Geriatric Care Services Market
Geriatric Care Services Market Forecasts to 2030 - Global Analysis By Service (Home Care Services, Adult Care Services and Institutional Care Services), By Service Provider (Public and Private), By Payment Source (Public Insurance, Private Insurance, Out-of-Pocket and Other Payment Sources), Application and By Geography
According to Stratistics MRC, the Global Geriatric Care Services Market is accounted for $0.9 trillion in 2023 and is expected to reach $2.1 trillion by 2030 growing at a CAGR of 8.1% during the forecast period. Geriatric care services cater to the unique health and social needs of elderly individuals. These services encompass medical, emotional, and social support to enhance the overall well-being of seniors. Utilizing geriatric care ensures personalized healthcare, medication management, and assistance with daily activities, promoting independence.
According to the Alzheimer’s Association, an estimated 6.7 million Americans aged 65 and older will be living with Alzheimer's in 2023, of which 73% are aged 75 or older. According to the World Health Organization (WHO), in 2022, the number of individuals with dementia worldwide was approximately 55 million, and this number is expected to reach approximately 78 million by 2030 and 139 million by 2050.
Market Dynamics:
Driver:
The global increase in the aging population
Rising proportion of elderly individuals worldwide, there is an escalating demand for specialized healthcare catering to the unique needs of seniors. This demographic shift is propelling the expansion of geriatric care services, encompassing medical, emotional, and social support. Providers are compelled to offer a diverse range of services, including assisted living, home healthcare, and long-term care facilities. This demographic trend underscores the urgency to establish comprehensive and tailored geriatric care solutions, making it a pivotal driver influencing the growth and evolution of the market.
Restraint:
Shortages of skilled healthcare professionals
The specialized nature of geriatric care demands professionals with expertise in addressing the unique health needs of the elderly population. Shortages in geriatric-trained physicians, nurses, and allied healthcare workers can lead to inadequate coverage and compromised service quality. The challenges include providing comprehensive medical assessments, managing complex chronic conditions, and offering personalized care that considers the physical, emotional, and social aspects of aging. Moreover, the geriatric population often requires multidisciplinary care, further emphasizing the need for a diverse and skilled workforce.
Opportunity:
Developing and promoting preventive healthcare programs
By focusing on proactive measures such as health screenings, lifestyle interventions, and wellness initiatives, providers can address potential health issues before they escalate. These programs not only enhance the overall well-being of the elderly but also contribute to healthcare cost reduction by preventing or minimizing the impact of chronic conditions. Emphasizing prevention aligns with the shift towards holistic and patient-centered care, fostering a healthier aging process and improving the long-term quality of life for seniors.
Threat:
Economic uncertainties
In times of economic downturns, governments may face budget constraints, leading to reduced funding for healthcare programs and geriatric services. This can limit the resources available for essential care, medical facilities, and support systems for the elderly. Additionally, economic challenges may affect individuals' ability to afford geriatric care services, leading to decreased demand for private services. The financial strain can also impact the workforce, potentially resulting in shortages of skilled healthcare professionals and affecting the quality of care provided.
Covid-19 Impact:
The COVID-19 pandemic has significantly impacted the geriatric care services market. Stringent lockdowns, heightened health concerns, and limited social interactions have increased the demand for home-based and remote care solutions. Telehealth services witnessed a surge, providing a safer means for consultations. However, the pandemic has also posed challenges such as workforce shortages, disruptions in supply chains, and increased financial strains on both service providers and elderly individuals. The crisis has accelerated the adoption of technology in geriatric care, emphasizing the need for resilient and adaptable healthcare models.
The home care services segment is expected to be the largest during the forecast period
It is anticipated that the segment of home care services would increase over the forecast period. This includes assistance with activities of daily living, medication management, and medical monitoring. Home care services aim to enhance seniors' quality of life, promote independence, and ensure a safe living environment. With the aging population and a preference for aging in place, home care services play a crucial role in delivering personalized and accessible care, addressing the unique needs of elderly individuals in the familiar surroundings of their homes.
The diabetes segment is expected to have the highest CAGR during the forecast period
The diabetes segment is anticipated to witness the fastest CAGR growth during the forecast period. Geriatric care services play a crucial role in managing diabetes by offering tailored healthcare plans, monitoring blood glucose levels, and providing lifestyle guidance. The market responds to the increasing diabetic population among seniors by integrating specialized diabetes care into comprehensive geriatric services. This proactive approach enhances the quality of life for elderly individuals, addressing the unique challenges posed by diabetes in the aging population and contributing to overall well-being within geriatric care settings.
Region with largest share:
During the forecast period, it is expected that the North America Geriatric Care Services market will continue to hold a majority of the market share due to its region's aging population and a strong focus on healthcare innovation. With an increasing number of seniors requiring specialized care, the market benefits from advanced medical technologies, a well-established healthcare infrastructure, and supportive government initiatives. Opportunities for growth lie in leveraging technology for remote patient monitoring and expanding home-based care services. However, challenges include addressing workforce shortages and ensuring affordable access to comprehensive geriatric care services in a diverse and evolving healthcare landscape.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period. Countries like Japan, China, and South Korea are at the forefront, grappling with the challenges of providing comprehensive care for the elderly. Government initiatives, advancements in healthcare infrastructure, and a growing awareness of the unique needs of the aging population contribute to the expansion of the geriatric care services market in the region, creating opportunities for innovative care models and tailored solutions.
Key players in the market
Some of the key players in Geriatric Care Services market include Allergan Inc., Merck & Co. Inc., AstraZeneca PLC, Pfizer Inc., Brookdale Senior Living Inc, Endo Pharmaceuticals Inc., Octapharma AG, Extendicare Inc, F. Hoffmann-La Roche AG, Genesis Healthcare Corp, Gentiva Health services, Inc, Regeneron Pharmaceuticals Inc., Kindred Healthcare Inc and Korian Group.
Key Developments:
In October 2023, Pfizer Inc., announced positive Phase 3 trial results for ELVONAL, a novel Tau aggregation inhibitor for treating Alzheimer's disease, a major concern in geriatric care.
In January 2023, Genesis Healthcare Inc. announced it will be adding 34 nursing homes in Pennsylvania. This expansion strategy may help the company to enhance their market presence and general increased business revenue.
In March 2022, Alexion, AstraZeneca’s Rare Disease group, closed an exclusive global collaboration and license agreement with Neurimmune AG for NI006, an investigational human monoclonal antibody currently in Phase Ib development for the treatment of transthyretin amyloid cardiomyopathy (ATTR-CM), an underdiagnosed, systemic condition that leads to progressive heart failure and high rate of fatality within four years from diagnosis.
Services Covered:
• Home Care Services
• Adult Care Services
• Institutional Care Services
Service Providers Covered:
• Public
• Private
Payment Sources Covered:
• Public Insurance
• Private Insurance
• Out-of-Pocket
• Other Payment Sources
Applications Covered:
• Respiratory Diseases
• Diabetes
• Heart Diseases
• Neurological Diseases
• Kidney Diseases
• Cancer
• Other Applications
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Geriatric Care Services Market, By Service
5.1 Introduction
5.2 Home Care Services
5.2.1 Health Care
5.2.1.1 Medical Care
5.2.1.2 Physiotherapy Services
5.2.1.3 Telehealth
5.2.1.4 Palliative Care
5.2.2 Non-Medical Home Care
5.3 Adult Care Services
5.4 Institutional Care Services
5.4.1 Nursing Homes
5.4.2 Hospital-Based
5.4.3 Assisted Living
5.4.4 Independent Senior Living
6 Global Geriatric Care Services Market, By Service Provider
6.1 Introduction
6.2 Public
6.3 Private
7 Global Geriatric Care Services Market, By Payment Source
7.1 Introduction
7.2 Public Insurance
7.3 Private Insurance
7.4 Out-of-Pocket
7.5 Other Payment Sources
8 Global Geriatric Care Services Market, By Application
8.1 Introduction
8.2 Respiratory Diseases
8.3 Diabetes
8.4 Heart Diseases
8.5 Neurological Diseases
8.6 Kidney Diseases
8.7 Cancer
8.8 Other Applications
9 Global Geriatric Care Services Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 Allergan Inc.
11.2 Merck & Co. Inc.
11.3 AstraZeneca PLC
11.4 Pfizer Inc.
11.5 Brookdale Senior Living Inc
11.6 Endo Pharmaceuticals Inc.
11.7 Octapharma AG
11.8 Extendicare Inc
11.9 F. Hoffmann-La Roche AG
11.10 Genesis Healthcare Corp
11.11 Gentiva Health services, Inc
11.12 Regeneron Pharmaceuticals Inc.
11.13 Kindred Healthcare Inc
11.14 Korian Group
List of Tables
1 Global Geriatric Care Services Market Outlook, By Region (2021-2030) ($MN)
2 Global Geriatric Care Services Market Outlook, By Service (2021-2030) ($MN)
3 Global Geriatric Care Services Market Outlook, By Home Care Services (2021-2030) ($MN)
4 Global Geriatric Care Services Market Outlook, By Health Care (2021-2030) ($MN)
5 Global Geriatric Care Services Market Outlook, By Medical Care (2021-2030) ($MN)
6 Global Geriatric Care Services Market Outlook, By Physiotherapy Services (2021-2030) ($MN)
7 Global Geriatric Care Services Market Outlook, By Telehealth (2021-2030) ($MN)
8 Global Geriatric Care Services Market Outlook, By Palliative Care (2021-2030) ($MN)
9 Global Geriatric Care Services Market Outlook, By Non-Medical Home Care (2021-2030) ($MN)
10 Global Geriatric Care Services Market Outlook, By Adult Care Services (2021-2030) ($MN)
11 Global Geriatric Care Services Market Outlook, By Institutional Care Services (2021-2030) ($MN)
12 Global Geriatric Care Services Market Outlook, By Nursing Homes (2021-2030) ($MN)
13 Global Geriatric Care Services Market Outlook, By Hospital-Based (2021-2030) ($MN)
14 Global Geriatric Care Services Market Outlook, By Assisted Living (2021-2030) ($MN)
15 Global Geriatric Care Services Market Outlook, By Independent Senior Living (2021-2030) ($MN)
16 Global Geriatric Care Services Market Outlook, By Service Provider (2021-2030) ($MN)
17 Global Geriatric Care Services Market Outlook, By Public (2021-2030) ($MN)
18 Global Geriatric Care Services Market Outlook, By Private (2021-2030) ($MN)
19 Global Geriatric Care Services Market Outlook, By Payment Source (2021-2030) ($MN)
20 Global Geriatric Care Services Market Outlook, By Public Insurance (2021-2030) ($MN)
21 Global Geriatric Care Services Market Outlook, By Private Insurance (2021-2030) ($MN)
22 Global Geriatric Care Services Market Outlook, By Out-of-Pocket (2021-2030) ($MN)
23 Global Geriatric Care Services Market Outlook, By Other Payment Sources (2021-2030) ($MN)
24 Global Geriatric Care Services Market Outlook, By Application (2021-2030) ($MN)
25 Global Geriatric Care Services Market Outlook, By Respiratory Diseases (2021-2030) ($MN)
26 Global Geriatric Care Services Market Outlook, By Diabetes (2021-2030) ($MN)
27 Global Geriatric Care Services Market Outlook, By Heart Diseases (2021-2030) ($MN)
28 Global Geriatric Care Services Market Outlook, By Neurological Diseases (2021-2030) ($MN)
29 Global Geriatric Care Services Market Outlook, By Kidney Diseases (2021-2030) ($MN)
30 Global Geriatric Care Services Market Outlook, By Cancer (2021-2030) ($MN)
31 Global Geriatric Care Services Market Outlook, By Other Applications (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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