Global "Geriatric
Care Services Market" 2022 Industry
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Development, futuristic cost, earnings, demand and distribution data. Its vast
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new and existing player to take a significant decision.
In this report, we
thoroughly examine and analyse the Global market for Geriatric Care Services so
that market participants can improve their business strategy and ensure
long-term success. This report provides players with useful information and
suggests result-based ideas to give them a competitive advantage in the global Geriatric
Care Services industry. It will show how other players compete in the global Geriatric
Care Services Market and explain the strategies you use to differentiate
yourself from other participants.
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Industry Insights
The global Geriatric Care
Services Market size is estimated to reach USD 1,012.02 billion by 2022,
registering at a 6.1% CAGR during the forecast period. Growing geriatric
population coupled with rising prevalence of chronic diseases is one the key
factors driving the growth of geriatric care services market. According to
United Nations World Ageing Population 2015 report, it was estimated that
between 2015 and 2030, the number of people aged 60 years and above will grow
by 56 percent, from 901 million (2015) to 1.4 billion (2030). It was also
reported that by 2050, the number is expected to double its size, reaching
about 2.1 billion. In addition, growing demand for independent aging solutions
and introduction of robotic technology in geriatric care is also anticipated to
further boost up the market growth.
Presence of favorable
reimbursement policies and increased life expectancy are also amongst few
factors expected to propel demand for geriatric care services. There is an
increase in the adoption level for these services owing to the advantages
associated with these services such as in chronic care management. Furthermore,
increasing number of homecare and long term care services offered by geriatric
care centers such as nursing care, health assessment & monitoring, and
counseling & financial support is anticipated to drive the demand for these
services.
Favorable government
initiatives and increasing elderly population prone to cardiovascular,
orthopedic, neurological, and respiratory disorders are some of the crucial
attributes of this market. However, high cost of devices may hinder the growth
of geriatric care services in emerging economies like China, India, and Brazil.
Service Insights
Based on the services, the
market is segmented as home care, adult day care, and institutional care.
Institutional services market held the largest market share of about 41.1% in
2014 pertaining to the factors such as presence of large number of institutions
and high usage levels of the institutions offering geriatric care services. In
addition, homecare services is expected to witness fastest growth over the
forecast period owing to increasing awareness regarding the advantage
associated with the home care services among the elderly and patients in
post-surgery recoveries. Increasing demand for independent aging solutions and
need for reducing overall cost of care services further drives up demand for
such services. However, low preference and availability of other options such
as community centers and assisted living in developing countries may limit the
growth of geriatric care services.
Regional Insight
North America dominated the
market with the maximum share of 44.5% in 2014. Some of the key factors
attributing to the market growth include favorable reimbursement policies and
presence of large number of care centers in the U.S. According the Center of
Disease Control (CDC) in 2012, there were nearly 95% nursing homes, 77% adult
day care service centers, 78% home health agencies, and 52% residential care
communities were certified to participate in Medicaid. Asia pacific region is
expected to be the fastest growing segment with a CAGR of 8.5% over the
forecast period. The region offers untapped potential due to low product
penetration rate, unmet medical needs, and large elderly population base in
emerging economies like India and China. Rising incidences of neurological,
orthopedic, and cardiovascular disorders in such countries is expected to drive
the growth in this region. The growth prospects in Mexico is significant during
the forecast period due to inadequate and distributed geriatric care services.
Competitive Insights
Few of the key participants
of geriatric care services market include, Senior Care Centers of America;
Brookdale Senior living; Kindred Healthcare Inc.; Genesis Healthcare Corp.;
Sunrise Senior Living Inc.; GGNSC Holdings, LLC and Extendicare, Inc.
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