Global Geriatric Care Services Market to Grow at a CAGR of 6.5% During the Period 2024-2032, Driven by Growing Demand for Elderly Care and Scarcity of Geriatric Care Institutions

The world's population is rapidly ageing, and this demographic shift would have a significant impact on practically every element of society. Over 1 billion people over the age of 60 reside in the globe today, the majority of whom live in low- and middle-income countries. The majority of these people lack access to basic essentials of life, while others suffer a variety of obstacles that limit their ability to participate in society. The COVID-19 pandemic has made it much more difficult to provide assistance to the elderly. The number of individuals aged 65 and more is expected to increase from about 524 million in 2010 to almost 1.5 billion in 2050. The majority of this rise would occur in developing countries.

Parasitic and infectious diseases were important health concerns in the early twentieth century, and they were sometimes fatal to new-borns and children. Diseases like diabetes, cancer, and heart disease, among others, are important sources of concern in today's world, and they disproportionately impact adults and the elderly. Alzheimer's disease (AD), a kind of dementia, is a disease that primarily affects the elderly. According to recent estimates, between 27 million and 36 million people worldwide suffer with Alzheimer's disease or dementia. While the incidence of Alzheimer's disease is modest at earlier ages, it practically doubles every five years after the age of 65.

In this day and age, developed as well as developing nations are likely to see greater demand for geriatric care services due to rapidly ageing global population and a relative lack of personnel and facilities required to provide adequate geriatric care to all those in need.

In the United States, those aged 65 and above stood for 16 percent of the population in 2019, but this number is predicted to climb to over 21.5 percent by 2040. The population of people aged 85 and up is predicted to expand by approximately 118 percent in the United States, from 6.6 million in 2019 to 14.4 million in 2040. In 2019, 22.3 percent of Americans aged 65 to 74 rated their health as fair or poor, while 29.3 percent of those aged 75 and up rated their health as good or excellent. Furthermore, the majority of elderly Americans have at least one chronic illness, with some having multiple illnesses. In the Finger Lakes region, healthcare costs are expected to grow by over 17.5% by 2025. Further, there is a lack of geriatric physicians, nurses, social workers and other allied professionals to meet healthcare challenges related to elderly care.

Countries like Belgium offer well-developed systems for the elderly in need of long-term care. However, as the population continues to age, Belgium is expected to face more demand for long term care for the elderly. According to a model developed by the Federal Planning Bureau, 149,000 to 177,000 beds would be needed in 2025. After 2025, the increase in need is projected to accelerate further.

In India, the number of the elderly has been rising rapidly, and this trend is expected to continue in following decades. Those aged above 60 are projected to increase from over 7.5% percent in 2015 to nearly 19 percent in 2050.

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Key Findings of the Report:

• Geriatric care services are expected to be in high demand both developed and developing nations on account of a rapidly ageing population and its medical and psychological needs.
• The various schemes and initiatives by governments for care of the elderly in developed and developing countries are expected to stimulate growth of healthcare, wellness, and insurance firms.
• The sector faces several challenges, especially in those nations that are relatively poor and less developed.
• Providing quality elderly care warrants superior infrastructure, spending and citizen welfare schemes and facilities, which poorer nations are unable to afford.

Market Analysis by Type and Region:

• By type, the market is segmented into Homecare, Adult Daycare, and Institutional Care.
• By region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East and Africa.

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