GERIATRIC CARE SERVICES MARKET ANALYSIS

Geriatric Care Services MarketSize and Trends

The global geriatric care services market size was valued at US$ 784.7 million in 2017, and is expected to exhibit a CAGR of 7.9% over the forecast period (2018 – 2026).

Figure 1. Global Geriatric Care Services Market Value (US$ Mn), by Region, 2017

Increasing geriatric population prone to the risk of chronic diseases is expected to propel growth of the geriatric care services market

The rising geriatric population, prone to high risk of chronic diseases such as diabetes, cardiac disorders, arthritis, and respiratory disorders that require continuous monitoring, is expected to drive the market growth. According to World Population Prospects in 2017, global population aged over 60 years was 962 million, which is expected to reach around 2.1 billion by 2050. Globally, population aged 60 or over is increasing faster than other age groups. Furthermore, incidence of age-related diseases such as renal insufficiency and arthritis, metabolic change, Parkinson's disease, organ failures, and nervous disorders is higher in this population group.

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.

Figure 2. Global Geriatric Care Services Market Share (%), by Service Type, 2018 and 2026

However, high cost of geriatric care services is expected to hinder the market growth in emerging economies such as India and is expected to hinder the market growth. The average cost of Home Care Aide costs around US$ 40,000 (250 work days/year).

Moreover, increase in government expenditure for geriatric welfare combined with increasing geriatric population is expected to bolster the market growth over the forecast period. For instance, according to the National Council of Aging Care, the U.S. government is projected to invest around US$ 1.16 trillion on Medicare by 2027, which is twice the spending in 2016.