Global Geriatric Care Services Market Report 2024

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.


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