Global Geriatric Care Services Market Size To Exceed USD 2,062.78 Billion By 2033 | CAGR of 6.46%
Category: HealthcareGlobal Geriatric Care Services Market Size To Exceed USD 2,062.78 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Geriatric Care Services Market Size Expected to Grow from USD 1,102.54 Billion in 2023 to USD 2,062.78 Billion by 2033, at a CAGR of 6.46% during the forecast period 2023-2033.
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Browse key industry insights spread across 260 pages with 108 Market data tables and figures & charts from the report on the "Global Geriatric Care Services Market Size, Share, and COVID-19 Impact Analysis, By Service (Home Care, Adult Day Care, and Institutional Care), By Age Group (65-70 Years, 71-75 Years, 76-80 Years, 81-85 Years, 86-90 Years, and Above 91 Years), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/geriatric-care-services-market
The goal of the discipline of geriatrics care, also referred to as geriatric medicine, is to enhance the health of the aged. It promotes the healthy growth of senior citizens by preventing and treating age-related diseases and disabilities. Geriatric nursing includes caring for elderly people in institutions such as nursing homes or psychiatric hospitals, as well as in their homes. Geriatric care is crucial because it allows elderly patients to receive customized care that recognizes and addresses their unique requirements. Additionally, the worldwide market for geriatric care services is mostly driven by the quick advancements in the field of geriatric healthcare. Growing public concerns about the deteriorating health of the older population have made it easier for the market to expand. The impressive growth of the global healthcare industry is one of the primary drivers of demand in the geriatric care services market. In order to improve the health of the senior population, elder care encompasses a wide range of services. However, many nations, especially developing ones, lack geriatric care services, which could hinder the market's growth by deterring people from accessing and utilizing these beneficial services.
The institutional care segment is anticipated to hold the largest share of the global Geriatric care services market during the projected timeframe.
On the basis of service, the global Geriatric care services market is categorized as home care, adult day care, and institutional care. Among these, the institutional care segment is anticipated to hold the largest share of the global Geriatric care services market during the projected timeframe. These institutions provide a range of services, such as specialized medical care, assistance with daily duties, 24-hour medical monitoring, and customized treatment for chronic conditions. The National Investment Center projects that 1,435,446 nursing care units will be available in the US in 2022. Institutional care settings, which are equipped with emergency response systems and trained staff, are committed to safety and security in order to safeguard the wellbeing of older residents.
The 86-90 years segment is expected to grow at the fastest CAGR during the projected timeframe.
On the basis of age group, the global Geriatric care services market is categorized as 65-70 years, 71-75 years, 76-80 years, 81-85 years, 86-90 years, and above 91 years. Among these, the 86-90 years segment is expected to grow at the fastest CAGR during the projected timeframe. People between the ages of 86 and 90 typically have greater healthcare needs as a result of the natural aging process. This includes a higher risk of chronic illnesses, age-related health issues, and the requirement for more comprehensive and specialized care.
North America is projected to hold the largest share of the global Geriatric care services market over the forecast period.
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North America is projected to hold the largest share of the global Geriatric care services market over the forecast period. Its significant percentage is mostly due to the number of varied long-term care institutions across the United States and the continuous modification of reimbursement standards. In 2020, the National Library of Medicines estimates that there were about 237,400 adults enrolled in adult day services centers (ADSCs) in the United States. Moreover, in developed countries such as the United States, health insurance programs such as Medicare and Medicaid have focused their efforts on developing reimbursement policies for the elderly with various chronic conditions.
Asia-Pacific is expected to grow at the fastest CAGR growth of the global Geriatric care services market during the forecast period. Since the number of aged people is growing at an unprecedented rate, the Asia-Pacific region is at the forefront of the global aging population phenomenon. Additionally, the primary drivers of the aging population in a number of the region's countries include increased life expectancy, declining fertility rates, and geriatric care services. There are several reasons for the rapid growth in countries such as China, India, and Japan, including an aging population with chronic illnesses, rising disposable money, and growing awareness of these healthcare facilities.
Major vendors in the global Geriatric care services market are Endo Pharmaceuticals Inc., Merck & Co. Inc., AstraZeneca PLC, Pfizer Inc., Allergan Inc., Bristol-Myers Squibb Company, Regeneron Pharmaceuticals Inc., F. Hoffmann-La Roche AG, Octapharma AG, and Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Recent Developments
- In January 2023, Genesis Healthcare Inc. released a statement announcing the opening of 34 nursing homes in Pennsylvania. The company's goal in employing this expansion strategy was to increase its overall revenue and market presence.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global geriatric care services market based on the below-mentioned segments:
Global Geriatric Care Services Market, By Service
- Home Care
- Adult Day Care
- Institutional Care
Global Geriatric Care Services Market, By Age Group
- 65-70 Years
- 71-75 Years
- 76-80 Years
- 81-85 Years
- 86-90 Years
- Above 91 Years
Global Geriatric care services Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
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