The new report by Expert Market Research titled, ‘Global Geriatric Care Services Market Size, Report and Forecast 2023-2031’, gives an in-depth analysis of the global geriatric care services market, assessing the market based on its segments like types and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2016-2031)
- Forecast CAGR (2023-2031): 8%
The rising geriatric population globally is projected to be a significant driver of the geriatric care services industry. As per 2021 estimates, there are around 138 million elderly people in India. An increase of nearly 34 million elderly people was witnessed in 2021 over the Population Census 2011 and it is further assessed to increase by nearly 56 million elderly individuals by 2031.
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In this regard, there is a growing need to address the physical and socio-economic issues of the elderly population, which is estimated to bolster the geriatric care services industry. In addition, the rising incidences of diseases like cancer, Alzheimer’s, and asthma among the elderly is leading to increased government investments in the development of geriatric care institutions, thereby aiding the market growth.
Industry Definition and Major Segments
Geriatric care services refer to care facilities that cater to the needs of the elderly individuals. They provide planned short-term or long-term care services to the consumers aimed at improving their quality of life and making them feel independent. These services aim to treat the disabilities that comes with age, while also helping to improve the social and mental well-being of the elderly.
Based on type, the geriatric care services industry is segmented into:
- Adult Daycare
- Institutional Care
The regional markets for geriatric care services include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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The outbreak of the COVID-19 virus greatly affected the senior citizens, which stimulated the demand for geriatric care services in 2020. In addition, the growing preference for nuclear family systems over conventional systems in today’s world is estimated to further bolster the demand for institutional care for the elderly population.
Furthermore, the growing demand for homecare facilities is also expected to rise in the forecast period. This can be attributed to the increased availability of remote patient monitoring solutions that provide 24/7 care and assistance services for the elderly within the comfort of their homes. Moreover, the rising government policies and schemes to ensure the proper care of the elderly population are also anticipated to propel the geriatric care services industry in the forecast period.
Key Market Players
The major players in the market are Brookdale Senior Living Inc., Extendicare Inc., Gentiva Health Services Inc., Genesis Healthcare, Inc., and Sunrise Senior Living Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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