Global geriatric care services market expected to generate revenue of around USD 1,390.63 billion by the end of 2023, growing at a CAGR of around 7.2% between 2017 and 2023. There is growing geriatric population all over the world. This geriatric population intends to live independently; therefore there are geriatric care services which provide the workforce to take care of them.
The report covers forecast and analysis for the geriatric care services market on a global and regional level. The study provides historic data of 2015 to 2017 along with a forecast from 2018 to 2023 based on revenue (USD Billion). 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.
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.
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 service type, the market is segmented into home care, adult day care, and institutional care. 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 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.
The report also includes detailed profiles of end players such as 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:
Global Geriatric Care Services Market: Service-Type Segment Analysis
Global Geriatric Care Services Market: Regional Segment Analysis
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.
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.
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.