Global Geriatric
Care Service Market, by Service Type (Home Healthcare, Assisted Living
Facilities, Adult Day Care Services, Continuing Care, and Skilled Nursing
Facilities), and by Region (North America, Latin America, Europe, Asia Pacific,
Middle East, and Africa) was valued at US$ 784.7 million in 2017, and is
projected to exhibit a CAGR of 7.9% over the forecast period (2018 – 2026).
Various programs by market players to provide geriatric care is expected to
augment the market growth Key players in the market are focused on developing
various programs to provide geriatric care. For instance, in 2015, ACCESS
Health International and NUS Enterprise launched Modern Aging program to serve
the needs of elders and caregivers in Singapore by helping entrepreneurs create
new products and services for elderly people. Furthermore, in January 2019, the
newly formed merger of Arosa and LivHOME, i.e. Arosa+LivHOME, acquired Partners
in Senior Care, a leader in developing and retaining outstanding caregivers.
Moreover, increase in geriatric population are at high risk of chronic diseases
such as diabetes, cardiac disorders, arthritis, and respiratory disorders is
expected to boost the market growth. According to a report published in March
2016 by the United States Census Bureau, the geriatric population (aged 65
years and above) is expected to account for 12% of the global population by
2030 and further to 16.7% by 2050 as compared to 8.5% in 2015. However,
expensive services such as per day cost for adult day programs can hinder the
market growth. According to the study by SeniorLiving Organization, 2016, the
average daily cost for adult day care is US$ 70, while the monthly average is
about $2,100.
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Browse 34 Market Data Tables and
26 Figures spread through 154 Pages and in-depth TOC on ‘Geriatric Care
Services Market ’- Global Forecast to 2026, by Service Type (Home Healthcare,
Assisted Living Facilities, Adult Day Care Services, Continuing Care, and Skilled
Nursing Facilities), and by Region (North America, Latin America, Europe, Asia
Pacific, Middle East, and Africa)
Key players in the market are
focused on adopting strategies such as mergers and acquisitions to enhance
their product portfolio. For instance, in February 2016, Amedisys acquired
Associated Home Care, and launched its personal care division to accompany
already existing home health and hospice services throughout Massachusetts,
U.S.
Moreover, increasing range of
services by geriatric care centers and rising demand for care services is
expected to propel growth of the geriatric care services market over the
forecast period. The providers of geriatric care services help patients to
choose the most appropriate insurance policies as per their individual needs.
The geriatric care managers also offer counseling and support, crisis
intervention, decisions regarding appropriate housing options, money
management, and personal care assistance.
For instance, LivHome, Inc. addresses the safety issues, enables social
engagement, and medication support. The company has LivHome Connect senior care
technology that includes 24 hour active remote care (ARC) from in-house
licensed nurses for the patients in need.
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Key Takeaways of the Geriatric
Care Services Market:
The global geriatric care services
market is expected to exhibit a CAGR of 7.9 % over the forecast period, owing
to rising geriatric population, increasing range of services offered by
geriatric care centers, and rising investment in expansion by market players.
According to World Population Prospects in 2017, 13% of the world population
comprises the elder population. The population growth rate of individuals aged
60 or above is around 3% per year globally, and around 25% population is over
the age of 60 in Europe, which is the greatest percentage in the world. The
number of older persons in the world is projected to be 1.4 billion in 2030 and
2.1 billion in 2050, and could rise to 3.1 billion in 2100.
Among service type, the skilled
nursing facilities segment held a dominant position in the geriatric care
services market in 2018, owing to specialized care offered by nursing homes for
dementia patients and other similar conditions. According to World Health
Organization (WHO), 2017, around 50 million patients were suffering from
dementia worldwide, and the number is projected to escalate to 75 million by
2030.
Key players operating in the
global geriatric care service market include, LivHOME, Brookdale Senior Living
Solutions, Revera Inc., Senior Care Centers, Amedisys, Genesis HealthCare, Home
Instead Senior Care, Extendicare, Portea Medical.
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