Global Geriatric Care Services Market – Providing Effective Care for Elders
Geriatric care services play a major role in advanced healthcare, as it eases the life of the elderly population by offering a wide range of care services. The services provide assistance and end-to-end solutions in lives of the geriatric population.
The global geriatric care services market size was valued at US$ 784.7 million in 2017, and is expected to exhibit a CAGR of 7.9% over the forecast period (2018 – 2026).
Figure 1. Global Geriatric Care Services Market Value (US$ Mn), by Region, 2017
Source: Coherent Market Insights Analysis (2019)
Increasing geriatric population prone to the risk of chronic diseases is expected to propel growth of the geriatric care services market
The rising geriatric population, prone to high risk of chronic diseases such as diabetes, cardiac disorders, arthritis, and respiratory disorders that require continuous monitoring, is expected to drive the market growth. According to World Population Prospects in 2017, global population aged over 60 years was 962 million, which is expected to reach around 2.1 billion by 2050. Globally, population aged 60 or over is increasing faster than other age groups. Furthermore, incidence of age-related diseases such as renal insufficiency and arthritis, metabolic change, Parkinson's disease, organ failures, and nervous disorders is higher in this population group.
Moreover, increasing range of services by geriatric care centers and rising demand for care services is expected to propel growth of the geriatric care services market over the forecast period. The providers of geriatric care services help patients to choose the most appropriate insurance policies as per their individual needs. The geriatric care managers also offer counseling and support, crisis intervention, decisions regarding appropriate housing options, money management, and personal care assistance. For instance, LivHome, Inc. addresses the safety issues, enables social engagement, and medication support. The company has LivHome Connect senior care technology that includes 24 hour active remote care (ARC) from in-house licensed nurses for the patients in need.
However, high cost of geriatric care services is expected to hinder the market growth in emerging economies such as India and is expected to hinder the market growth. The average cost of Home Care Aide costs around US$ 40,000 (250 work days/year).
Figure 2. Global Geriatric Care Services Market Share (%), by Service Type, 2018 and 2026
Source: Coherent Market Insights Analysis (2019)
Increasing number of geriatric care agencies and technological advancements in North America is expected to bolster the market growth
North America holds dominant position in the global geriatric care service market, owing to increasing number of geriatric care agencies, converging trends of aging population, favorable reimbursement policies, and technological advancements. According to the Centers for Disease Control and Prevention’s Estimates in 2014, a number of patients who received care worldwide was around 4.9 million in 2013, with 12,400 home healthcare agencies in the U.S.
Additionally, according to the Geriatric Mental Health Foundation, 2018, an estimated four million people in the U.S. suffered from Alzheimer’s disease, or a related form of dementia, out of which nearly 10% were people over the age of 65, and up to 50% were over the age of 85.
Moreover, increase in government expenditure for geriatric welfare combined with increasing geriatric population is expected to bolster the market growth over the forecast period. For instance, according to the National Council of Aging Care, the U.S. government is projected to invest around US$ 1.16 trillion on Medicare by 2027, which is twice the spending in 2016.
Moreover, key players in the market are focused on expanding their service portfolio and adopting merger, acquisition, and collaboration strategies to enhance their market share. For instance, in 2014, Almost Family, Inc. acquired Medicare-certified home health agency owned by Caldwell Medical Center. Similarly, in January 2019, the newly formed group Arosa+LivHOME acquired Partners in Senior Care. This strategic move was made to expand Arosa+LivHOME’s presence in the northern suburbs of Chicago, U.S.
Major players operating in the global geriatric care service market include , LivHOME, Brookdale Senior Living Solutions, Revera Inc., Senior Care Centers, Amedisys, Genesis HealthCare, Home Instead Senior Care, Extendicare, Portea Medical.
Geriatric care services offer end to end solutions and assistance for the elderly population. Elderly individuals suffering from dementia, or chronic diseases such as diabetes, cardiac disorders, and others require consistent care and monitoring, which is offered by market players in the form of a range of services as per the patient’s requirement.
Rising geriatric population prone to chronic diseases is a major factor driving geriatric care services market growth. According to the U.S. Census Bureau, 2015, the population in the age group of 65 years and above, is expected to increase over 60% during 2015 – 2030. It is estimated that the highest growth would be in Asia Pacific and Latin America. However, rising prevalence of dementia is expected to boost the market growth. Similarly, according to the World Alzheimer Report 2015, an estimated 46.8 million people worldwide are living with dementia, and around 9.9 million new cases of dementia are registered each year, globally.
Moreover, increasing number of elder care facilities and growing geriatric population are expected to be major factors augmenting growth of the geriatric care services market. For instance, according to figures released by Singapore's Ministry of Health, there will be around 40,000 nursing homes, home care, and community care facilities by 2020 in Singapore. Moreover, according to estimates by Eldercare Exhibition and Conference Asia, 2018, Asia Pacific is the fastest aging region worldwide with over 200 million people expected to be in the age group of 65 years and above between 2018 and 2030.
However, limited expenditure by governments is expected to restrain the market growth. For instance, according to the International Monetary Fund, 2018, Latin America governments are still spending less on pensions (less than 4% of the GDP on average) compared to around 9% in high income countries.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
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