- Demand for dependable external care for elderly parents with changing family structure in developing countries fuels the growth of the geriatric care services market
ALBANY N.Y., April 18, 2022 (GLOBE NEWSWIRE) -- The geriatric care services market is projected to expand at a CAGR of 5.3% during the forecast period from 2021 to 2028. Expanding geriatric population that requires continuous physical and emotional care fuels the growth of the geriatric care services market. According to the data of the World Health Organization, the percentage of population aged 60 years & above is estimated to be more than 13% and 20% by 2030 and 2050 respectively.
The high risk of the elderly population subject to non-communicable diseases, injuries, and psychological disorders necessitates round the clock care for their physical and mental well-being. Geriatric care services are designed to provide complete residential, physical, mental, and healthcare needs of the geriatric population available in a few types.
Changing family structure in urban areas with older children living independently has led to a decline in the number of caregivers within the family. This creates ample opportunities in the geriatric care services market.
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Geriatric Care Services Market – Key Findings of Report
- Availability of a range of geriatric care services that is significantly covered in comprehensive health insurance plans favors the growth of the geriatric care services market. Geriatric care services covered under medical insurance helps the elderly population to receive satisfactory care for physical and mental conditions.
- Introduction of government health insurance plans with extended benefits such as coverage for retiring age, irregular source of income, and coverage for pre-existing disease and pre and post-hospitalization costs that are compiled within geriatric care services underscores growth in the geriatric care services market
- Substantial affordability for geriatric care services is attracting new service providers to enter the fray. The prosperous baby boomer population that is willing to spend substantial money on good quality geriatric care services is attracting existing companies in the geriatric care services market to expand their services. Furthermore, desire of a large fraction of the geriatric population to continue to remain active, but requires moderate support from external care services impels demand for geriatric care services.
- Role of governments in several developed countries to support health and well-being of the elderly population stimulates the geriatric care services market. Government-backed old-age homes or reimbursement plans offered by governments to establish improved standards for the treatment of elderly is attracting investments in geriatric care services.
- Advantages of higher affordability, tax benefits associated with purchasing the policy, and comprehensive medical insurance for senior citizens account for substantial growth of public insurance segment of the geriatric care services market
- Asia Pacific is a key region in the geriatric care services market. Increase in geriatric population at a significant pace, with the region being the frontrunner in the phenomenon of aging population globally is creating lucrative opportunities in the geriatric care services market of the region.
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Geriatric Care Services Market – Growth Drivers
- Demand for dependable physical and emotional care for expanding geriatric population globally fuels the geriatric care services market
- Design of medical insurance plans to support beneficiaries of geriatric care services with retirement plans, advancing age, and irregular source of income propels the geriatric care services market
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Geriatric Care Services Market – Key Players
Some of the key players operating in the geriatric care services market are;
- Amedisys Incorporated
- Genesis Healthcare Corporation
- GGNSC Holdings
- Kindred Healthcare Incorporated
- Skilled Healthcare Group Incorporated
- Brookdales Senior Living Incorporated Extendicare Incorporated
- Gentiva Health Services Incorporated
- Home Instead Senior Care Incorporated
- Senior Care Centers of America
- Sunrise Senior Living Incorporated
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The geriatric care services market is segmented as follows;
Geriatric Care Services Market, 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
- Health Care
- Adult Day Care
- Health Care
- Non-Medical Care
- Institutional Care
- Nursing Homes
- Palliative Care
- Hospice Care
- Hospital Based
- Assisted Living
- Independent Senior Living
Geriatric Care Services Market, by Region
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- Australia
- India
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
Modernization of healthcare in terms of both infrastructure and services have pushed the healthcare industry to new heights, Stay Updated with Latest Healthcare Industry Research Reports by Transparency Market Research:
Geriatric Medicines Market: Rise in chronic diseases, increase in governments and NGOs supports for elderly and technological advancement for medication assistance are projected to drive the global geriatric medicine market during the forecast period.
Geriatric Drugs and Disease Management Market: The rising prevalence of a wide spectrum of chronic among elderly populations has propelled the demand for geriatric drugs and disease management across the globe. The rising incidence of neurodegenerative diseases in older adults and the morbidity these bring on the population is fueling the market growth.
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