Geriatric Care Services Market Size By Services (Home Care, Adult Day Care, Institutional Care), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, France, Spain, Japan, China, India, Mexico, Brazil, South Africa), Service type Potential, Competitive Market Share & Forecast, 2016 - 2024
Published Date: May 2016 | 75 Pages | Report ID: GMI433 Report Format: PDF
Geriatric Care Services Market size was valued over USD 700 billion in 2015 and growing at an estimated 5.0% CAGR over the forecast period.
UK Geriatric Care Services Market size, by service type, 2012-2024 (USD Billion)
Rising geriatric population base coupled with growing number of chronic diseases and increasing number of long term care services drives the geriatric care services market size over the forecast timeframe. As per the UN estimates, elderly population is estimated over 800 million in 2012, projected to surpass 2,000 billion by 2050.
The increase in elderly population coupled with presence of various home care services, day care facilities and geriatric care establishments are likely to further enhance the geriatric care services market growth. Moreover, growing oldest old number of people who are susceptible to several medical complications such as neurological, respiratory, orthopaedic and cardiovascular diseases coupled with increase in the advancement of technology such as the development of specialty robots skilled for assisting old people in carrying out day to day operations is anticipated to drive the geriatric care services market share. Growing elderly population living on their own and increasing demand for geriatric care services should fuel business growth over the forecast period.
Geriatric Care Services Market, By Service
Home care and institutional care services led the geriatric care services market share in 2015, with the revenue share of over 40% and 35% respectively. Presence of favourable government reimbursements in the form of Medicaid, offered by countries as per the federal condition drives the institutional care facilities segment. In 2012, nearly 77% adult day care service centers, 52% residential care groups, 78% household health agencies and 95% nursing homes are certified to contribute in Medicaid.
Home care is observed to be the most attractive in the geriatric care services market size, with the revenue forecast to exceed USD 480 billion by 2024, and will raise at a CAGR of 4.5% from 2016-2024. The upsurge in the geriatric care services industry is due to the increasing institutional care prices such as the expenses related to the nursing homes and hospital, awareness about prolonged hospital stays, fast recovery caused as of injury and sickness owing to favorable environment.
Geriatric Care Services Market, By Region
North America geriatric care services market share led the industry and expected to reach over USD 530 billion by 2024. The key aspects contributing to the growth of industry includes existence of advanced long-term care facilities and favorable reimbursement policies in the U.S. As per CDC as of 2012 in the U.S., it was estimated that 4,800 adult day services centers, 12,200 home health agencies, 3,700 hospices, 15,700 nursing homes, and 22,2001 residential care communities. Out of these nearly 58,5002 regulated were regulated. Existence of such huge number of long-term care institutions in the U.S. attributed to the growth of large revenue share in the region.
Asia Pacific valued over USD 90 billion in 2015 and is expected to be the rapidly growing region over the forecast timeframe. Growing aging population, changing family structure in countries such as China, favorable infrastructure for emerging geriatric care services and increased awareness levels among the ageing population towards healthy lifestyle is likely to boost the demand for geriatric care services market. According to the World Bank Group in 2010, China has nearly 114 Billion old people.
Public elderly care institutions are fully funded by government bodies such as the Ministry of Corporate Affairs (MCA) to provide elderly care services to those who receive government subsidies. According to the China Research Centre for Ageing (CRCA), on average, less than 40% of all public senior care facilities provide long-term professional nursing care for people who are not able to take care of themselves will drive the geriatric care services market share.
Mexico has significant growth prospects in the geriatric care services industry over the forecast timeframe, since geriatric care services in Mexico are inadequate and distributed among various institutions.
Competitive Market Share
Industries operating in the geriatric care services market includes Senior Care Centers of America, Kindred Healthcare, Brookdale Senior living, Extendicare and Genesis Healthcare. Mergers and acquisitions are the main strategy implemented by the industries. For instance, the merger of Genesis Healthcare and Skilled Healthcare Group, Brookdale Senior Living’s and Emeritus corporation, Kindred Healthcare and Gentiva Health Services and Senior Care Center of America and The Adult Day Health Services Center of Family Matters. There is aggressive rivalry in the market on the basis of quality of service offered, insurance coverage and costs.
Geriatric Care Services Industry Background
The global geriatric care services market share is driven by regulations about Medicare and Medicaid reimbursement, increasing technologically improved senior care services, booming healthcare industry and developments in health care. Derbyshire County Council in House Home Care Services includes personal care, practical support and social care for adults with physical or mental illnesses, learning disabilities as well as support for their carers. Mackley Home Care Ltd. provides the high-quality service to the customers and their families that require care at home. The government aims to improve adult quality of life, decline the necessity for care, ensure positive care practices and safeguard adults from causing harm. In China, few local firms have capabilities in geriatric care services, and the existing ones such as Qingsong and Ainong are generally expert in providing daily living care.
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