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The global geriatric care services market is expected to grow at a CAGR of 8% during the period 2023-2028.
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Populations across the globe are ageing rapidly, and such a demographic change would impact almost every societal aspect. Currently, the world has over 1 billion people above 60 years of age; most of which live in low- and middle-income nations. Majority of these people lack access to basic necessities of life, while several others face numerous challenges restricting their participation in society. The COVID-19 pandemic has intensified challenges in providing services to the ageing population. It is estimated that the number of people aged 65 or above would rise from nearly 524 million in 2010 to nearly 1.5 billion in 2050. Developing nations would witness most such increase.
During the early 20th century, major health challenges included parasitic and infectious diseases that proved fatal for infants and children. In this day and age, however, diseases such as diabetes, cancer, heart-disease etc. are major causes of concern, and these more commonly affect adults and older people. Some diseases such as Alzheimer’s Disease (AD), a form of dementia, largely affects only the elderly. According to recent estimates, the number of people living with AD/dementia across the world stands somewhere between 27 million and 36 million. While the incidence of AD is low at younger ages, it nearly doubles with every five years of age after the age of sixty-five.
In the US, people aged 65 and above accounted for 16% of the population in 2019, but this number is expected to rise to stand at over 21.5% of the population by 2040. In the US alone, the population aged 85 and above is expected to rise by nearly 118%, from 6.6 million in 2019 to 14.4 million in 2040 (a 118% increase). In 2019, 22.3% of American people falling between the 65 to 74 age-group evaluated their health as fair or poor as compared to 29.3% of the population aged 75 and above. Further, majority of older Americans had at least one chronic ailment while several had many such conditions. 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.
The overall population of India is expected to grow by over 55% while those above the age of 60 would increase by over 325 percent. During the same time, the population aged over 80 would grow nearly 700% percent; such population will be dominated by widowed and highly dependent very old women. Such elderly women would require significant attention and care.
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. Additionally, 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. At the same time, 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.
Geriatric care services refer to facilities providing medical care for elderly people. Modern definitions of geriatric care have come to include, in addition to medical care and needs, the social and psychological needs of the elderly.
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According to type, the market is segmented into:
By region, the market is segmented into:
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The report presents a detailed analysis of the following key players in the market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
The EMR report gives an in-depth insight into the industry by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
|Scope of the Report||Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Type, Region|
|Breakup by Type||Homecare, Adult Daycare, Institutional Care|
|Breakup by Region||North America, Europe, Asia Pacific, Latin America, Middle East and Africa|
|Market Dynamics||SWOT, Porter's Five Forces, Key Indicators for Price and Demand|
|Competitive Landscape||Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications|
|Companies Covered||Brookdale Senior Living Inc., Extendicare Inc., Gentiva Health Services Inc., Genesis Healthcare, Inc., Sunrise Senior Living Inc., Others|
|Report Price and Purchase Option||Explore our purchase options that are best suited to your resources and industry needs.|
|Delivery Format||Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
7 Industry Opportunities and Challenges
8 Global Geriatric Care Services Market Analysis
8.1 Key Industry Highlights
8.2 Global Geriatric Care Services Historical Market (2018-2022)
8.3 Global Geriatric Care Services Market Forecast (2023-2028)
8.4 Global Geriatric Care Services Market by Type
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
8.4.2 Adult Daycare
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
8.4.3 Institutional Care
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
8.5 Global Geriatric Care Services Market by Region
8.5.1 Market Share
220.127.116.11 North America
18.104.22.168 Asia Pacific
22.214.171.124 Latin America
126.96.36.199 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.1.3 Breakup by Country
188.8.131.52 United States of America
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
9.2.3 Breakup by Country
184.108.40.206 United Kingdom
9.3 Asia Pacific
9.3.1 Historical Trend (2018-2022)
9.3.2 Forecast Trend (2023-2028)
9.3.3 Breakup by Country
9.4 Latin America
9.4.1 Historical Trend (2018-2022)
9.4.2 Forecast Trend (2023-2028)
9.4.3 Breakup by Country
9.5 Middle East and Africa
9.5.1 Historical Trend (2018-2022)
9.5.2 Forecast Trend (2023-2028)
9.5.3 Breakup by Country
220.127.116.11 Saudi Arabia
18.104.22.168 United Arab Emirates
22.214.171.124 South Africa
10 Market Dynamics
10.1 SWOT Analysis
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
11 Competitive Landscape
11.1 Market Structure
11.2 Company Profiles
11.2.1 Brookdale Senior Living Inc.
126.96.36.199 Company Overview
188.8.131.52 Product Portfolio
184.108.40.206 Demographic Reach and Achievements
11.2.2 Extendicare Inc.
220.127.116.11 Company Overview
18.104.22.168 Product Portfolio
22.214.171.124 Demographic Reach and Achievements
11.2.3 Gentiva Health Services Inc.
126.96.36.199 Company Overview
188.8.131.52 Product Portfolio
184.108.40.206 Demographic Reach and Achievements
11.2.4 Genesis Healthcare, Inc.
220.127.116.11 Company Overview
18.104.22.168 Product Portfolio
22.214.171.124 Demographic Reach and Achievements
11.2.5 Sunrise Senior Living Inc.
126.96.36.199 Company Overview
188.8.131.52 Product Portfolio
184.108.40.206 Demographic Reach and Achievements
12 Industry Events and Developments
List of Key Figures and Tables
1. Global Geriatric Care Services Market: Key Industry Highlights, 2018 and 2028
2. Global Geriatric Care Services Historical Market: Breakup by Type (USD Million), 2018-2022
3. Global Geriatric Care Services Market Forecast: Breakup by Type (USD Million), 2023-2028
4. Global Geriatric Care Services Historical Market: Breakup by Region (USD Million), 2018-2022
5. Global Geriatric Care Services Market Forecast: Breakup by Region (USD Million), 2023-2028
6. North America Geriatric Care Services Historical Market: Breakup by Country (USD Million), 2018-2022
7. North America Geriatric Care Services Market Forecast: Breakup by Country (USD Million), 2023-2028
8. Europe Geriatric Care Services Historical Market: Breakup by Country (USD Million), 2018-2022
9. Europe Geriatric Care Services Market Forecast: Breakup by Country (USD Million), 2023-2028
10. Asia Pacific Geriatric Care Services Historical Market: Breakup by Country (USD Million), 2018-2022
11. Asia Pacific Geriatric Care Services Market Forecast: Breakup by Country (USD Million), 2023-2028
12. Latin America Geriatric Care Services Historical Market: Breakup by Country (USD Million), 2018-2022
13. Latin America Geriatric Care Services Market Forecast: Breakup by Country (USD Million), 2023-2028
14. Middle East and Africa Geriatric Care Services Historical Market: Breakup by Country (USD Million), 2018-2022
15. Middle East and Africa Geriatric Care Services Market Forecast: Breakup by Country (USD Million), 2023-2028
16. Global Geriatric Care Services Market Structure
The market is estimated to grow at a CAGR of 8% between 2023 and 2028.
The major drivers of the market include the globally ageing population, favourable government policies and schemes for the elderly, increasing healthcare awareness, and increasing prevalence of chronic diseases including cancer, tuberculosis, and others.
The increasing government funding towards the development of day care centres and geriatric care units is expected to be a key trend guiding the growth of the industry.
The major regions in the industry are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Homecare, adult daycare, and institutional care are the different types of geriatric care services.
The major players in the industry are Brookdale Senior Living Inc., Extendicare Inc., Gentiva Health Services Inc., Genesis Healthcare, Inc., and Sunrise Senior Living Inc., among others.
The global geriatric care services market is being driven by the rapid development of geriatric care institutions and increasing healthcare awareness among the growing geriatric population. Aided by the favourable government initiatives to enhance the quality of life of the elderly, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 8%.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on type, the market is divided into homecare, adult daycare, and institutional care. The major regional markets for geriatric care services are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Brookdale Senior Living Inc., Extendicare Inc., Gentiva Health Services Inc., Genesis Healthcare, Inc., and Sunrise Senior Living Inc., among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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