Our comprehensive research on the Geriatric Care Services Market (2023-2031) provides insights for businesses. It covers trends, investments, tech advancements, and major players. The report uses qualitative and statistical data from 2017-2031, including SWOT, BCG, PESTLE analysis, and visuals. It offers a full market landscape with stakeholder insights, regional outlooks, and financial considerations.
The global geriatric care services market size was US$ 978.1 billion in 2021. The global geriatric care services market is forecast to grow to US$ 2127.1 billion by 2030 by registering a compound annual growth rate (CAGR) of 9.1% during the forecast period from 2022 to 2030.
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Geriatric care is the term used to define medical care for older or elderly patients. The range of care now incorporates the medical needs of the elderly and their social and psychological needs. More than ever, geriatric care entails a holistic strategy for dealing with aging and its effects. Geriatric care management includes medical and psychological care with other crucial services such as housing, home care, nutrition, assistance with daily living tasks, socialization programs, financial planning, and legal advice. A care plan customized to each individual’s needs is developed after additional examination, and it is subsequently reviewed and revised as necessary.
Factors Influencing the Market
The first and foremost factor driving the growth of geriatric care services market is the rapidly rising rate of the geriatric population. People over the age of 65 are expected to increase, particularly in developing countries. The rate is expected to grow from an estimated 524 million in 2010 to roughly 1.5 billion in 2050, according to the World Health Organization’s Global Health and Aging Study. Thus, it will be opportunistic for the geriatric care services market during the forecast period.
Moreover, the growing cases prevalence of Alzheimer’s disease, dementia, etc., will also fuel the growth of the geriatric care services market during the forecast period. According to the World Health Organization, there are around 47.5 million dementia sufferers worldwide, and 7.7 million new cases are diagnosed every year. On the flip side, the high cost associated with geriatric care may limit the growth of the market during the study period.
COVID-19 Impact Analysis
COVID-19 infection is particularly dangerous to older individuals since it can cause quite a serious sickness and affects the immune system. According to research, people aged 60 and older are more likely to experience severe, fatal effects, especially if they already have a pre-existing medical problem. Apart from that, nationwide lockdown became a significant challenge for the caregivers as they were required to follow the guidelines and take the essential safety procedures in order to break the disease’s chain of transmission. Additionally, the disease’s progress is often more severe in elderly patients, leading to a greater fatality rate. Due to labor shortages and the additional care and social isolation needs, the market for geriatric care services witnessed a significant fall.
Regional Analysis
North America is forecast to hold the highest share in the geriatric care services market, owing to the rapidly growing aging population and growing adoption of appealing insurance plans. Further, growing government support for senior care in the region is expected to be opportunistic for the geriatric care services market. Governments in the region have initiated various healthcare programs such as the Veterans Health Administration, Medicaid, Medicare, etc. Apart from that, high awareness about geriatric care services will contribute to the growth of the market during the analysis period.
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Competitors in the Market
• Benesse Style Care Co., Ltd
• Econ Healthcare Group
• Epoch ElderCare
• St Luke’s ElderCare Ltd
• Latin America Home Health Care
• Samvedna Senior Care
• ApnaCare Latin America Private Limited
• Nichiigakkan Co. Ltd
• GoldenCare Group Private Limited
• Carewell-Service Co., Ltd RIEI Co., Ltd.
• Other Prominent Players
The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.
As of the end of 2022, the Geriatric Care Services industry experienced notable growth in its workforce. Starting in January, employment within the Geriatric Care Services sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Geriatric Care Services output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector’s production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.
Forecasts indicate that the global Geriatric Care Services output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Geriatric Care Services market, remains both its largest producer and consumer. Remarkably, China’s market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation’s GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Geriatric Care Services market.
Market Segmentation
The global geriatric care services market segmentation focuses on Service, Service Provider, Payment Source, Age Group, and Region.
By Service
• Home Care
• Adult Day Care
• Institutional Care
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By Service Provider
• Public
• Private
By Payment Source
• Public Insurance
• Private Insurance
• Out-of-pocket
• Others
By Age group
• 65-70 years
• 71-75 years
• 76-80 years
• 81-85 years
• 86-90 years
• Above 91 years
By Region
● North America
o The U.S.
o Canada
o Mexico
● Europe
▪ Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
▪ Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America
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Table of Contents:
Chapter 1: Introduction to the Global Geriatric Care Services Industry
Chapter 3: Dynamics of the Market
Chapter 4: Profiles of Leading Companies
Chapter 5: Competition in the Global Geriatric Care Services Market among Players
Chapter 6: Market Size across Global Regions
Chapter 7: Application Segments in the Global Market
Chapter 8: Segment Analysis of the Global Geriatric Care Services Industry
Chapter 9: Market Chain, Sourcing Strategies, and Downstream Buyers
Chapter 10: Strategies and Key Policies by Distributors/Suppliers/Traders
Chapter 11: In-depth Analysis of Key Marketing Strategies by Market Vendors
Chapter 12: Evaluation of Market Impact Factors
Chapter 13: Forecasted Global Geriatric Care Services Market Size (2023-2031)
Reasons to Acquire This Report
(A) This research imparts invaluable insights tailored for senior management, policymakers, industry professionals, product innovators, sales executives, and stakeholders within the market. It equips them with the information needed to make well-informed decisions and craft effective strategies.
(B) The report delivers a comprehensive analysis of global, regional, and country-level Geriatric Care Services market revenues, extending projections until 2030. This dataset empowers companies to gauge their market presence, recognize avenues for growth, and explore emerging markets.
(C) Through meticulous segmentation of the Geriatric Care Services market encompassing types, applications, technologies, and end-uses, this study empowers leaders to blueprint their products and allocate resources based on the projected growth trajectories of each segment.
(D) Investors stand to gain from the market analysis by gaining insights into market scope, positioning, key drivers, challenges, limitations, expansion prospects, and potential risks. Armed with this knowledge, they can make well-considered investment choices.
(E) The report conducts an intricate analysis of competitors, unraveling their pivotal strategies and market positioning. This intelligence equips businesses with a profound understanding of the competitive landscape, enabling them to chart their own strategies accordingly.
(F) The study facilitates the assessment of Geriatric Care Services business projections delineated by region, key countries, and prominent companies, bestowing invaluable information for investment strategizing and decision-making.
Why is our study consequential?
Our study holds paramount importance for various reasons, a few of which include:
• Assisting businesses in gauging the viability of new or existing products or services.
• Facilitating business enterprises in the identification and cultivation of novel market segments.
• Providing a preemptive understanding of consumer demand prior to introducing new products, services, or features.
• Enhancing the overall efficacy of marketing, advertising, and promotional initiatives.
• Analyzing market trends to aid businesses in devising adaptive strategies.
• Guiding businesses in the optimal placement of their products.
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