Geriatric Care Services Market Size By Service (Home Care, Adult Day Care, Institutional Care {Nursing Homes, Hospitals, Assisted Living, Independent Senior Living}), By Service Provider (Public, Private), By Payment Source (Public Insurance, Private Insurance, Out-of-pocket), By Age Group (65-70 Years, 71-75 Years, 76-80 Years, 81-85 Years, 86-90 Years, Above 91 Years), COVID19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2027

Published Date: Jun 2021  |  Report ID: GMI433  |  Authors: Sumant Ugalmugle

Report Format: PDF   |   Pages: 200   |   Base Year: 2020




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Geriatric Care Services Market size exceeded USD 976.2 billion in 2020 and is expected to grow at a CAGR of over 10% between 2021 and 2027.
 

Geriatric Care Services Market Overview

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Ongoing improvements related to geriatric care services such as availability & skills of care workers, professional education, transparency regarding the quality of care, and remote patient management are anticipated to augment the market growth. The increasing technological advancement in geriatric care services along with favourable government policies for senior citizens has driven the demand for geriatric care services. Rising chronic ailments such as cardiovascular, orthopedic, diabetes, and cancer among others are poised to spur the geriatric care services market expansion.
 

Geriatric care services can be defined as facilities that provide medical care for elderly people. These services are intended to improve health by preventing and treating disorders in older individuals. It involves coordinating and planning the care of older people with mental and/or physical issues to meet their long-term care requirements, uphold their independence, enhance their quality of life, etc. Geriatric care services incorporate health care coupled with various essential services such as home care services, assistance with activities of daily living, and financial planning among others.
 

However, the high cost associated with these services may adversely affect the geriatric care services market share. The total healthcare costs associated with elderly care management are rising owing to the intervention expenses and improved survival rate that lead to patients consuming healthcare resources for a longer time. The growing aging population contributes significantly to the upsurge in geriatric care services costs. Further, the use of expensive novel medicines & drugs, overuse of specialty care, and increased costs of geriatric care services & goods are some of the factors that contribute to increasing costs for medical care of older people. Thus, numerous countries are focusing on implementing effective approaches to reduce health care costs while improving late-life care.
 

The outbreak of the COVID-19 virus is an unprecedented health issue across the globe and has significantly stimulated the geriatric care services market. In several countries, elder people are facing the most challenges and threats at this pandemic, thereby fuelling the demand for elder care services. Health care plays an essential role in offering long-term care to older people and decrease the risk of developing severe ailments if they contract the coronavirus. For instance, the Centre for Disease Control and Prevention has established guidelines for staff, volunteers, and administrators at adult day care centres. Further, home care companies across the globe are delivering a variety of emergency and non-medical support facilities that aid the elderly stay independent and healthy in their own homes. These services have contributed to various advantages in this pandemic period including provides services critical for families, reduce pressure on limited hospital resources, immediate emergency response, etc.

Growing geriatric population in the Asia Pacific region will influence the geriatric care services market progression

Rising geriatric population in the APAC region is one of the prime factors driving the industry expansion. The number of older people in the Asia-Pacific region is growing at an unprecedented rate and it is at the forefront of the global phenomenon of aging population. As per the recent research article, the geriatric population in the region is slated to reach around 1.3 billion by 2050. Growing life expectancy, declining fertility rates, and geriatric care services are the key drivers of aging population in some countries of the APAC region.
 

As per the World Health Organization, the proportion of people aged 60 years or above was around 9% in 2017 and is set to augment to more than 13% and 20% by 2030 and 2050, respectively. The health concerns among elders include mental health, non-communicable diseases, and injuries among others. As the number of older people rises, the demand for these services that can diagnose, evaluate and manage clinical comorbidities is rising. Thus, countries in the region are focusing to ensure all elder people can have access to health facilities without financial burden.
 

Increase in demand and preference for home care will accelerate the market value

The home care segment in the geriatric care services market is estimated to witness 10.7% CAGR through 2027 led by the comfort of home, personal care, promotes confidence, and improves overall health among others. As per the American Geriatrics Society, home care is associated with longer life and a reduced risk of rehospitalization that will result in fostering the geriatric care services market progression during the forecast period.
 

Home care service providing companies commonly work with families to make care plans for aged people. One of the advantages of hiring a home care company is its affordability along with caregiver that come on several days each week to assist seniors. Identifying the unmet care and support requirements of the geriatric population is becoming an urgent public health priority.
 

High level of geriatric care provided by private service providers will fuel the market revenue

The geriatric care services market for private segment is predicted to expand at a CAGR of more than 10.6% by 2027 on account of several factors such as professionally provided care, fully trained workers, quality of care provided to elders among others. Private geriatric care service centers have more doctors & limited patients, offer better consultation, and provide improved customer service compared to public facilities. Some of the factors that surge the adoption of private geriatric service providers are privacy, cleanliness, availability of drugs, etc. The National Adult Day Services Association has developed a uniform set of standard outcomes to respond to rising demand among private funders that deliver adult day services. Reimbursement policies are the dominant model of private insurance arrangements in the U.S. that provide the eligible recipient with coverage up to a selected limit to cover for home, outpatient care, or nursing care expenses.
 

Numerous benefits offered by public insurance policies in geriatric care services will enhance the industry growth

Geriatric Care Services Market Size

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The public insurance segment in the geriatric care services market accounted for USD 703 billion in 2020 impelled by the several benefits associated with public insurance such as more affordable options, tax benefits associated with purchasing the policy, and comprehensive medical insurance for senior citizens among others. Medical insurance provides significant support for both families and sufferers. For instance, the New India Assurance Health Insurance has launched a government senior citizen Mediclaim policy for elderly people. It includes various key features such as covers pre-existing disease and pre & post-hospitalization costs, etc. Older individuals may receive various benefits from these public insurance coverage attribute to retiring age, rising health concerns, and irregular source of income among others. As public insurance provides coverage for major disorders such as cancer, cardiovascular diseases, organ transplant, etc., it ensures better possible treatment with minimum out-of-pocket costs.
 

Increasing requirement of assistance along with healthcare necessities in elderly people will boost the industry value

The geriatric care services market for 86-90 years segment is estimated to attain a CAGR of 9.7% through 2027 propelled by the age group that is more prone to an array of disorders such as diabetes, heart diseases, and chronic infections among others. In the U.S. people aged 85 years and above are the fastest-growing age group. According to the National Center for Health Statistics, in the U.S., around 140,690 cancer cases were diagnosed, and 103,250 cancer deaths occurred among the age group above 85 years. As per the article published by the National Center for Biotechnology Information, in America, the population of people above 85 years old will triple by the end of 2050. To meet the needs related to old individual’s physical and psychological health, the government of various countries emphasized the significance of support services and developing care models based on the needs of aged people.
 

High acceptance of technologically advanced services to assist older people in the North America region will accelerate the regional growth

Global Geriatric Care Services Market

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U.S. dominated the North America geriatric care services market and captured over 93% of revenue share in 2020 owing to numerous factors such as rising geriatric population, attractive insurance policies, and government funding for elderly care among others. As per the Population Reference Bureau, the number of Americans aged 65 and older is anticipated to double from 52 million in 2018 to around 95 million by 2060. According to the National Adult Day Services Association, in the U.S., over 7,500 adult day care centers are providing geriatric care services. Adult day programs in the country serve as an evolving supplier of short-term rehabilitation and transition care. The major government health care programs including the Veterans Health Administration, Medicaid, and Medicare among others are established for older individuals in the country. Thus, the growing focus on geriatric care services credited to the rising awareness coupled with other correlated factors is predicted to stimulate the geriatric care services market revenue in the country.
 

The Italy geriatric care services market is expected to expand at a CAGR of 9.2% during 2021 to 2027 driven by the success of geriatric care services, high average life expectancy, and well-established health policies among others. Some of the people in the country prefer private health insurance cover attributed to select specialists, doctors, and private hospitals as per their own choice. Italy is the European nation with most aged people, thereby increases the need for technologies that make Italy a significant market opportunity for players targeting the geriatric care services market.
 

Strategic initiatives implemented by major market players will spur the business growth

Some of the major companies operating in the geriatric care services market are Brookdale Senior Living Inc., Extendicare Inc., Gentiva Health Services, Inc., Kindred Healthcare Inc., Senior Care Centers of America, Sunrise Senior Living Inc., and Genesis Healthcare Corp. among others. The major participants focus on strategic collaborations, mergers, and partnerships in order to expand their business and launch of new technologies to strengthen the services portfolio. Furthermore, these leaders are investing in research and development activities that allow these players to garner maximum revenue share.
 

Recent industry developments:

  • In November 2019, Sunrise Senior Living Inc. announced a collaboration with Royal Philips to introduce advanced senior care technology for residents at Welltower’s flagship Manhattan community. This collaboration helped the company to strengthen its service portfolio across the globe.
     
  • In February 2019, Genesis Healthcare Corp. announced the partnership with Next Healthcare Capital involving 15 skilled nursing facilities. This strategic move enhanced the company's overall status in the nursing home segment and extended reach to a large pool of patients.
     

Geriatric care services market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027, for the following segments:
 

Market, By Service, 2016 - 2027 (USD Million)

  • Home Care
  • Adult Day Care
  • Institutional Care
    • Nursing Homes
    • Hospitals
    • Assisted Living
    • Independent Senior Living

Market, By Service Provider, 2016 - 2027 (USD Million)

  • Public
  • Private

Market, By Payment Source, 2016 - 2027 (USD Million)

  • Public Insurance
  • Private Insurance
  • Out-of-pocket
  • Others

Market, By Age Group, 2016 - 2027 (USD Million)

  • 65-70 years
  • 71-75 years
  • 76-80 years
  • 81-85 years
  • 86-90 years
  • Above 91 years

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Netherlands
    • Denmark
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • Singapore
  • Latin America
    • Brazil
    • Mexico
    • Columbia
    • Argentina
    • Peru
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE
    • Egypt
       

Frequently Asked Questions (FAQ) :

The geriatric care services industry size surpassed USD 976.2 billion in 2020 and will expand at a CAGR of 10% from 2021 to 2027.
Home care services will register a CAGR of 10.7% from 2021 to 2027 given that they provide the comfort of home and personal care, boost confidence, and enhance overall health.
Private service providers will record a CAGR of 10.6% between 2021 and 2027 owing to multiple drivers comprising fully trained workers, professionally provided care, and the quality of care provided to elders.
Owing to various advantages associated with public insurance like tax benefits, affordable policy options, etc., the segment accounted for remuneration of USD 703 billion in 2020.
The market revenue from the 86-90 years segment will grow at 9.7% CAFR through 2027 as the people in this age group is more prone to various health issues like heart diseases and diabetes among others.

Premium Report Details

  • Published Date: Jun 2021
  • Pages: 200
  • Tables: 342
  • Charts / Figures: 18
  • Companies covered: 11
  • Countries covered: 23

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