Geriatric Care Services Market to surpass US$ 907.2 Billion by 2024

Published On : Jan 13, 2017

The Global Geriatric Care Services Market was valued at US$ 599.6 billion by 2015 and is projected to expand at a CAGR of 4.2% from 2016 to 2024, as analyzed by Coherent Market Insights in its detailed report about the same. Increasing women labor workforce participation and growing disposable income is driving demand for geriatric care services for the rapidly aging population.

Gone are the days when members of the family used to stay together. Growing inflation and expenses has urged the earners of the family to travel for better opportunity. In an endeavor to reduce the financial burden on a single person in the family, number of women in the workforce is increasing rapidly across the globe. The Department of Labor (DOL) states that around 57% of women were part of the active workforce in the U.S. in 2015. Also, as per the Australian Bureau of Statistics, women constitute 46.2% of total workforce in Australia as of August 2016. This has led to an increase in demand for geriatric care for the rapidly aging population.

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Market players in geriatric care services market are focused on diversifying their product portfolio from mere psychological support and home management to nursing care and supervision, as functional disability is common among the elderly population. Furthermore, various geriatric care centers offer 24x7 services to differentiate and provide emergency services. Furthermore, the geriatric care service providers are integrating various cutting-edge technologies to boost their service performance. LivHome Technology+ by LivHome, Inc. addresses the safety issues, enables social engagement, and medication support. The company offers LivHome Connect that includes 24-hour Active Remote Care (ARC) from in-house licensed nurses to patients.

Geriatric care services are gaining significant traction, owing to increasing number of aging population worldwide. According to the report published by the United States Census Bureau, 2015, number of elderly population (65 years and above) is estimated to increase from 8.5% in 2015 to 12% by 2030. According to the Senior Care Services Scale (SCSS) developed by the researchers at Johns Hopkins University there is a gap in the offerings of geriatric care services and the need of geriatric population.

Major players operating in geriatric service providers market include Sunrise Senior Living, Epoch Elder Care, Senior Care Centers of America, Kindred Healthcare Inc., and Home Instead Senior Care Inc. leading players are also engaged in collaborations with physicians, assistive device manufactures, and insurers, which is driving growth of the geriatric care service market.

Key takeaways of the geriatric care services market:

  • The global geriatric services market is classified on the basis of service type and geography
  • Skilled nursing facilities held the major share in the global geriatric care services market, owing to challenges faced by the elderly population in performing their daily activities and simultaneously meeting their medical needs.
  • Market for continuing care is projected to increase faster than the other segments on account of increasing disposable income allowing customers to spend on continuum care. The market for continuing care would be growing at a CAGR of 4.6% during the forecast period.
  • Globally, North America lead the global geriatric care services market in terms of US$ value on account of increasing women workforce participation and increasing disposable income

Geriatric care services market is expected to grow at a rapid pace in Latin America region on account of rapidly aging population. Though the geriatric care services market in India and China is expected to expand at a rapid CAGR of 7.5% and 7.1% respectively during the forecast period, slower growth in Japan would negatively impact the overall growth of Asia Pacific market, as Japan occupies dominant share of the region.

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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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