The geriatric care services market will reach US$0.7 billion by 2028,

  • The demand for reliable outpatient care for elderly relatives with changing family structures in developing countries is fueling the growth of the geriatric care services market

ALBANY NY, April 18, 2022 (GLOBE NEWSWIRE) — The geriatric care services market is expected to grow at a CAGR of 5.3% during the forecast period of 2021 to 2028. The expanding geriatric population which requires continuous physical and emotional care is fueling the growth of geriatric care services market. According to data from the World Health Organization, the percentage of the population aged 60 and over is estimated to rise to over 13% and 20% by 2030 and 2050 respectively.

The high risk of the elderly population prone to non-communicable diseases, injuries and psychological disorders requires round-the-clock care for their physical and mental well-being. Geriatric care services are designed to meet the comprehensive residential, physical, mental and health needs of the geriatric population available in a few types.

Changing family structure in urban areas with older children living independently has led to fewer caregivers within the family. This creates many opportunities in the geriatric care services market.

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Geriatric Care Services Market – Key Findings of the Report

  • The availability of a range of geriatric care services widely covered by multi-risk health insurance plans is driving the growth of the geriatric care services market. Geriatric care services covered by medical insurance help the elderly population to receive satisfactory care for physical and mental conditions.
  • The introduction of public health insurance schemes with extended benefits such as coverage for retirement age, irregular sources of income and coverage for pre-existing conditions and pre- and post-hospitalization costs which are compiled in the geriatric care services highlights the growth of the geriatric care services market
  • The substantial affordability of geriatric care services is attracting new service providers to enter the fray. The prosperous population of baby boomers who are willing to spend a lot of money for good quality geriatric care services are attracting existing companies in the geriatric care services market to expand their services. Additionally, the desire of a large portion of the geriatric population to continue to remain active, but requiring moderate support from outpatient care services, is driving the demand for geriatric care services.
  • The role of governments in several developed countries to support the health and well-being of the elderly population is driving the market for geriatric care services. Government-supported nursing homes or reimbursement schemes offered by governments to set improved standards for the treatment of the elderly are attracting investment in geriatric care services.
  • Benefits of higher affordability, tax advantages associated with purchasing the policy, and comprehensive medical insurance for the elderly account for the substantial growth of the public insurance segment of the geriatric care services market
  • Asia-Pacific is a key region in the geriatric care services market. Growing geriatric population at a significant rate, the region being the forerunner of the aging population phenomenon globally, is creating lucrative opportunities in the geriatric care services market in the region.

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Geriatric Care Services Market – Growth Drivers

  • The demand for reliable physical and emotional care for a growing geriatric population is fueling the geriatric care services market
  • The design of medical insurance plans to support the recipients of geriatric care services with retirement plans, age advancement and irregular source of income propels the market for geriatric care services

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Geriatric Care Services Market – Key Players

Some of the major players operating in the geriatric care services market are;

  • Amedisys Incorporated
  • Genesis Healthcare Corporation
  • GGNSC Holdings
  • Kindred Healthcare Incorporated
  • Incorporated Skilled Health Care Group
  • Brookdales Senior Living Incorporated Extendicare Incorporated
  • Gentiva Health Services Incorporated
  • Home Rather Senior Care Incorporated
  • Aged Care Centers of America
  • Sunrise Senior Living Incorporated

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The geriatric care services market is segmented as follows;

Geriatric Care Services Market, By Type

  • Home Care
    • Health care
      • Medical care
      • Physiotherapy services
      • Telehealth
      • Palliative care
      • Palliative care
    • Non-medical home care
      • Personal care
      • Home-made
      • Meals and groceries
      • Rehabilitation
      • Others
  • Adult day care
    • Health care
    • Non-medical care
  • Institutional care
    • Palliative care
    • Palliative care
    • Hospital based
    • life support
    • Independent living for seniors

Geriatric Care Services Market, By Region

  • North America
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Italy
    • The rest of Europe
  • Asia Pacific
    • China
    • Japan
    • Australia
    • India
    • Rest of Asia-Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East and Africa
    • South Africa
    • GCC countries
    • Rest of the Middle East and Africa

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