Geriatric Care Services Market: Introduction
According to the report, the global geriatric care services market was valued at US$ 0.4 Bn in 2020. It is projected to expand at a CAGR of 5.3% from 2021 to 2028. The proportion of geriatric population among the total population continues to rise and is the single largest driver of the global geriatric care services market. Changing family structure in most developed countries has led to a decline in the time family caregivers can provide. This has been a crucial factor driving the geriatric care services market.
Industrial development and improved job opportunities in emerging nations of Asia Pacific have caused more people to work away from their homes. This has further led to unavailability of family caregivers, which is boosting formal care providers. Moreover, a large fraction of geriatric population, currently, wishes to continue their professional lives but require moderate support from care services. The market in Asia Pacific has been expanding and the geriatric care business in the region is estimated to expand in the next few years.
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Rise in Geriatric Population in Asia Pacific to Drive Geriatric Care Services Market
Increasing geriatric population in Asia Pacific is one of the major factors driving the market. The number of geriatric people in Asia Pacific is rising at significant pace, and the region at the forefront of the global phenomenon of aging population. As per the recent research article, the geriatric population in Asia Pacific is slated to reach around 1.3 billion by 2050. Growing life expectancy, declining fertility rates, and geriatric care services are key drivers of aging population in some countries across APAC.
As per the World Health Organization, the proportion of people aged 60 years or above was around 9% in 2017, and it is projected to augment to more than 13% and 20% by 2030 and 2050, respectively. Health concerns among elders include mental health, non-communicable diseases, and injuries. Demand for these services that could diagnose, evaluate and manage clinical comorbidities is rising as the number of geriatric people rises. Thus, countries in the region are focusing access to health facilities without financial burden for all geriatric people.
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Institutional Care Services Segment to Dominate Global Market
Based on type, the global geriatric care services market has been classified into home care services, adult daycare services, and institutional care services. The institutional care services segment accounted for a prominent share of the global geriatric care services market, while the home care services segment is estimated to expand at a rapid pace, among all the segments, during the forecast period.
The freedom to stay at home and cost containment are prime reasons attributed to the high share held by the emergence of home care services segment in the overall geriatric care services market. Home care services provide unique advantages such as less expensive, desired stay at home, and more independence, which is boosting the global geriatric care services market at a steady pace. The shortage of other available options such as nursing homes and assisted living communities in developing regions is also propelling the global geriatric home care services market.
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North America to Lead Global Market
In terms of region, the global geriatric care services market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global geriatric care services market in 2020, followed by Asia Pacific.
Major factors attributing to its large share include the constant development of reimbursement policies coupled with the presence of wide varieties of long-term care centers throughout the U.S. Europe on account of the presence of a large geriatric population, especially in the Western regions is expected to follow North America, in terms of share of the global market, during the forecast period. However, the market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period.
The global geriatric care services market is fragmented in terms of number of players. Key players in the global market include Brookdale Senior Living, Inc., Extendicare, Inc., Genesis HealthCare Corp., Gentiva Health Services, Inc., GGNSC Holdings, Home Instead Senior Care, Inc., Kindred Healthcare, Inc., Senior Care Centers of America, Skilled Healthcare Group, Inc., and Sunrise Senior Living, Inc.
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