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Geriatric Care Services Market: By Type (Home-care, Health-care, Institutional care centers, Non-medical health care, Hospital based care, Assisted living, Independent senior living, Rehabilitative care services), By Application (Respiratory Diseases, Diabetes, Osteoporosis, Heart Diseases, Others), By Age Group (65-70 Years, 71-75 Years, 76-80 Years, 81-85 Years, 86-90 Years, Above 91 Years), By Payment Source (Public Insurance, Private Insurance, Out-of-pocket), By End user (Institutional Care Services, Nursing Homes, Rehabilitation Centers, Hospitals) And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032
The Global Geriatric Care Services Market was valued at 0.61 billion USD in 2021 and is estimated to reach 1.2 billion USD by 2032, increasing at a CAGR of 6.5% during the forecast period, 2022- 2032.
Geriatric care is the medical care offered to elderly people. Geriatric care services include the medical, psychological and social needs of older people. Geriatric care management combines the health and psychological care with services like home care, nutrition, housing, and helping with daily life activities and planning. Geriatric care is a holistic approach to manage aging and the resultant effects. The main segments of geriatric care services market are adult day care, home care, and institutional care services. Home care services include health care services provided at home. Institutional care services include hospital-based services nursing homes. Adult day care services are segmented into healthcare and non-medical healthcare services.
Global Geriatric Care Services Market is expected to project a CAGR of 6.5% during the forecast period
The Global Geriatric Care Services Market was valued at 0.61 billion USD in 2021 and is estimated to reach 1.2 billion USD by 2032, increasing at a CAGR of 6.5% during the forecast period, 2022- 2032 owing to the rising geriatric population which has led to the demand for nursing care services. Due to the old age of people, the condition of Alzheimer’s is increasing along with high incidence of dementia and is resulting in the growth of geriatric care services market.
Global Geriatric Care Services Market: SegmentsPrivate health insurance segment expected is expected to grow with a higher CAGR during 2022-32
Global Geriatric Care Services Market is classified based on the Payment Source into Public Insurance, Private Insurance, Out-of-pocket. The Private Insurance segment is expected to grow owing to avoiding the Medicare and increasing focus of people on private healthcare facilities. These private health insurance offer less waiting time to customers by offering extra medical attention and improved facilities.
Diabetes segment is expected is expected to grow with a higher CAGR during 2022-32
Global Geriatric Care Services Market is classified based on the Application into Respiratory Diseases, Diabetes, Osteoporosis, Heart Diseases, Others. Diabetes segment is expected to grow with a high CAGR during the forecast period owing to the rising diabetic patients’ number. Regular monitoring of blood sugar at home aids in attaining proper diabetic plan and helps managing blood sugar medications, diet, and exercise.
Market Dynamics Increasing Geriatric population is aiding the growth of market
The increasing geriatric population created a demand for geriatric care services. The increasing number of patients with Alzheimer’s and rising dementia cases is a major factor driving the growth of global skilled nursing care services market. The incidence of diabetes, heart strokes, blood pressure, and other conditions has increased due to the elderly age which has led to the growth of market. Constantly rising geriatric population is increasing the demands on health care system leading to the growth of Global Geriatric Care Services Market.
Rising health issues in geriatric population is driving the market growth
The increase in the older population will result in increased health problems like various comorbidities, diabetes, arthritis, renal insufficiency, heart issues etc. which is increasing the scope and necessity of geriatric care services, thereby boosting the market growth. The low immunity issues in the elderly population is also aiding the market growth.
High cost of Geriatric care services is restraining market growth
The cost of Geriatric care services is high owing to the continuous monitoring and assisting of the elder people which will be a major factor restraining the growth of the market. In the developing countries, the scarcity of geriatric care services, the high costs of nursing services, and low acceptance of these services are the factors expected to hinder the growth of business in have been restraining the market.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Geriatric Care Services Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America region dominated the global geriatric care service market, owing to the technological advancement, rising geriatric care organizations, aging population, and due to favorable reimbursement policies, which is expected to dominate the market.
Impact of Covid-19 on Global Geriatric Care Services MarketThe outbreak of the COVID-19 pandemic has resulted in the economic slowdown across the world. Several countries had imposed lockdown and restricted travelling to control the spread of coronavirus. Geriatric patients generally have existing problems related to heart, lung disease, diabetes or cancer which might have further impacted the health condition due to low immunity and highly prone to diseases during the pandemic. The COVID-19 had a positive impact on the Global Geriatric Care Services Market.
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Report Attribute |
Details |
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Market size value in 2021 |
USD 0.61 billion |
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Revenue forecast in 2032 |
USD 1.2 billion |
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Growth Rate |
CAGR of 6.5% from 2022 to 2032 |
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Base year for estimation |
2021 |
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Quantitative units |
Revenue in USD billion and CAGR from 2022 to 2032 |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments covered |
Type, Application, Payment source, Age group, End user and Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
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Key companies profiled |
Epoch Elder Care, St Luke's ElderCare Ltd, ProVita International Medical Center, Home Instead, Inc., Living Assistance Services, Inc., Econ Healthcare Group, Samvedna Senior Care, Rosewood Care Group Inc., ApnaCare India Private Limited, GoldenCare Private Limited, Carewell-Service Co., Ltd, SASCO Integrated Eldercare Centre, Millennia Personal Care Services, India Home Health Care, and Other Prominent Players |
Global Geriatric Care Services Market size was estimated at USD 0.61 billion in 2022 and is expected to reach USD 1.2 billion in 2032.
Geriatric care is the medical care offered to elderly people. Geriatric care services include the medical, psychological and social needs of older people. Geriatric care management combines the health and psychological care with services like home care, nutrition, housing, and helping with daily life activities and planning.
Private health insurance and Diabetes segment accounted for the largest Global Geriatric Care Services market share.
Ans. Key players: Epoch Elder Care, St Luke's ElderCare Ltd, ProVita International Medical Center, Home Instead, Inc., Living Assistance Services, Inc., Econ Healthcare Group, Samvedna Senior Care, Rosewood Care Group Inc., ApnaCare India Private Limited, GoldenCare Private Limited, Carewell-Service Co., Ltd, SASCO Integrated Eldercare Centre, Millennia Personal Care Services, India Home Health Care, and Other Prominent Players are the key players in the Global Geriatric Care Services Market.
Increasing Geriatric population and Rising health issues in geriatric population are the factors driving the Global Geriatric Care Services market.
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