Global GeriatricCare Service Market, by Service Type (Home Healthcare, Assisted LivingFacilities, Adult Day Care Services, Continuing Care, and Skilled NursingFacilities), and by Region (North America, Latin America, Europe, Asia Pacific,Middle East, and Africa) was valued at US$ 784.7 million in 2017, and isprojected to exhibit a CAGR of 7.9% over the forecast period (2018 – 2026).Various programs by market players to provide geriatric care is expected toaugment the market growth Key players in the market are focused on developingvarious programs to provide geriatric care. For instance, in 2015, ACCESSHealth International and NUS Enterprise launched Modern Aging program to servethe needs of elders and caregivers in Singapore by helping entrepreneurs createnew products and services for elderly people. Furthermore, in January 2019, thenewly formed merger of Arosa and LivHOME, i.e. Arosa+LivHOME, acquired Partnersin Senior Care, a leader in developing and retaining outstanding caregivers.Moreover, increase in geriatric population are at high risk of chronic diseasessuch as diabetes, cardiac disorders, arthritis, and respiratory disorders isexpected to boost the market growth. According to a report published in March2016 by the United States Census Bureau, the geriatric population (aged 65years and above) is expected to account for 12% of the global population by2030 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 themarket growth. According to the study by SeniorLiving Organization, 2016, theaverage daily cost for adult day care is US$ 70, while the monthly average isabout $2,100.
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Browse 34 Market Data Tables and26 Figures spread through 154 Pages and in-depth TOC on ‘Geriatric CareServices Market ’- Global Forecast to 2026, by Service Type (Home Healthcare,Assisted Living Facilities, Adult Day Care Services, Continuing Care, and SkilledNursing Facilities), and by Region (North America, Latin America, Europe, AsiaPacific, Middle East, and Africa)
Key players in the market arefocused on adopting strategies such as mergers and acquisitions to enhancetheir product portfolio. For instance, in February 2016, Amedisys acquiredAssociated Home Care, and launched its personal care division to accompanyalready existing home health and hospice services throughout Massachusetts,U.S.
Moreover, increasing range ofservices by geriatric care centers and rising demand for care services isexpected to propel growth of the geriatric care services market over theforecast period. The providers of geriatric care services help patients tochoose the most appropriate insurance policies as per their individual needs.The geriatric care managers also offer counseling and support, crisisintervention, decisions regarding appropriate housing options, moneymanagement, and personal care assistance. For instance, LivHome, Inc. addresses the safety issues, enables socialengagement, and medication support. The company has LivHome Connect senior caretechnology that includes 24 hour active remote care (ARC) from in-houselicensed nurses for the patients in need.
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Key Takeaways of the GeriatricCare Services Market:
The global geriatric care servicesmarket is expected to exhibit a CAGR of 7.9 % over the forecast period, owingto rising geriatric population, increasing range of services offered bygeriatric care centers, and rising investment in expansion by market players.According to World Population Prospects in 2017, 13% of the world populationcomprises the elder population. The population growth rate of individuals aged60 or above is around 3% per year globally, and around 25% population is overthe age of 60 in Europe, which is the greatest percentage in the world. Thenumber of older persons in the world is projected to be 1.4 billion in 2030 and2.1 billion in 2050, and could rise to 3.1 billion in 2100.
Among service type, the skillednursing facilities segment held a dominant position in the geriatric careservices market in 2018, owing to specialized care offered by nursing homes fordementia patients and other similar conditions. According to World HealthOrganization (WHO), 2017, around 50 million patients were suffering fromdementia worldwide, and the number is projected to escalate to 75 million by2030.
Key players operating in theglobal geriatric care service market include, LivHOME, Brookdale Senior LivingSolutions, Revera Inc., Senior Care Centers, Amedisys, Genesis HealthCare, HomeInstead Senior Care, Extendicare, Portea Medical.
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