The geriatric care services market size has grown strongly in recent years. It will grow from $1.0 trillion in 2023 to $1.07 trillion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth observed in the historic period can be attributed to several factors, including a rise in disorders, increased government initiatives, a growing geriatric population, an uptick in obesity rates, and an increase in chronic health conditions.
The geriatric care services market size is expected to see strong growth in the next few years. It will grow to $1.47 trillion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The projected growth in the forecast period can be attributed to several factors, including an expansion in medical facilities, a surge in dementia cases, the implementation of personalized care plans, a growing demand for home-based care services, and an increase in palliative and hospice care services. Significant trends anticipated in the forecast period encompass advancements in medical technology and healthcare delivery systems, the adoption of remote consultations and monitoring, ongoing product developments, advancements in healthcare technology, integration of artificial intelligence into wearable devices, and the formation of more partnerships in the healthcare sector.
The rise in chronic diseases is expected to drive the growth of the geriatric care services market in the future. Chronic diseases are long-term health conditions that require ongoing management and treatment as they are generally not curable. The increasing prevalence of chronic diseases can be attributed to various interconnected factors such as an aging population, unhealthy lifestyles, and the accessibility and infrastructure of healthcare. Geriatric care services play a crucial role in improving the quality of life for elderly individuals with long-term medical conditions by offering comprehensive, patient-centered care that addresses their functional, psychological, and medical needs. For example, as of January 2023, according to the National Library of Medicine, the number of people aged 50 and older with at least one chronic illness is projected to increase from 71.522 million in 2020 to 142.66 million in 2050, representing a 99.5% increase. Concurrently, the number of individuals with multimorbidity is expected to rise from 7.83 million in 2020 to 14.97 million in 2050, marking a 91.16% increase. Hence, the growing prevalence of chronic diseases is fueling the geriatric care services market.
Key players in the geriatric care services market are focusing on developing innovative technologies such as AI-powered assistant services to facilitate effective care for older adults. AI-driven assistants for elderly care are technology-based solutions that harness artificial intelligence (AI) to enhance the well-being, health, and daily activities of seniors. For instance, in November 2022, Iveda Solutions, a US-based technology company specializing in cloud video AI surveillance and analytics, launched IvedaCare, an AI-driven assistant tailored for safety, security, and elderly care. This advanced technology uses predictive software to reduce false alarms and provide caregivers with peace of mind by learning users' lifestyle preferences to make informed security and health decisions. The system employs strategically placed sensors in the senior's home to monitor their lifestyle, enabling close supervision without intrusive cameras.
In August 2021, Honor Technology Inc., a US-based health tech company, acquired Home Instead Inc. for an undisclosed sum. This acquisition is aimed at revolutionizing the care experience for caregivers and older adults by leveraging the combined strengths of both companies to enhance the quality and efficiency of care services. Home Instead Inc. is a US-based company specializing in non-medical in-home care for the elderly.
Major companies operating in the geriatric care services market are Home Instead Senior Care Incorporated, Pfizer Inc., F. Hoffmann-La Roche AG, Merck & Co. Inc., Bristol-Myers Squibb Company, Allergan Inc., Regeneron Pharmaceuticals Inc., Quest Diagnostics Incorporated, Juniper Networks US, Genesis HealthCare Corporation, Kindred Healthcare Incorporated, Benesse Holdings Inc., Brookdale Senior Living Incorporated, Endo Pharmaceuticals Inc., Amedisys Incorporated, Sunrise Senior Living Incorporated, Active Day Inc., NMC ProVita International Medical Centre Ltd., Econ Healthcare Group, Living Assistance Services Inc., Rosewood Care Group Inc., St Luke's ElderCare Ltd., Epoch Elder Care Private Limited, LivHOME, GGNSC Holdings LLC.
North America was the largest region in the geriatric care services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the geriatric care services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the geriatric care services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Geriatric care services encompass a variety of specialized healthcare and support services designed to cater to the specific needs of elderly individuals. These services typically include medical treatment, aid with daily tasks, social engagement initiatives, and caregiver support.
The primary categories of geriatric care services comprise home care, healthcare services, institutional care facilities, non-medical healthcare options, hospital-based care, assisted living, independent senior living, and rehabilitative care offerings. Home care refers to a range of supportive services delivered to individuals requiring assistance with daily activities within their residences. These services cater to different age brackets, such as 65 to 70 years, 70 to 75 years, 75 to 80 years, and over 80 years, addressing various conditions such as respiratory ailments, diabetes, osteoporosis, among others. Multiple end users benefit from these services, including institutional care providers, nursing homes, rehabilitation centers, and hospitals.
The geriatric care services market research report is one of a series of new reports that provides geriatric care services market statistics, including geriatric care services industry global market size, regional shares, competitors with a geriatric care services market share, detailed geriatric care services market segments, market trends, and opportunities, and any further data you may need to thrive in the geriatric care services industry. This geriatric care services research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The geriatric care services market includes revenues earned by entities by providing services such as personal care assistance, mobility assistance, dietary management, nutritional support, medication management, monitoring health conditions, rehabilitation, household management, transportation services, care coordination, memory care, respite care, palliative care, and support and assistance for individuals. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The geriatric care services market size is expected to see strong growth in the next few years. It will grow to $1.47 trillion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The projected growth in the forecast period can be attributed to several factors, including an expansion in medical facilities, a surge in dementia cases, the implementation of personalized care plans, a growing demand for home-based care services, and an increase in palliative and hospice care services. Significant trends anticipated in the forecast period encompass advancements in medical technology and healthcare delivery systems, the adoption of remote consultations and monitoring, ongoing product developments, advancements in healthcare technology, integration of artificial intelligence into wearable devices, and the formation of more partnerships in the healthcare sector.
The rise in chronic diseases is expected to drive the growth of the geriatric care services market in the future. Chronic diseases are long-term health conditions that require ongoing management and treatment as they are generally not curable. The increasing prevalence of chronic diseases can be attributed to various interconnected factors such as an aging population, unhealthy lifestyles, and the accessibility and infrastructure of healthcare. Geriatric care services play a crucial role in improving the quality of life for elderly individuals with long-term medical conditions by offering comprehensive, patient-centered care that addresses their functional, psychological, and medical needs. For example, as of January 2023, according to the National Library of Medicine, the number of people aged 50 and older with at least one chronic illness is projected to increase from 71.522 million in 2020 to 142.66 million in 2050, representing a 99.5% increase. Concurrently, the number of individuals with multimorbidity is expected to rise from 7.83 million in 2020 to 14.97 million in 2050, marking a 91.16% increase. Hence, the growing prevalence of chronic diseases is fueling the geriatric care services market.
Key players in the geriatric care services market are focusing on developing innovative technologies such as AI-powered assistant services to facilitate effective care for older adults. AI-driven assistants for elderly care are technology-based solutions that harness artificial intelligence (AI) to enhance the well-being, health, and daily activities of seniors. For instance, in November 2022, Iveda Solutions, a US-based technology company specializing in cloud video AI surveillance and analytics, launched IvedaCare, an AI-driven assistant tailored for safety, security, and elderly care. This advanced technology uses predictive software to reduce false alarms and provide caregivers with peace of mind by learning users' lifestyle preferences to make informed security and health decisions. The system employs strategically placed sensors in the senior's home to monitor their lifestyle, enabling close supervision without intrusive cameras.
In August 2021, Honor Technology Inc., a US-based health tech company, acquired Home Instead Inc. for an undisclosed sum. This acquisition is aimed at revolutionizing the care experience for caregivers and older adults by leveraging the combined strengths of both companies to enhance the quality and efficiency of care services. Home Instead Inc. is a US-based company specializing in non-medical in-home care for the elderly.
Major companies operating in the geriatric care services market are Home Instead Senior Care Incorporated, Pfizer Inc., F. Hoffmann-La Roche AG, Merck & Co. Inc., Bristol-Myers Squibb Company, Allergan Inc., Regeneron Pharmaceuticals Inc., Quest Diagnostics Incorporated, Juniper Networks US, Genesis HealthCare Corporation, Kindred Healthcare Incorporated, Benesse Holdings Inc., Brookdale Senior Living Incorporated, Endo Pharmaceuticals Inc., Amedisys Incorporated, Sunrise Senior Living Incorporated, Active Day Inc., NMC ProVita International Medical Centre Ltd., Econ Healthcare Group, Living Assistance Services Inc., Rosewood Care Group Inc., St Luke's ElderCare Ltd., Epoch Elder Care Private Limited, LivHOME, GGNSC Holdings LLC.
North America was the largest region in the geriatric care services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the geriatric care services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the geriatric care services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Geriatric care services encompass a variety of specialized healthcare and support services designed to cater to the specific needs of elderly individuals. These services typically include medical treatment, aid with daily tasks, social engagement initiatives, and caregiver support.
The primary categories of geriatric care services comprise home care, healthcare services, institutional care facilities, non-medical healthcare options, hospital-based care, assisted living, independent senior living, and rehabilitative care offerings. Home care refers to a range of supportive services delivered to individuals requiring assistance with daily activities within their residences. These services cater to different age brackets, such as 65 to 70 years, 70 to 75 years, 75 to 80 years, and over 80 years, addressing various conditions such as respiratory ailments, diabetes, osteoporosis, among others. Multiple end users benefit from these services, including institutional care providers, nursing homes, rehabilitation centers, and hospitals.
The geriatric care services market research report is one of a series of new reports that provides geriatric care services market statistics, including geriatric care services industry global market size, regional shares, competitors with a geriatric care services market share, detailed geriatric care services market segments, market trends, and opportunities, and any further data you may need to thrive in the geriatric care services industry. This geriatric care services research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The geriatric care services market includes revenues earned by entities by providing services such as personal care assistance, mobility assistance, dietary management, nutritional support, medication management, monitoring health conditions, rehabilitation, household management, transportation services, care coordination, memory care, respite care, palliative care, and support and assistance for individuals. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Geriatric Care Services Market Characteristics3. Geriatric Care Services Market Trends and Strategies65 to 70 Years70 to 75 Years32. Global Geriatric Care Services Market Competitive Benchmarking33. Global Geriatric Care Services Market Competitive Dashboard34. Key Mergers and Acquisitions in the Geriatric Care Services Market
4. Geriatric Care Services Market - Macro Economic Scenario
5. Global Geriatric Care Services Market Size and Growth
6. Geriatric Care Services Market Segmentation
75 to 80 Years
7. Geriatric Care Services Market Regional and Country Analysis
8. Asia-Pacific Geriatric Care Services Market
9. China Geriatric Care Services Market
10. India Geriatric Care Services Market
11. Japan Geriatric Care Services Market
12. Australia Geriatric Care Services Market
13. Indonesia Geriatric Care Services Market
14. South Korea Geriatric Care Services Market
15. Western Europe Geriatric Care Services Market
16. UK Geriatric Care Services Market
17. Germany Geriatric Care Services Market
18. France Geriatric Care Services Market
19. Italy Geriatric Care Services Market
20. Spain Geriatric Care Services Market
21. Eastern Europe Geriatric Care Services Market
22. Russia Geriatric Care Services Market
23. North America Geriatric Care Services Market
24. USA Geriatric Care Services Market
25. Canada Geriatric Care Services Market
26. South America Geriatric Care Services Market
27. Brazil Geriatric Care Services Market
28. Middle East Geriatric Care Services Market
29. Africa Geriatric Care Services Market
30. Geriatric Care Services Market Competitive Landscape and Company Profiles
31. Geriatric Care Services Market Other Major and Innovative Companies
35. Geriatric Care Services Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Geriatric Care Services Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on geriatric care services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Description
Where is the largest and fastest growing market for geriatric care services? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The geriatric care services market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) By Type: Homecare; Healthcare; Institutional Care Centers; Non-Medical Health Care; Hospital Based Care; Assisted Living; Independent Senior Living; Rehabilitative Care Services2) By Age Group: 65 To 70 Years; 70 To 75 Years; 75 To 80 Years; More Than 80 Years
3) By Application: Respiratory Diseases; Diabetes; Osteoporosis; Other Applications
4) By End User: Institutional Care Services; Nursing Homes; Rehabilitation Centers; Hospitals
Key Companies Mentioned: Home Instead Senior Care Incorporated; Pfizer Inc.; F. Hoffmann-La Roche AG; Merck & Co. Inc.; Bristol-Myers Squibb Company
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Home Instead Senior Care Incorporated
- Pfizer Inc.
- F. Hoffmann-La Roche AG
- Merck & Co. Inc.
- Bristol-Myers Squibb Company
- Allergan Inc.
- Regeneron Pharmaceuticals Inc.
- Quest Diagnostics Incorporated
- Juniper Networks US
- Genesis HealthCare Corporation
- Kindred Healthcare Incorporated
- Benesse Holdings Inc.
- Brookdale Senior Living Incorporated
- Endo Pharmaceuticals Inc.
- Amedisys Incorporated
- Sunrise Senior Living Incorporated
- Active Day Inc.
- NMC ProVita International Medical Centre Ltd.
- Econ Healthcare Group
- Living Assistance Services Inc.
- Rosewood Care Group Inc.
- St Luke's ElderCare Ltd.
- Epoch Elder Care Private Limited
- LivHOME
- GGNSC Holdings LLC
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 175 |
Published | July 2024 |
Forecast Period | 2024 - 2028 |
Estimated Market Value ( USD | $ 1.07 Trillion |
Forecasted Market Value ( USD | $ 1.47 Trillion |
Compound Annual Growth Rate | 7.1% |
Regions Covered | Global |