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Global Geriatric Care Services Market: Number of Elderly Care Patients Increases with Growing Geriatric Population and Increasing Number of Nuclear Families, Says TMR

Healthcare |

A large number of players in the global geriatric care services market are concentrated in North America and Europe, where the names Amedisys, Emeritus, Kindred Healthcare, Inc., and Right At Home are already very prominent. The market in Asia Pacific on the other hand is still in a nascent stage, but will improve as the spending power of the APAC economies improves in healthcare.

According to a research report released by Transparency Market Research, the global geriatric care services market is expected to witness a moderate level of competitiveness over the coming years. The degree of competition in the market at the moment is very high owing to a vastly fragmented player base, but is expected to reduce over time due to the quick expansion made by key players by adopting franchise models in home care businesses.

By the end of 2019, the global geriatric care services market is expected to reach US$850.0 bn. This already massive market is expanding at a CAGR of 5.9% within a forecast period from 2013 to 2019, in terms of revenue. This revenue is expected to reach US$725.9 bn by the end of 2016.

Home Care to Trump Institutional Care Soon

Home care and institutional care are expected to be the top grossing service types in the global geriatric care services market, with home care inching at the lead with a forecasted US$351.5 bn by the end of 2019. Institutional care has so far been the more preferred form of geriatric care in the world, but the advent of remote monitoring and the advancements in home healthcare and ambulance technologies and services is expected to put home care at a leading CAGR of 6.3% from 2013 to 2019.

Growth of Elderly Population Catapults Elderly Care Demand

“The single demand-augmenting factor in the global geriatric care services market at the moment is the staggering growth in the geriatric population. The baby boomer era is at its closing stages and all around the world there are a large number of the elderly that are in dire need of medical attention and general caretaking services. The global geriatric care services market is therefore not only in high demand in all parts of the world, but is also witnessing a speedy rate of development due to the several advantages in the healthcare sector,” states a TMR analyst.

Another factor adding to the demand for the global geriatric care services market is the growing number of nuclear families being formed. An increasing focus on urban lifestyles is creating the need for people to form nuclear families due to several factors such as lack of urban space and willingness to move out of suburban areas. This is creating a greater need for healthcare and caretaking facilities and services for the elderly.

Global Geriatric Care Services Market May Not Suffice in Workforce

One of the key restraining factors looming over the global geriatric care services market currently is the crunch in the workforce ready and able to participate in the market. The sheer number of the elderly that need to be taken care of are much higher than the number of people who can efficiently take care of them. This fact is echoed by several agencies and bodies associated with geriatric care, such as the American Association of Retired Persons. Several studies are showing that reliance of simple familial attention and conventional medical attention may not be enough to take care of the large geriatric demographic.

“The global geriatric care services market is, however, evolving at a very positive pace, particularly due to players that have entered this market as a standalone business. A large number of companies are entering this market and adding to the pool of innovative products and service packages,” adds the analyst.

The information presented in this review is based on a Transparency Market Research report, titled, “Geriatric Care Services Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019.”

Key segments of the Global Geriatric Care Services Market

Geriatric Care Services Market, by Type

  • Home Care
    • Health Care
      • Medical Care
      • Physiotherapy services
      • Telehealth
      • Palliative Care
      • Hospice Care
    • Non Medical Home Care
      • Personal care
      • Home making
      • Meals and Grocery
      • Rehabilitation
      • Others
    • Adult Day Care
      • Health Care
      • Non Medical Care
    • Institutional Care
      • Nursing Homes
        • Palliative Care
        • Hospice Care
      • Hospital Based
      • Assisted Living 
      • Independent Senior Living

Geriatric Care Services Market, by Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • France
    • Germany
    • Spain
    • Italy
    • Rest of Europe
  • Asia-Pacific
    • India
    • China
    • Japan
    • Australia
    • Rest of Asia-Pacific
  • Rest of the World (RoW)
    • Latin America
    • Middle East
    • Africa
    • Rest of RoW

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