Geriatric Care Services Market Sales to Triple by 2028
Fact.MR in its latest study provides comprehensive analysis of Global Geriatric Care Services Market to help readers understand the market scenario. It also highlights the key factors including recent trends, opportunities, and challenges influencing the Geriatric Care Services market sales through detailed segmentation including type and regions.
NEW YORK, April 20, 2022 /PRNewswire/ — A market research and competitive intelligence provider: The global geriatric care services market was valued at around US$400 million in 2020. With sales increase at a CAGR of 5.3%the geriatric care services market is expected to reach US$700 million by the end of 2028.
According to the World Health Organization (WHO), 1 in 6 people worldwide will be aged 60 or over by 2030. The population aged 60 and over is expected to drop from 1 billion in 2020 to 1.4 billion by 2030.
Similarly, the elderly population will reach 2.1 billion by 2050. Also, people aged 80 and above will reach 426 million by 2050. Thus, the increased risks of contracting illnesses and diseases among the geriatric population is expected to propel the demand in the coming years.
In addition to this, the growing trend towards independent living is expected to increase the need for care facilities to care for disabled and elderly people. This is likely to influence the demand for geriatric care services.
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Growing government initiatives to provide elderly people with access to healthcare services without any financial burden are expected to create growth opportunities in the market.
Furthermore, the availability of advanced technologies such as robot-assisted medical devices and high-tech medical equipment in geriatric care centers is expected to create an enabling environment for geriatric care service providers.
According to the WHO, the elderly population is expected to become victims of abuse due to low income, disability and other physical problems. The number of victims of abuse is expected to reach approximately 320 million by 2050. This underpins the need for geriatric care services in emerging economies.
Market size (2020A)
Projected year value (2028F)
Global growth rate (2021-2028)
Key points to remember:
- By type, home care services are expected to dominate the global geriatric care services market over the forecast period.
- China It is estimated to show the highest growth due to the increasing preference of the people in the country to live independently, which is driving the demand for geriatric care services.
- The U.S. market for geriatric care services held 90% of the market share of North America market in 2020.
- The Geriatric Care Services Market is expected to grow 3X, reaching approximately US$700 million by the end of 2028.
- The increasing prevalence of chronic diseases such as cardiovascular disorders, lung diseases and others among the geriatric population is fueling the demand for geriatric care services.
- Favorable reimbursement policies and insurance offered by health care providers are expected to increase sales of geriatric care services.
- Daily support services are expensive for healthcare providers and patients, which limits the growth of the market.
- The lack of skilled and trained caregivers in developing countries is expected to hamper demand for geriatric care services.
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Leading geriatric care service providers are developing advanced care centers and facilities for the growing elderly population across the world. Some of the major service providers also plan to introduce new initiatives to provide optimal care and improve sales in the coming years. For example:
- April 2022: The Symbiose University Hospital Center and the Research Center have together set up an initiative to help care for the elderly population. The main objective is to make seniors feel wanted and to provide them with the necessary medical and social support.
Top Companies Featured by Fact.MR
- Sunrise Senior Living Incorporated
- Gentiva Health Services Incorporated
- Amedisys Incorporated
- Extendicare Incorporated
- Brookdale Senior Living Incorporated
- Genesis Healthcare Corporation
- GGNSC Holdings
- Kindred Healthcare Incorporated
- Home Rather Senior Care Incorporated
- Aged Care Centers of America
- Incorporated Skilled Health Care Group
More Valuable Insights into the Geriatric Care Services Market
In the latest study, Fact.MR explains key drivers, opportunities, and challenges expected to drive the growth of the Geriatric Care Services Market during the forecast period 2022 to 2032. The study also highlights future data forecasts of the geriatric care services market. by a detailed segmentation as follows:
- Home Care
- Health care
- Medical care
- Physiotherapy services
- Palliative care
- Palliative care
- Non-medical home care
- Personal care
- Meals and groceries
- Adult day care
- Health care
- Non-medical care
- Institutional care
- Retirement homes
- Palliative care
- Palliative care
- In a hospital setting
- life support
- Independent living for seniors
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East and Africa (SOUL)
Key Questions Answered in the Geriatric Care Services Market Report
- What will be the demand outlook for the Geriatric Care Services market in 2028?
- How fast will the global geriatric care services market grow in 2021-2028?
- What are the key drivers driving the growth of the Geriatric Care Services market?
- What are the challenges faced in the global geriatric care services market?
- Which region is estimated to dominate the geriatric care services market during the period 2021-2028?
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