Global Geriatric Care Service Market, by Service Type (Home Healthcare, Assisted Living Facilities, Adult Day Care Services, Continuing Care, and Skilled Nursing Facilities), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 784.7 million in 2017, and is projected to exhibit a CAGR of 7.9% over the forecast period (2018 – 2026), as highlighted in a new report published by Coherent Market Insights.
Various programs by market players to provide geriatric care is expected to augment the market growth
Key players in the market are focused on developing various programs to provide geriatric care. For instance, in 2015, ACCESS Health International and NUS Enterprise launched Modern Aging program to serve the needs of elders and caregivers in Singapore by helping entrepreneurs create new products and services for elderly people.
Furthermore, in January 2019, the newly formed merger of Arosa and LivHOME, i.e. Arosa+LivHOME, acquired Partners in Senior Care, a leader in developing and retaining outstanding caregivers. Moreover, increase in geriatric population are at high risk of chronic diseases such as diabetes, cardiac disorders, arthritis, and respiratory disorders is expected to boost the market growth. According to a report published in March 2016 by the United States Census Bureau, the geriatric population (aged 65 years and above) is expected to account for 12% of the global population by 2030 and further to 16.7% by 2050 as compared to 8.5% in 2015.
However, expensive services such as per day cost for adult day programs can hinder the market growth. According to the study by SeniorLiving Organization, 2016, the average daily cost for adult day care is US$ 70, while the monthly average is about $2,100.
Browse 34 Market Data Tables and 26 Figures spread through 154 Pages and in-depth TOC on ‘Geriatric Care Services Market ’- Global Forecast to 2026, by Service Type (Home Healthcare, Assisted Living Facilities, Adult Day Care Services, Continuing Care, and Skilled Nursing Facilities), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) To know the latest trends and insights prevalent in the geriatric care services market, click the link below:
Key players in the market are focused on adopting strategies such as mergers and acquisitions to enhance their product portfolio. For instance, in February 2016, Amedisys acquired Associated Home Care, and launched its personal care division to accompany already existing home health and hospice services throughout Massachusetts, U.S.
Key Takeaways of the Geriatric Care Services Market:
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