Geriatric Care Services Market

Geriatric Care Services Market Outlook (2023 to 2033)

The global geriatric care services market is valued at US$ 468.5 million in 2023 and is forecasted to exhibit expansion at a healthy CAGR of 6.1% over the next ten years. This Fact.MR study predicts global demand for geriatric care services to reach a market revenue of US$ 850 million by the end of 2033.

Aging is becoming a global issue gradually and the number of aged people living in the world is projected to rise at a notable pace over the coming years. An increasing aging population can hurt a country’s economic growth if not managed properly and this is a key factor that is slated to bolster demand for geriatric care services going forward.

• As per statistics provided by the World Health Organization (WHO), by the end of 2030, 1 in 6 people are expected to be aged 60 years or more. Predictions also depict that 80% of the senior population would be living in low and middle-income countries by 2050.

Increasing focus on aging care services, supportive government initiatives, changing preferences of elderly people regarding assisted living facilities, the frequent launch of novel assistive technologies, and growing integration of technology to improve the quality of adult care services are other vital factors that could augment the demand for geriatric care services over the next ten years.

Surging prevalence of chronic diseases and lifestyle disorders is also expected to contribute to the rising demand for geriatric care throughout the forecast period. However, the high costs of elderly care services are projected to restrict market growth potential to a certain extent in the future. The dearth of skilled caregivers is also a major challenge that adult care service providers will have to overcome through 2033.

An elaborative assessment of local supply, product standards, safety regulations, and other influential aspects has been discussed extensively in this recently updated geriatric care services market research study by Fact.MR, a market research and competitive intelligence provider.

Report Attributes	Details
Market Size in 2023	US$ 468.5 Million
Projected Market Value (2033F)	US$ 850 Million
Global Market Growth Rate (2023 to 2033)	6.1% CAGR
Authoritative Regional Market	North America
Key Companies Profiled	Amedisys Incorporated Brookdale Senior Living Incorporated Extendicare Incorporated Genesis HealthCare Corporation Gentiva Health Services Incorporated GGNSC Holdings Home Instead Senior Care Incorporated Kindred Healthcare Incorporated Senior Care Centers of America Skilled Healthcare Group Incorporated Sunrise Senior Living Incorporated

How Can New Companies Push the Boundaries of Geriatric Care Services?

“Integration of Technology – Paving the Road to Riches”

Connected healthcare solutions and integration of advanced technologies in geriatric care settings to create a more comfortable living situation for the elderly are expected to be popular trends that geriatric care service start-ups should focus on going forward. Innovative approaches to adult care services and home geriatric care are also areas of opportunity for upcoming geriatric care service providers through 2033.

• Birdie, a London-based care platform helps the elderly to live independently in their homes by tracking their wellness through connected devices and applications. The company’s products are also capable of predicting risk and altering concerned caregivers in time to ensure proper medical assistance is facilitated.
• Luvozo PBC, a United States-based company is focused on the development of new technology to make the lives of seniors easier and improve their quality of life. The company uses robotics to help seniors with disabilities living in long-term care facilities and their homes.
• CarePredict, a Californian organization is offering a wrist-worn bracelet that is capable of detecting activities of daily living called Tempo. The product uses artificial intelligence algorithms to sense activities such as walking, eating, bathing, brushing, etc., and can communicate wirelessly through beacons that lead to the room where the activity is being performed.

An elaborative account of the current and forecasted start-up scenario on a global and regional level has been exclusively discussed in this latest geriatric care services research study by skilled analysts at Fact.MR.

Country-wise Insights

What Makes Japan an Extremely Profitable Market for Geriatric Care Service Providers?

“High Senescent Population Sets the Tone for Moneymaking Opportunities”

Japan has been battling its rapidly aging population for the past couple of decades and this is a major trend that has been shaping different aspects of several industry verticals in the country.

• As per an article by the Japan Times published in September 2022, people aged over 75 accounted for 15% of the total population of Japan for the first time. The number of people aged above 65 accounted for 29.1% of the total population at the same time.

The government of Japan has been launching new initiatives to take care of its rapidly increasing geriatric population and this is projected to attract new geriatric care service providers to the country in the future. Established as well as incoming geriatric care service companies are expected to invest in Japan citing its surging senescent population going forward.

• In January 2023, MBK Partners, a private equity firm based in Korea, announced the acquisition of a Japanese elderly care service company called Unimat Retirement Community Co (URC). It was estimated that MBK spent over US$ 300 million to acquire the company and this effort was part of its efforts to capitalize on the high growth potential for elderly care in Japan.

Why Do Geriatric Care Service Companies Need No Persuasion to Invest in the United States?

“Preference of Elder People to Live Alone - Clear Reason for Increased Investments”

Just like the rest of the world, the senescent population in the United States is also rising and this is projected to primarily influence demand for geriatric care services over the coming years. Elder people in the United States have been preferring to stay alone in the comfort of their own homes rather than spend their last few years in nursing homes or old age homes. This factor has led to the increased popularity of home geriatric care in the country and is slated to boost market growth through 2033.

• As per an article published on aPlaceforMom, almost 1/3 of the elderly population in the United States was living by themselves at the start of 2022.

High healthcare expenditure, the increasing aging population, the growing availability of novel elderly assistive technologies, and supportive government initiatives to provide preventive care services for the geriatric population are other aspects that could sculpt the market potential in the United States over the coming years. Private geriatric care services are projected to exhibit immense growth potential in the country by the end of the forecast period.

How Will Geriatric Care Demand Evolve in European Countries?

“Adult Care Demand to Witness Steady Growth Across Europe”

The number of elderly people in European countries has been increasing steadily just as anywhere else in the world. Increasing life expectancy and dropping fertility rates are key factors that are resulting in a higher senescent population and promoting the demand for aging care services in the European region.

Italy, Finland, Portugal, and Greece are anticipated to be the most lucrative markets in this region for new as well as established senior care service providers over the next ten years and beyond.

Category-wise Insights

Emphasis on Which Type of Elderly Care Will Inflate?

“Home Care to Provide Attractive Capital Gains”

Based on type, the geriatric care services market is segmented into home care, adult day care, and institutional care.

The reluctance of the senior population to stay at assisted living facilities and old age homes has resulted in the surging popularity of home geriatric care services, which is slated to have a bright outlook in the future. Favourable initiatives to promote independent living for the elderly and the growing availability of in-home senior care services around the world are also expected to uplift the demand for geriatric care services across the forecast period.

The frequent launches of novel active technologies for the elderly and elderly care apps around the world are also projected to favour geriatric care service demand over the next ten years.

Competitive Landscape

Prime geriatric care service providers are focusing on collaborations, partnerships, and mergers to expand their business scope and offer better adult care services for people.

• In April 2021, Genesis Rehabilitation Services India (GSRI), announced its partnership with Healthcare at Home India (HCAH) to improve homecare services for the elderly in the country. The companies were expected to leverage each other’s expertise in senior care and maximize their business scope in the Indian marketplace.

Additional information about new developments by top geriatric care service companies such as Amedisys Incorporated, Brookdale Senior Living Incorporated, Extendicare Incorporated, etc., and how they influence aspects such as product standards and pricing trends, have been examined closely in this latest Fact.MR research analysis.

Key Segments of Geriatric Care Services Industry Research

• By Type :

  • Home Care
    • Health Care
      • Medical Care
      • Physiotherapy Services
      • Telehealth
      • Palliative Care
      • Hospice Care
    • Non-medical Home Care
      • Personal Care
      • Home Making
      • Meals & Groceries
      • Rehabilitation
      • Others
  • Adult Day Care
    • Health Care
    • Non-Medical Care
  • Institutional Care
    • Nursing Homes
      • Palliative Care
      • Hospice Care
    • Hospital-Based
    • Assisted Living
    • Independent Senior Living

• By Region :

  • North America
  • Latin America
  • Europe
  • APAC
  • MEA