The proportion of geriatric population amongst the total population continues to grow and is the single largest driver for the growing global geriatric care services market. Changing family structure in most developed countries has resulted in decrease in time family caregivers can provide. This factor has been crucial in developing and shaping of geriatric care services market. Furthermore, the industrial development and improved job opportunities in the emerging nations of Asia-Pacific have resulted into more people working away from home. This has further led to unavailability of family caregivers which is incentivizing formal care providers. Along with this a large fraction of geriatrics today wish to continue their professional lives but require moderate support from care services. The market in the region has begun developing and returns from geriatric care business in the region are expected to grow in the coming years. The global geriatric care services market was valued at USD 560.4 billion in 2012 and is expected to reach USD 850.0 billion by 2019, growing at a CAGR of 5.9% during the forecast period 2013 to 2019.
The global geriatric care services market is broadly categorized into home care services, adult daycare services, and institutional care services. The institutional care services market constituted the largest segment in the global geriatric care services market while home care services market is expected to witness fastest growth amongst all the segments during the forecast period 2013 to 2019. The freedom to stay at home and cost containment are the prime reasons which explain the emergence of home care services market in the overall geriatric care services market. This segment of market provides unique advantages such as less expensive, desired stay at home and more independence which is helping to gain traction in the steadily growing global geriatric care services market. The shortage of other available options such as nursing homes and assisted living communities in the developing regions is also propelling the growth of global geriatric home care services market.
In 2012, North America was the largest market for geriatric care services contributing to larger proportion of the global market followed by Europe region. These two regions are expected to maintain their leading positions in the global market during the forecast period from 2013 to 2019. Although the market for senior care services in the developed nations of North America and Europe is structured, it is yet in a developing phase. Moreover, the market is absolutely in budding stage in other parts of the world, particularly in countries such as China and India where the situation of elderly care is expected to become grave in the coming years. The market dynamics in China are more rapidly changing relative to India since it has more elderly population while India is still known to be a young country. China will be an attractive destination for the international industry players such as Home Instead Senior Care, Inc., as the government has decided to allow private investments in country’s elderly care services market.
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. are some of the major companies operating in the global geriatric care services market.
As a result of changing demographics in the world, several countries are prominently becoming older societies. This along with the other factors such as industrialization and increasing proportion of women in labor force have led to shortage of informal caregivers consequently increasing the importance of formal caregivers for geriatrics in the society. The market formal care provided by private organizations is estimated as geriatric care services market in the present scope of research. Geriatric care services include a broad range of health, personal care and supportive services to meet the needs of elderly who possess limitations for self care due to injury, chronic illness, physical, mental and cognitive disability or other health related conditions. The services also include assistance with activities of daily living such as dressing, grooming, bathing, eating as well as daily instrumental activities such as house work and medication management. These services help people in maintaining or improving an optimal level of physical functioning and quality of life.
The geriatric care services market has been extensively analyzed on the basis of service type and geography. Type of geriatric care services includes home care services, institutional care services and adult day care services. Each geriatric care service type is further segmented considering the different types of care provided in these services. Home care services include home healthcare and non medical care services for the adults while institutional care services comprises nursing homes, assisted living, hospital based elderly services and independent senior living. Adult day care service has been segmented into medical and non medical care services. Home healthcare services include medical care, physiotherapy services, telehealth, palliative care and hospice care while non medical care in home care includes personal care, home making, meals and grocery, rehabilitation and others.
Geographically, the market is analyzed for four major regions, namely North America, Europe, Asia and Rest of the World (RoW). This report includes an elaborate executive summary, which covers a market snapshot that provides overall information of various segments that are contained in the report. It also provides an overall information and data analysis of the global geriatric care services market with respect to market segments based on technology, end users as well as geographic regions. A detailed qualitative analysis of the factors responsible for driving and restraining the growth of the global geriatric care services market and future opportunities has been provided in the market overview section. This section of the report also provides market attractiveness analysis and Porter’s five forces analysis, and heat map analysis for various market players operating in different types of geriatric care services. heat map analysis for the global geriatric care services market is based services in various geographic regions and their respective revenue generation by the service providers.
Each of the segments have been analyzed on the basis of their current and future market size for the period 2011 to 2019, in terms of revenue generation in USD billion, considering 2011 and 2012 as the base years. The compounded annual growth rate (%CAGR) for each market segment has been provided for the forecast period 2013 to 2019 along with the estimations of market size.
A list of recommendations has been provided for new entrants to help establish a strong presence and for existing market players to increase market share. A competitive landscape, mapping all the market players is provided in this report. The players profiled in this report include Amedisys Incorporated, Brookdale Senior Living Incorporated Extendicare Incorporated, Genesis HealthCare Corporation, Gentiva Health Services Incorporated, GGNSC Holdings, Home Instead Senior Care Incorporated, Kindred Healthcare Incorporated, Senior Care Centers of America, Skilled Healthcare Group Incorporated, Sunrise Senior Living Incorporated. Each of these market players are profiled in this report considering parameters such as company overview, financial overview, business strategies, product portfolio and recent developments
The global geriatric care services market is segmented as follows:
Geriatric Care Services Market, by Type
- Medical Care
- Physiotherapy services
- Palliative Care
- Hospice Care
Non Medical Home Care
- Personal care
- Home making
- Meals and Grocery
Adult Day Care
- Health Care
- Non Medical Care
- Palliative Care
- Hospice Care
- Hospital Based
- Assisted Living
- Independent Senior Living
Geriatric Care Services Market, by Geography
- Rest of Europe
- Rest of Asia-Pacific
Rest of the World (RoW)
- Latin America
- Middle East
- Rest of RoW