-90 years
- Above 91 years
Market By Geography
North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions
The geriatric care services include home care, adult day care, and institutional care.
The main functions of geriatric care services are to ensure the timely care and check up of elderly people and maintaining and control health.
Factors such as growing number of geriatric population, increase in insurance and reimbursement schemes for elderly people, an increase in chronic diseases across the globe restrain the geriatric care services market growth.
According to Acumen Research and Consulting, the geriatric care services market value is anticipated to be worth around US$ 1.73 billion in 2026.
The geriatric care services market is anticipated to grow over 8.4% CAGR during the forecast period 2019 to 2026.
North America held maximum share in 2018 for geriatric care services market.
Asia Pacific is projected to grow at a fast pace during forecast period in the geriatric care services market.
