The latest market report published by Credence Research, Inc. “Geriatric Care Services Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global geriatric care services market was estimated at US$ 808.0 Bn in 2017 expanding at a CAGR of 5.9% from 2018 to 2026, to reach US$ 1,374.2 Bn by 2026.
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The count of elder care service providers is perpetually growing due the rising pool of geriatric population suffering from chronic diseases, resulting in disabilities and improvement in quality of day care facilities. Therefore companies are more focused on widening the range of services offered. To meet the growing customer needs, geriatric care service providers are constantly establishing private care centers as older people are observed to prefer specialized live-in care facilities. Growing prevalence of chronic conditions in geriatrics has also urged the emergence of specialized care centers, therefore opening niche markets. Some prime factors driving the growth of global geriatric care services market are increasing healthcare expenditure, growing adoption of assisted health care services, increasing preference for home care services and growing government funding for geriatric care.
Shifts in family structure in developed and developing countries alike, as resulted in decline in the time spent by primary caregivers. This factor has had a significant effect in development of geriatric care services offerings. Industrial development and globalization has resulted in opening several opportunities in the Asia Pacific countries which is characterized by more and more people working away from home. This has led to unavailability of primary caregivers in families, therefore emerging the need for professional caregiving services. The market growth is also boosted by increasing population pool entering retirement age, and growing prevalence of disabling chrnoic diseases. Recovery in economies of developed nations, and growing healthcare expenditure are other drivers of this market.
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The global geriatric care services market is broadly classified into service type, service providers and payment sources. Currently, skilled nursing care facilities occupy the largest share in the global market. The demand for home healthcare services will be the highest therefore facilitating the fastest growth to the segment during the forecast period. The growth of this segment is attributed to increasing preference of elderly population to move to home care settings for long-term care. Freedom of staying at home and benefit of cost containment are the other prime reasons for driving the growth of this segment. Shortage of established institutions for residential care and assisted living in developing countries is also urging the growth of home care services segment. Based on service providers, for-profit segment is the current leader in terms of market revenue. Whereas, shortfalls of this segment such as deficiencies in government compliance, and lesser standard of services has led to faster demand for non-profit service providers. Additionally, the revenue coming from out of pocket payment sources is exponentially growing in developing markets.
Key Market Movements:
- Increasing pool of geriatric population and corresponding increase in disabling chronic diseases
- Development of niche services, specializing in serving patients with specific conditions
- Increasing healthcare expenditure in developing economies, and growing participation of government organizations
- Growing awareness about assisted living and social services in Asia Pacific and Latin America markets
- Proliferation of service providers operating in national chains
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