Geriatric Care Services market : Segmented by Service (Home Care, Adult Day Care, Institutional Care); By Service Provider (Public, Private); By Payment Source (Public Insurance, Private Insurance, Out-of-pocket, Others); By Age group (65-70 years, 71-75 years, 76-80 years, 81-85 years, 86-90 years, above 91 years) and Region – Global Analysis of Market Size, Share & Trends for 2019–2020 and Forecasts to 2030

175+ Pages Research Report Geriatric Care Services Market to surpass USD 2130.10 billion by 2030 from USD 976.2 billion in 2020 at a CAGR of 8.12% in the coming years, i.e., 2021-30.

Product Overview

Medical treatment of older or elderly people is referred to as geriatric care. The scope of care has expanded to encompass not only medical but also psychological and social requirements of the elderly. Geriatric care now involves a holistic approach to coping with ageing and its impacts more than ever before. Geriatric care management combines medical and psychological care with other important services such as housing, home care, nutrition, support with activities of daily living, socializing programs, and financial and legal planning (e.g. banking, trusts). After further assessment, a care plan suited to individual circumstances is created, which is then evaluated and updated as needed. The major product segments of include home care, adult day care, and institutional care services.

Market Highlights

Geriatric Care Services Market is expected to project a notable CAGR of 8.12% in 2030

Geriatric population growth in developing nations is one of the major reasons raising demand for geriatric care services. Because of the rise in chronic illnesses, the need for these services among the elderly has increased. One of the main reasons predicted to drive market growth is the growing desire for excellent elderly care provided by experts all over the world. Furthermore, a number of market players have implemented a complete and contemporary approach to senior care, resulting in an effective service with improved outcomes.

Recent highlights in the Geriatric Care Services market

• In November 2019, Sunrise Elder Living Inc. and Royal Philips have established a partnership to bring innovative senior care technologies to residents at Welltower's flagship Manhattan facility. This partnership helped the firm in broadening its service offerings across the world.

• In February 2019, Genesis Healthcare Corp. announced a 15-skilled nursing facility collaboration with Next Healthcare Capital. This strategic decision elevated the company's overall standing in the nursing home industry and broadened the company's patient base.

Geriatric Care Services Market: Segments

Public Insurance segment to grow with the highest CAGR during 2020-30

Geriatric Care Services Market is segmented by Payment source into Public Insurance, Private Insurance, Out-of-pocket, and Others. Among these, the Public Insurance category dominated the market in 2020. There are numerous advantages to public insurance, including more affordable alternatives, tax advantages for acquiring the policy, and complete medical care for elderly citizens, to name a few. Medical insurance is a valuable resource for both families and patients.

86-90 years segment to grow with the highest CAGR during 2020-30

Geriatric Care Services Market is segmented by Age group into 65-70 years, 71-75 years, 76-80 years, 81-85 years, 86-90 years, Above 91 years. Among these, the 86-90 years category had the highest revenue share in 2020 and is expected to grow at a significant rate during the forecast period. The age group that is more sensitive to a range of illnesses, including diabetes, heart disease, and chronic infections, is driving growth. The fastest-growing age group in the United States is those aged 85 and up. The government of many nations has highlighted the need of support services and creating care models based on the needs of elderly people in order to satisfy the demands related to their physical and psychological health.

Market Dynamics

Drivers

Increase in Geriatric Population

Globally, a significant growth in the aging population has increased the demand for skilled nursing care services. One of the main reasons driving the growth of the worldwide skilled nursing care services market is the rising number of people suffering from Alzheimer's disease, as well as the high prevalence of dementia, a frequent form of Alzheimer's disease.

Favorable reimbursement rules

The presence of a variety of long-term care service providers, as well as favorable reimbursement rules, are likely to drive the geriatric care services market's growth.

Restraint

High cost of geriatric care

The high cost of geriatric care will be a major market roadblock. In addition, the absence of adequate geriatric care services in developing nations would hinder long-term business growth.

Geriatric Care Services: Key Players

• Benesse Style Care Co., Ltd

Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis

• Econ Healthcare Group
• Epoch ElderCare
• St Luke's ElderCare Ltd
• Latin America Home Health Care
• Samvedna Senior Care
• ApnaCare Latin America Private Limited
• Nichiigakkan Co. Ltd
• GoldenCare Group Private Limited
• Carewell-Service Co., Ltd RIEI Co., Ltd

Geriatric Care Services Market: Regions

Geriatric Care Services market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. Geriatric Care Services market in North America held the largest market share in the year 2019. In the forecast period, the Geriatric Care Services market is expected to be dominated by North America owing to a variety of factors including an aging population, appealing insurance plans, and government support for senior care, to name a few. For elderly people in the country, important government healthcare programs such as the Veterans Health Administration, Medicaid, and Medicare have been established. As a result, the increased awareness of geriatric care services, together with other connected variables, is expected to boost the country's geriatric care services market revenue.

Geriatric Care Services market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – China, Japan, Australia, and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Geriatric Care Services report also contains analysis on:

Geriatric Care Services Segments:

• By Service
  • Home Care
  • Adult Day Care
  • Institutional Care
• By Service Provider
  • Public
  • Private
• By Payment Source
  • Public Insurance
  • Private Insurance
  • Out-of-pocket
  • Others
• By Age group
  • 65-70 years
  • 71-75 years
  • 76-80 years
  • 81-85 years
  • 86-90 years
  • Above 91 years
• Geriatric Care Services Market Dynamics
• Geriatric Care Services Market Size
• Supply & Demand
• Current Market Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints

Geriatric Care Services Market Report Scope and Segmentation

Frequently Asked Questions

1. How big is the Geriatric Care Services market?
2. What is the Geriatric Care Services market growth?
3. Which segment accounted for the largest Geriatric Care Services market share?
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5. What are the factors driving the Geriatric Care Services market?