Geriatric Care Services Market
Geriatric Care Services Market Analysis by Type (Home Care [Health Care, Non-medical Home Care], Adult Day Care [Health Care, Non-Medical Care], Institutional Care [Nursing Homes, Hospital-Based, Assisted Living, Independent Senior Living), by Region - Global Forecast 2021-2028
Geriatric Care Services Market Outlook (2021-2028)
The global geriatric care services market is anticipated to rise at a CAGR of 5.3% from 2021 to 2028. This research analysis by Fact.MR found the market to be valued at US$ 400 Mn in 2020, which is anticipated to increase to a market valuation of US$ 700 Mn by the end of 2028.
Geriatric Care Services Market Size (2020)
US$ 400 Mn
Projected Year Value (2028F)
US$ 700 Mn
Global Market Growth Rate (2021-2028)
Key Companies Profiled
There has been substantial rise in the aging population across the world over the past decade, and this is prominently driving demand for institutional elderly care services.
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Demand Analysis of Geriatric Care Services (2017-2021) in Comparison to Growth Forecasts (2020-2028)
Increasing geriatric population on a global scale has created a highly lucrative setting for elderly care services. This growing aging population is driving the demand for geriatric nutritional services, adult day care services, daily assistance services, and other services which make lives of these aged people easier.
The aging population is more at risk of chronic diseases and this is majorly expected to boost demand for geriatric care services in the coming years as instances of chronic diseases rise across the world. Favorable insurance and reimbursement policies by multiple healthcare providers are expected to bolster demand for elderly care services.
However, the high costs of geriatric care services are anticipated to have a hampering effect on the growth potential in the coming years. The geriatric care services market is predicted to evolve at a CAGR of 5.3% from 2021 to 2028.
How Will Increasing Aging Population Benefit Elderly Care Service Providers?
“Vulnerability to Chronic Diseases of Aging Population to Boost Market Growth”
Old people have weak immune systems and hence they are more susceptible to contracting illness and diseases, this has bolstered the demand for institutional elderly care services as well as home-based elderly care services.
Increasing popularity of preventive healthcare trends is also expected to boost elderly care demand over the forecast period.
“Increasing Aging Population Promoting Establishment of Geriatric Care Institutions”
Increasing aging population has created a new market for geriatric services and multiple care providers are trying to cash in on this potential by establishing new and advanced care centers specifically focused on the geriatric population.
Elderly care institutions and adult daycare centers are expected to rise in number across the world and will propel geriatric care services demand over the coming years.
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What Could Potentially Slow Down Geriatric Care Services Market Growth?
“High Costs of Elderly Care Services to Negatively Impact Market Potential”
Elderly care services are cost-intensive for patients as well as providers and this has a hindering effect on the global geriatric care services market growth through 2028.
Daily assistance services require dedicated professionals and caretakers which incur high costs for geriatric care service providers and hence restrain the geriatric care services market potential.
How Will the Geriatric Care Services Market Perform Across Regions?
“North America Sees Highest Demand for Elderly Care Services”
The North America geriatric care services market is anticipated to see high demand for geriatric care services through 2028 and is expected to account for a dominant market share in the global industry landscape. Increasing geriatric population and high adoption of geriatric care services are expected to be significant factors influencing the geriatric care services market growth in this region.
The regions of East Asia and South Asia are predicted to see high demand for geriatric care services over the forecast period. Growing aging population, shortage of elderly care services, and declining fertility rates are some of the prime factors that influence geriatric care services demand in the aforementioned regions. Increasing healthcare expenditure and the establishment of new elderly care centers are expected to positively boost geriatric care services market potential in economies like China and India.
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Why Should Geriatric Care Service Providers Focus on the U.S.?
“Increasing Aging Population Opting to Live Independently”
The older population in the U.S. is opting to live independently and this trend has bolstered the already high demand for geriatric care services in the nation.
The U.S. geriatric care services market accounted for over 90% of the revenue share of the North America geriatric care services industry landscape in 2020. Attractive reimbursement policies and increasing government spending on elderly care are other factors that will drive growth in the nation.
How Will the China Geriatric Care Services Market Perform?
“Changing Lifestyle Preferences to Drive Demand for Daily Assistance Services”
China has seen some major changes in lifestyle preferences and family preferences of its population in recent years and these choices have led to an increasing geriatric population and a low birth-rate trend in the nation.
Increasing preference of Chinese people to live independently has majorly created a demand for geriatric care services and this trend with majorly drive market potential in the nation through 2028.
Daily assistance services, nutritional services, and adult daycare centres are expected to see a rise in demand as the aging population in the nation increases.
What is the Outlook for Different Types of Geriatric Care Services?
“Home Care Segment Rising at High CAGR”
Home care services are expected to rise at the fastest CAGR over the forecast period owing to the rising popularity of home care trends.
Increasing preference of patients and favorable initiatives by care providers are expected to boost the adoption of home-based elderly care over the forecast period. Institutional elderly care services account for a major market share but are expected to lose some share to the increasing popularity of home-based elderly care services.
How Did COVID-19 Affect the Geriatric Care Services Industry?
Widespread coronavirus infections led to a global pandemic situation across the world. This created an adverse situation and led to lockdowns in multiple nations which restricted the majority of activities and caused markets to crumble. Demand for geriatric care services was high during the pandemic but this demand was not met due to restrictions imposed to curb the spread of infections.
The geriatric care services market is expected to see steady growth in the post-pandemic era as the focus on geriatric care increases and experiences an upward trend. Increased healthcare awareness in aging population after the COVID-19 outbreak is expected to be a prominent trend driving market potential in the post-pandemic era through 2028.
Key geriatric care service providers are focusing on establishing new and advanced care centers and institutions to accommodate the growing aging population on a global scale. Care providers are also launching new initiatives to increase accessibility to geriatric services for the aging population.
- On 12th April 2022, The Symbiosis University Hospital and Research Centre announced the launch of an initiative that is geared toward elderly care. This initiative is aimed at taking care of senior citizens without making them feel unwanted, and providing them with the required medical and social assistance needed.
Key Segments Covered in Geriatric Care Services Industry Research
Geriatric Care Services Market by Type:
- Home Care
- Health Care
- Medical Care
- Physiotherapy Services
- Palliative Care
- Hospice Care
- Non-medical Home Care
- Personal Care
- Home Making
- Meals and Grocery
- Health Care
- Adult Day Care
- Health Care
- Non-Medical Care
- Institutional Care
- Nursing Homes
- Palliative Care
- Hospice Care
- Assisted Living
- Independent Senior Living
- Nursing Homes
- Home Care
Geriatric Care Services Market by Region:
- North America Geriatric Care Services Market
- Latin America Geriatric Care Services Market
- Europe Geriatric Care Services Market
- East Asia Geriatric Care Services Market
- South Asia & Oceania Geriatric Care Services Market
- MEA Geriatric Care Services Market
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