Geriatric Care Services Market Report and Forecast 2023-2031

The global geriatric care services market value was USD 1071.65 billion in 2022, driven by the increasing aging population and rising demand for specialized healthcare services for the elderly across the globe. The market size is anticipated to grow at a CAGR of 6.5% during the forecast period of 2023-2031 to achieve a value of USD 1885.9 billion by 2031.

Geriatric Care Services Introduction

Geriatric care services are specialized healthcare services designed to address the unique health needs of the elderly population. Geriatric care services aim to improve the quality of life and functional abilities of older adults by providing preventive care, acute care, and rehabilitative care. These services are provided by healthcare professionals who are trained to work with seniors and understand the complex health issues that can arise with age.

Geriatric care services may include a variety of different types of care, such as home health care, nursing home care, adult day care, and hospice care. These services can help seniors manage chronic conditions, maintain independence, and improve their overall health and wellbeing.

The global geriatric care services market is growing due to the increasing aging population and rising demand for specialized healthcare services for the elderly. Key trends in the market include a shift towards home-based care and the use of technology to improve the delivery of geriatric care services. The market is also seeing an increase in partnerships and collaborations between healthcare providers to better address the needs of the aging population.

Geriatric Care Services Market Scenario

Geriatric care services refer to the healthcare services that cater to the needs of the aging population. With advancements in medical technology and an increase in life expectancy, the demand for geriatric care services is on the rise. Geriatric care services aim to improve the quality of life of older adults by providing them with medical, emotional, and social support. The services can be provided in various settings, such as hospitals, long-term care facilities, and in the patients' homes.

The geriatric care services market is expected to grow significantly in the coming years due to the increasing geriatric population, rising prevalence of chronic diseases, and the need for specialized care for older adults. The market is also driven by the increasing adoption of technology in healthcare, which has enabled remote monitoring and virtual consultations for geriatric patients. In addition, the growing focus on preventive healthcare and the rising awareness of geriatric care services are expected to fuel the market growth.

However, the high cost of geriatric care services and the shortage of skilled professionals in the field are some of the factors that may hinder the market growth. Despite these challenges, the geriatric care services market is expected to witness significant growth in the coming years due to the increasing demand for quality healthcare services for older adults.

Geriatric Care Services Market Segmentations

Market Breakup by Services Type

Home Care Services

• Health Care
• Medical Care
• Physiotherapy Services
• Telehealth
• Palliative Care
• Hospice Care
• Non-Medical Home Care
• Personal Care
• Home Making
• Meals And Grocery
• Rehabilitation
• Others

Adult Care Services

• Health Care
• Non-Medical Care

Institutional Care Services

• Nursing Homes
• Palliative Care
• Hospice Care
• Hospital-Based
• Assisted Living
• Independent Senior Living

Market Breakup by Payment Type

• Public Insurance
• Private Insurance
• Others

Market Breakup by Applications

• Respiratory Diseases
• Diabetes
• Heart Diseases
• Kidney Diseases
• Neurological Diseases
• Cancer
• Others

Market Breakup by Region

North America

• United States of America
• Canada

Europe

• United Kingdom
• Germany
• France
• Italy
• Others

Asia Pacific

• China
• Japan
• India
• ASEAN
• Australia
• Others

Latin America

• Brazil
• Argentina
• Mexico
• Others

Middle East and Africa

• Saudi Arabia
• United Arab Emirates
• Nigeria
• South Africa
• Others

Key Trends in the Geriatric Care Services Market

Key Trends in Geriatric Care Services Market:

• Increasing aging population: The global aging population is rapidly increasing, leading to a rise in the demand for geriatric care services. This trend is expected to continue in the coming years, which will drive the growth of the market
• Technological advancements: The geriatric care services market is witnessing a significant transformation with the adoption of new technologies, including telehealth, remote monitoring, and other digital health solutions. These technological advancements are improving the quality of care and reducing the cost of care, which is driving the demand for geriatric care services
• Personalized care: Geriatric care services are increasingly becoming personalized, with a focus on individual patient needs and preferences. This approach to care is gaining popularity as it is more effective in managing chronic conditions and improving patient outcomes
• Home-based care: With the rising cost of healthcare and an increasing focus on patient-centred care, home-based geriatric care services are gaining popularity. This trend is expected to continue, with more patients opting for home-based care over hospital-based care
• Government initiatives: Governments around the world are taking initiatives to improve the quality of geriatric care services and promote healthy aging. This is driving the growth of the market, with more investment in the development of new and innovative geriatric care services

Geriatric Care Services Market: Competitor Landscape

The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

• Brookdale Senior Living Inc
• Extendicare Inc
• Gentiva Health Services Inc
• Kindred Healthcare Inc
• Senior Care Centers of America
• Sunrise Senior Living Inc
• Genesis Healthcare Corp
• Home Instead Senior Care Inc
• GGNSC Holdings, LLC