Geriatric Care Services Market Size

Geriatric Care Services Market Size

Geriatric Care Services Market size was valued at around USD 1.45 trillion in 2023 and is estimated to grow at a 7.8% CAGR between 2024 and 2032. The growing global geriatric population, attractive reimbursement and insurance policies for the geriatric population coupled with increasing government funding for elderly care are some of the key factors driving the market growth.

To get key market trends

  Download Free Sample

As the global population age, the prevalence of chronic health conditions in geriatric population increases, necessitating specialized care and support services tailored to the unique needs of the elderly. According to data from World Population Prospects, by 2050 one in six people in the world will be over age 65, up from one in 11 in 2019. The geriatric population faces an elevated susceptibility to chronic ailments and increased likelihood of requiring long-term care services, including assistance with activities of daily living (ADLs), medication management, and mobility support.

Geriatric care services encompass a spectrum of offerings, from in-home care to assisted living facilities and nursing homes, addressing the diverse needs of the elderly. Geriatric care services encompass a range of healthcare and support services designed to address the unique needs and challenges associated with ageing and the elderly population. These services are tailored to promote the well-being, independence, and quality of life of older adults.

This lack of geriatric care services in many parts of the world especially in emerging nations may impact the market's growth by hindering individuals from seeking and benefiting from these supportive services. Developing countries often struggle with limited healthcare infrastructure, making it challenging to establish specialized geriatric care facilities and services.