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.
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)
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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.
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.
