Since days of old, the concept of joint families has ensured mutual support and care for all in the family, especially the elderly. However, with the advent of nuclear families and an exponential rise in the number of women in the workforce, caring for the elderly has emerged as a major concern. To address this growing concern, geriatric care has emerged as a highly lucrative market in the service sector. Rapid strides made in medical science and easier access to medical facilities have ensured increased life-span, fueling the growth of the elderly population. On the flip side, rising morbidity rates and increasing incidence of non-communicable diseases have increased the dependence of this population on healthcare givers, in turn catapulting geriatric care as a sustainable and lucrative business proposition. Nursing homes, in-home care, and assisted-living facilities are some of the programs that ensure proper care of geriatric patients. The inability to handle daily tasks, a noticeable decline in health, and non-proximity to loved ones due to remote residence location are major reasons why elderly people seek geriatric care services. Geriatric care services proactively assess, plan, coordinate, and manage preventive care to improve quality-of-life of the elderly by reducing the risk of hospitalization, frequent nursing home visits/admissions, and reduce the cost of healthcare.
Geriatric care services are broadly classified into skilled care—involves licensed medical personnel’s attention—and custodial care—involves unskilled caretakers assisting day-to-day activities such as bathing, dressing, and administering medication. Another criterion for classification is whether the care is at home or at an assisted-living facility. An assisted-living service is a 24/7 personal care housing-alternative with meals and other basic amenities provided to senior citizens, not in need of intensive care. As the name suggests, home care services are provided to the elderly in the comfort of their homes and are a preferred mode of geriatric care.
Developed countries leading the way for geriatric care market growth
Developed countries provide comprehensive models of healthcare for the elderly that involve the latest treatments, high-comfort, and long-term health insurance. North America and Europe are the largest markets for geriatric care services, mainly due to their robust healthcare infrastructure, high discretionary income, and rapidly aging population. Emerging economies such as India are positioned to be high growth markets for geriatric care over the following decade. This is mainly attributed to the increasing number of women in the workforce and the paradigm shift from large joint families towards nuclear families. Increasing emigration seeking better job prospects in developed countries often creates a scenario, wherein the elderly parents are left behind to fend for themselves. While most of this population is self-sufficient in monetary terms, rapid onset of aging makes them largely dependent on others for their basic daily activities. This creates a highly conducive environment for the growth of the geriatric care services market, which is expected to gain major traction in these regions in the near future.