According to the latest report by IMARC Group, titled "Geriatric Care Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global geriatric care services market reached a value of US$ 997.3 Billion in 2021. Geriatric care services refer to medical facilities providing health and wellness services for the elderly. Nutritional services, home care, medications, socialization programs and non-medical services, such as homemaking, personal care, meals and grocery are some of the commonly offered services. These services are widely used for patients suffering from neurological diseases, diabetes, cancer, respiratory, heart and kidney diseases. Geriatric care services aim to monitor health regularly, offer support, detect severe conditions at an early stage, address emotional concerns, provide nutritious meals, and prevent deterioration of an existing health problem.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Geriatric Care Services Market Trends:
The rapidly increasing geriatric population across the globe is creating a positive outlook for the market. Geriatric care services are widely used for improving, treating and preventing diseases, such as Alzheimer’s and dementia, that are more prevalent in the elderly population. In line with this, the rising prevalence of chronic health conditions, such as high blood pressure, diabetes, orthopedic disorder, respiratory issue, cancer and cardiovascular diseases (CVDs), is favoring the market growth. Furthermore, the introduction of various advanced technologies, such as robotics and the Internet of Things (IoT) in geriatric care services for performing tasks, automating workflows and reducing errors are providing an impetus to the market growth. Additionally, the ongoing improvements related to geriatric care services, such as the availability of skilled care workers, transparency along the process, remote patient management, and the provision of home care services with improved convenience and cost-effectiveness are positively impacting the market growth. Other factors, including the rising expenditure of consumers, significant improvements in healthcare infrastructure, and the implementation of various government initiatives to provide easily accessible and affordable social care services to the elderly population, are anticipated to drive the market further toward growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 1582.5 Billion by 2027, growing at a CAGR of 7.70% during 2022-2027.
- On the basis of the service, the market has been classified into home care, adult daycare, and institutional care
- Based on the payment source, the market has been divided into public insurance, private insurance, out-of-pocket, and others.
- On the basis of the application, the market has been classified into respiratory diseases, diabetes, heart diseases, neurological diseases, kidney diseases, cancer, and others.
- Based on region, the market has been categorized into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and Others) Latin America (Brazil, Mexico and Others), Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Amedisys Inc., Brookdale Senior Living Inc., Econ Healthcare Group, Extendicare Inc., Genesis HealthCare, Home Instead Inc. (Honor Technology Inc.), Kindred Healthcare, Portea Medical, Revera Inc., Rosewood Care Group Inc. and Sunrise Senior Living LLC.
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