Geriatric Care Services Market to exceed USD 1 Trillion by 2024
Published Date: February 6, 2017 Author: Global Market Insights, Inc.
Geriatric Care Services Market size is expected to exceed USD 1 trillion by 2024; as per a new research report by Global Market Insights, Inc.
Increasing healthcare expenditure, rising geriatric population and increasing life expectancy are the major factors driving the global geriatric care services market over the forecast period. Increasing prevalence of chronic diseases associated with old age should augment geriatric care services market share over the forecast period.
Increasing application of robotic technology in geriatric care services and growing demand for innovative solutions for effective geriatric care boost the industry growth. The adult day care services offer various advantages, which includes living at home and skilled nursing care. These benefits are also contributing to the growth of the industry over the forecast timeframe. The affordability and cultural traditions are the factors restraining the growth of geriatric care services market.
Home care services represents the most attractive segment, with potential growth opportunities in the coming years. Owing to the rising institutional care expenses such as the costs associated with nursing homes and hospital. The Alliance for Home Health Quality and Innovation (AHHQI) formed in 2008, it is a national association of home health care organizations and providers that raise awareness regarding home health care and its facilities offer better quality, cost effective and patient-centered care.
U.S. geriatric care services market share led the industry with maximum revenue share in 2015. The major factors contributing to its major share include the with the existence of wide varieties of long-term care centers all over U.S. coupled with continuous development of reimbursement plans. Quality of care for America’s ageing population is also a concern. According to the report from the U.S. Institute of Medicine (IOM), it was estimated that 55% of adult patients received recommended care to address severe incidents and treat chronic diseases.
China geriatric care services market is expected to grow at the fast rate. Owing to the rising geriatric population base with long-term therapeutic conditions, increasing disposable income and rising awareness levels regarding healthcare facilities. Moreover, economic development in the countries such as India, South Korea, Malaysia and Brazil represent the large untapped markets for the geriatric care services over the forecast timeframe. Key industry participants are Genesis Healthcare, Brrokdale Senior Living, Senior Care Centers of America and Kindred Healthcare.
Browse key industry insights spread across 75 pages with 31 market data tables & 7 figures & charts from the report, “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” in detail along with the table of contents:
Increasing demand for developed technology and rapid growth of geriatric population coupled with chronic diseases should fuel the global geriatric care services market growth. Home care service contributed for major revenue share due to the benefits associated with elder care services that enable the ageing people to stay at home and receive better care without changing their lifestyles.
Institutional care services led the industry revenue share in 2015. Presence of large number of institutes and high usage rates of geriatric care services such as hospital based geriatric care, nursing homes, assisted living facilities and independent senior living groups is a main factor contributing to the growth.
China geriatric care services market size was over USD 33 billion in 2015. Rising prevalence of cardiovascular, orthopedic and neurological disorders is anticipated to drive the growth.
Key industry players are consolidating their market position by increasing their focus on acquisitions, mergers and strategic alliances to increase their product portfolio and global presence. Companies are enormously investing on marketing activities, which includes residential awareness programs and digital marketing to increase awareness and expand reach.
Geriatric care services market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD billion from 2012 to 2024, for the following segments:
Global Geriatric care services market by Service type
- Home care
- Adult day care
- Institutional care
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- South Africa