The Global Geriatric Care Services Market was valued at US$ 599.6 million by 2015 and is projected to expand at a CAGR of 4.2% from 2016 to 2024, as analyzed by Coherent Market Insights in its detailed report about the same. Increasing women labor workforce participation and growing disposable income is driving demand for geriatric care services for the rapidly aging population.
Gone are the days when members of the family used to stay together. Growing inflation and expenses has urged the earners of the family to travel for better opportunity. In an endeavor to reduce the financial burden on a single person in the family, number of women in the workforce is increasing rapidly across the globe. The Department of Labor (DOL) states that around 57% of women were part of the active workforce in the U.S. in 2015. Also, as per the Australian Bureau of Statistics, women constitute 46.2% of total workforce in Australia as of August 2016. This has led to an increase in demand for geriatric care for the rapidly aging population.
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Functional disability is common among the elderly population. Geriatric care service providers have evolved significantly by increasing their range of services from mere psychological support and home management to nursing care and supervision. Besides, various geriatric care centers offer 24×7 services to differentiate and provide emergency services, a must for elderly care. Furthermore, the geriatric care service providers are integrating various cutting-edge technologies to boost their service performance. LivHome Technology+ by LivHome, Inc. addresses the safety issues, enables social engagement, and medication support. The company offers LivHome Connect that includes 24-hour Active Remote Care (ARC) from in-house licensed nurses to patients.
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Trend of geriatric care services is on the rise predominantly owing to rapidly aging population. According to the 2015 report by the United States Census Bureau, the elderly population (65 years and above) is estimated to increase from 8.5% in 2015 to 12% by 2030. Increasing geriatric care service access for the elderly population is equally important. According to Senior Care Services Scale (SCSS) developed by the researchers at Johns Hopkins University suggests a gap in the offerings of geriatric care services and the need of geriatric population.
Some of the geriatric service providers across the globe are Sunrise Senior Living, Epoch Elder Care, Senior Care Centers of America, Kindred Healthcare Inc., and Home Instead Senior Care Inc. Collaborations with physicians, assistive device manufactures, and insurers would be essential in increasing geriatric care service access for the elderly population.
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Key takeaways of the market:
- The global geriatric services market is classified on the basis of service type and geography
- Skilled nursing facilities held the major share in the global geriatric care services market, owing to challenges faced by the elderly population in performing their daily activities and simultaneously meeting their medical needs.
- Market for continuing care is projected to increase faster than the other segments on account of increasing disposable income allowing customers to spend on continuum care. The market for continuing care would be growing at a CAGR of 4.6% during the forecast period.
- Globally, North America lead the market in terms of US$ value on account of increasing women workforce participation and increasing disposable income
- Geriatric care services market is expected to grow at a rapid pace in Latin America region on account of rapidly aging population. Though the geriatric care services market in India and China is expected to expand at a rapid CAGR of 7.5% and 7.1% respectively during the forecast period, slower growth in Japan would negatively impact the overall growth of Asia Pacific market, as Japan occupies dominant share of the region.
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