Geriatric Care Services Market Trend, Share, Growth, Size, Analysis and Forecast 2032

The global Geriatric Care Services market size accrued earnings worth approximately USD 1058.69 Billion in 2023 and is predicted to gain revenue of about USD 1996.03 Billion by 2032, is set to record a CAGR of nearly 7.30% over the period from 2024 to 2032

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The study includes drivers and restraints for the geriatric care services market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the geriatric care services market on a global level.

Geriatric Care Services Market Outlook

In order to give the users of this report a comprehensive view on the geriatric care services market, we have included a competitive landscape and analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein all segments are benchmarked based on their market size, growth rate, and general attractiveness.

The report provides company market share analysis in order to give a broader overview of the key players in the market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new product launch, agreements, partnerships, collaborations & joint ventures, research & development, product and regional expansion of major participants involved in the market. 

Geriatric population is the population above 65 years of age. In an elderly population, there is a risk of chronic diseases such as diabetes, cardiac disorders, arthritis and respiratory diseases. This leads to the formation of geriatric care services. Geriatric care service is a service in which care of geriatric population is taken by providing them daily needed services. It includes working with senior adults and their families in managing and referring various types of health and social care services. It tries to ease the life of the elderly population. Geriatric care services help in improving the quality of life and maintaining their independence as long as possible. Geriatric care services also offer assistance in daily activities like bathing, dressing, eating, walking and other activities, which also includes their medication management.

According to the census released by the government, in 2015, out of the total population in the world, approximately 617 million were geriatric population. As this proportion of the geriatric population to the total population is increasing continuously there is an increase in the demand for global geriatric care services. Due to changing family structures in developing regions, there is a decrease in time which can be provided by family caregivers, this leads to increase in the market of the geriatric care services. Due to increase in employment and professional life, the family caretakers cannot give their time, this act as a driver for the global geriatric care service market. The geriatric population also intends to live independently which acts as a driver for the geriatric care service market. High spending is required to maintain the quality, this act as a restraint for the growth of the market. There is a shortage in the workforce who is required in geriatric care; therefore this can limit the growth of the market.

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Geriatric Care Services Market Growth Dynamics

The expansion of the geriatric care services market is propelled by the increasing elderly population.

The growing number of individuals with Alzheimer's and a rise in dementia cases are significant factors contributing to the global skilled nursing care services market's growth. The prevalence of conditions such as diabetes, heart strokes, blood pressure, and other age-related ailments has surged, further fueling market expansion. The continual increase in the geriatric population is placing higher demands on the healthcare system, driving growth in the Global Geriatric Care Services Market.

The surge in health issues among the elderly population is a key driver of market growth.

The aging population is associated with a heightened prevalence of health problems such as various comorbidities, diabetes, arthritis, renal insufficiency, and heart issues. This trend is amplifying the need and significance of geriatric care services, ultimately fostering market growth. Additionally, the compromised immunity in the elderly population is contributing to the expansion of the market.

Geriatric Care Services Market? Restraint

The high cost of geriatric care services poses a constraint on market growth.

The expenses associated with geriatric care services, attributed to continuous monitoring and assistance for the elderly, represent a major impediment to market growth. In developing countries, factors such as the scarcity of geriatric care services, elevated costs of nursing services, and limited acceptance of these services are anticipated to hinder business growth in this sector.

Geriatric Care Services Market: Report Scope

Geriatric Care Services Market Segment Analysis

The study provides a decisive view on the geriatric care services market by segmenting the market based on service type and region. All the segments have been analyzed based on present and future trends and the market is estimated from 2018 to 2023.

Based on services, the market is segmented into home care services, adult daycare services, and institutional care services. Home care is further divided into health care and nonmedical health care. Adult day care is also further segmented as healthcare and non- medical care. Institutional care consists of nursing homes, hospital-based, assisted living, and independent senior living. The institutional care services segment is expected to dominate the global geriatric care services market in the forecast period.

The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America and the Middle East & Africa with its further bifurcation into major countries including the U.S., U.K., Germany, France, China, Japan, India, Brazil, etc. This segmentation includes demand for geriatric care services market based on service type in all the regions and countries.

North America is projected to continue its supremacy, in global geriatric care services market, which will be followed by Europe, in the forthcoming years. The growth of this regional market is due to the increasing geriatric population and awareness about the care services.

Some of the key players in the global geriatric care services market are Brookdale Senior Living, Inc., Extendicare, Inc., Genesis HealthCare Corp., Gentiva Health Services, Inc., GGNSC Holdings, Home Instead Senior Care, Inc., Kindred Healthcare, Inc., Senior Care Centers of America, Skilled Healthcare Group, Inc., and Sunrise Senior Living, Inc. Major players are frequently engaged in mergers & acquisitions to retain their market share and diversify their services. They are also expanding in the areas where the concept of geriatric care services is blooming.

Key Players:

• Brookdale Senior Living Inc.
• Extendicare Inc.
• Genesis HealthCare Corp.
• Gentiva Health Services Inc.
• GGNSC Holdings
• Home Instead Senior Care, Inc
• Kindred Healthcare Inc.
• Senior Care Centers of America
• Skilled Healthcare Group Inc.
• and Sunrise Senior Living Inc.

This report segments the global geriatric care services market as follows:

By Product Type

• Housing & Assistive Devices
• Pharmaceuticals

By Services

• Home Care
  • Health Care
    • Medical Care
    • Physiotherapy services
    • Telehealth
    • Palliative Care
    • Hospice Care
  • Non-medical Home Care
    • Personal care
    • Home making
    • Meals and Grocery
    • Rehabilitation
    • Others
• Adult Day Care
  • Health Care
  • Non-Medical Care
• Institutional Care
  • Nursing Homes
    • Palliative Care
    • Hospice Care
  • Hospital-Based
  • Assisted Living
  • Independent Senior Living

By Application

• Respiratory Diseases
• Diabetes
• Osteoporosis
• Heart Diseases
• Neurological Diseases
• Kidney Diseases
• Arthritis
• Cancer
• Others

By Region

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa