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Geriatric Care Services Market worth over $2,056bn by 2027

  • Published Date: June 11, 2021

Geriatric Care Services Market size is set to surpass USD 2,056 billion by 2027, according to a new research report by Global Market Insights Inc.

Growing geriatric population in developing countries are some of the key factors increasing the demand for geriatric care services. The use of these services for aged people has surged due to the rising chronic ailments. Rise in preference for good elderly care with the help of professionals across the globe is expected to be one of the major factors driving the market growth. Additionally, numerous market players have introduced a comprehensive and modern approach for elderly care, thereby offering an effective service with enhanced outcomes.

Increasing need for personal care in the elderly population will propel the market expansion

Growing need for personal care of the elderly population affected from chronic disorders across the globe will promote the industry growth. Older individuals frequently suffer from different health concerns, take several medicines, and need more interactions with healthcare providers. According to the recent research article, in 2019, around 136 million people aged 65–99 years suffered from diabetes and this number is anticipated to reach 195 million by 2030 across the globe.

As per the Center for Disease Control and Prevention, in 2018, more than 98% of individuals aged above 65 years were diagnosed with coronary heart disease, or a stroke. Thus, the suitable geriatric care services for influencing the quality of life are tremendously rising owing to advantages provided by these services such as successful management of disease, positive communication, a patient-centered approach, etc. The increase in the adoption of these services is fueling significant innovations to deliver better results to older patients, thereby increasing the demand for geriatric care services across the globe.

Rising awareness regarding adult day care services will spur the geriatric care services market progression

Geriatric Care Services Market

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The adult day care segment is slated to expand at a 9.3% growth rate by 2027 on account of the safe & secure environment, educational & enjoyable activities, and appropriate physical exercises offered by adult day care centers. Adult day care is an organized program of activities in a professional care facility designed for elderly people that need professional care and offer social interaction that can enhance both physical & mental health. These geriatric care services provided by adult day care centers are more convenient credited to the services & support associated to nutritional, daily living, healthcare, and social support among others. Most of these centers are specialized in specific disease treatments and provide medical care in the case of patients in coma, Alzheimer’s disorder, and other related conditions.

Browse key industry insights spread across 200 pages with 342 market data tables & 18 figures & charts from the report, “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” in detail along with the table of contents:

Growing investment by the market players to provide safe and effective elderly care will attract a large customer pool

The public segment is poised to grow at a CAGR of 9.7% through 2027 led by the quality medical services, affordability, and better supervision among others. Furthermore, increasing awareness among elderly people regarding geriatric care services along with a high satisfaction rate is fostering the segment growth. The government regulates the cost of treatment, medical services, and drugs thus, eliminates the managerial expenses of dealing with many private health insurers, thereby augmenting the industry expansion. In India, the National Programme for Health care for Elderly launched to offer inexpensive, accessible, high-quality long-term, and integrated geriatric care services. Public service providers are concerned with disease prevention & control in elderly people through organized efforts, informed choices of society, and public communities among others.

Increase in number of private health insurance policies for senior citizens will stimulate the market revenue

The private insurance segment in the geriatric care services market is estimated to attain a CAGR of 10.6% and reach over USD 245 billion by 2027 due to factors such as evading of the Medicare levy surcharge and offer private healthcare facilities among others. In a private health insurance scheme, the patient has shorter wait times attributed to the less busy medical facility and offer extra medical attention with improved facilities. In the U.S., private health insurance is the predominant source of health that covers some expenses that public insurance programs such as the Medicare or Medicaid does not cover. It comprises home health care, clinic care, nursing homes, and hospital care among others.

Improvements and advent of novel technologies for older people will accelerate the market demand

The 81-85 years segment is predicted to expand at a CAGR of more than 9.8% through 2027 impelled by the common health problems among these individuals such as cognitive decline, balance issues, and other chronic syndromes. The number of individuals aged above 80 years is anticipated to upsurge between 2017 and 2050, increasing from 137 million to 425 million across the globe. As the geriatric population rises, governments in numerous countries are emphasizing to surge the insurance coverage, advance the benefits provided through pension systems, and long-term fiscal sustainability. Further, healthcare care systems across the globe are working to promote geriatric care services for these older people to prevent & treat non-communicable diseases and to increase access to quality long-term care.

Growing demand for enhanced geriatric care services in Japan is set to augment the industry progression

Japan held a significant revenue share in the Asia Pacific geriatric care services market and accounted for over USD 65 billion in 2020 propelled by the high life quality of elderly people, supportive technology, and community care among others. In 2020, people aged 65 or above in Japan were recorded to be above 36 million that is 28.7% of Japan's population. In Japan, the government is working to install a community-based integrated care system owing to the growing geriatric population by 2025. Japan’s government has designed a four-tier policy to offer governmental support for its elderly citizens. At a nursing home in Tokyo, caregivers are managing their tasks with 20 different models of the robot to advance the quality of care for older people. The government of Japan launched the Well Aging Society Summit to bring together large corporations, investors, policymakers to improve geriatric care services.

Companies are focusing on strategies and launch of innovative products to expand customer base

Some of the major companies operating in the 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.

Authors: Sumant Ugalmugle, Rupali Swain

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