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| Geriatric Care Services |
The
Global Geriatric Care Services Market was valued at US$ 599.6 million by 2015
and is projected to expand at a CAGR of 4.2% from 2016 to 2024, as analyzed by
Coherent Market Insights in its detailed report about the same. Increasing
women labor workforce participation and growing disposable income is driving
demand for geriatric care services for the rapidly aging population.
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Gone
are the days when members of the family used to stay together. Growing
inflation and expenses has urged the earners of the family to travel for better
opportunity. In an endeavor to reduce the financial burden on a single person
in the family, number of women in the workforce is increasing rapidly across
the globe. The Department of Labor (DOL) states that around 57% of women were
part of the active workforce in the U.S. in 2015. Also, as per the Australian
Bureau of Statistics, women constitute 46.2% of total workforce in Australia as
of August 2016. This has led to an increase in demand for geriatric care for
the rapidly aging population.
Functional
disability is common among the elderly population. Geriatric care service
providers have evolved significantly by increasing their range of services from
mere psychological support and home management to nursing care and supervision.
Besides, various geriatric care centers offer 24x7 services to differentiate
and provide emergency services, a must for elderly care. Furthermore, the
geriatric care service providers are integrating various cutting-edge
technologies to boost their service performance. LivHome Technology+ by
LivHome, Inc. addresses the safety issues, enables social engagement, and
medication support. The company offers LivHome Connect that includes 24-hour
Active Remote Care (ARC) from in-house licensed nurses to patients.
Trend
of geriatric care services is on the rise predominantly owing to rapidly aging
population. According to the 2015 report by the United States Census Bureau,
the elderly population (65 years and above) is estimated to increase from 8.5%
in 2015 to 12% by 2030. Increasing geriatric care service access for the
elderly population is equally important. According to Senior Care Services
Scale (SCSS) developed by the researchers at Johns Hopkins University suggests
a gap in the offerings of geriatric care services and the need of geriatric
population.
Some
of the geriatric service providers across the globe are Sunrise Senior Living,
Epoch Elder Care, Senior Care Centers of America, Kindred Healthcare Inc., and
Home Instead Senior Care Inc. Collaborations with physicians, assistive device
manufactures, and insurers would be essential in increasing geriatric care
service access for the elderly population.
To know the latest
trends and insights prevalent in this market, click the link below: https://www.coherentmarketinsights.com/market-insight/geriatric-care-services-market-88
Key takeaways of the market:
·
The global geriatric services market is
classified on the basis of service type and geography
·
Skilled nursing facilities held the major share
in the global geriatric care services market, owing to challenges faced by the
elderly population in performing their daily activities and simultaneously
meeting their medical needs.
·
Market for continuing care is projected to
increase faster than the other segments on account of increasing disposable
income allowing customers to spend on continuum care. The market for continuing
care would be growing at a CAGR of 4.6% during the forecast period.
·
Globally, North America lead the market in terms
of US$ value on account of increasing women workforce participation and
increasing disposable income
·
Geriatric care services market is expected to
grow at a rapid pace in Latin America region on account of rapidly aging
population. Though the geriatric care services market in India and China is
expected to expand at a rapid CAGR of 7.5% and 7.1% respectively during the
forecast period, slower growth in Japan would negatively impact the overall
growth of Asia Pacific market, as Japan occupies dominant share of the region.
Browse Press Release:
https://www.coherentmarketinsights.com/press-release/geriatric-care-services-market-to-surpass-us-9072-million-by-2024-15
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