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Geriatric Care Services Market Future Trends and Forecast 2016-2024 | Key Players: Brookdale Senior Living Inc, Extendicare Inc, Gentiva Health services, Inc, Kindred Healthcare Inc
Geriatric Care Services Market
Increased advancement in healthcare and easy admittance to medical services has increased life-span which will drive geriatric care services market over the forecast period. Rising prevalence of non-communicable diseases has increased demand for geriatric care services on the healthcare contributors.
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Supported living approach, home care and treatment homes are the services that ensure suitable care for aged patients. The foremost causes such as, non-proximity, observable deterioration in health, and incapability to perform daily task among aged people leads to pursue geriatric care facilities. The elderly care facilities proactively synchronize, measures, and manage protective care aid in the improvement towards the quality of aged people. Moreover, it reduces risk associated with hospitalization, daily nursing, homebased visits, along with reduction in healthcare cost.
Growing elderly population are more susceptible to chronic diseases coupled with enhanced healthcare services will stimulate geriatric care services market over the forecast timeframe. Aging population are more prone to neurological problems, respiratory, and cardiovascular diseases, which will increase demand for technologically advanced healthcare infrastructure along with skilled services for home care facilities.
The technological advancement in the implementation of medical services such as, healthcare assistive robots. Moreover, Medicaid reimbursement plans in addition to the prerequisite for improved quality home care will drive geriatric care services business growth. The government initiatives in the improvement of quality of life for aged people by offering continuous healthcare and excellent public care facilities.
The home care services contributed for major revenue share owing to associated benefits such as, patient centered care offered, cost containment and reduced amount of expenses. Furthermore, the shortage of the available opportunities over developing region propels geriatric care services market growth over the coming years.
The adult day care service is growing significantly as the benefits offered by these services are numerous such as, supportive in reducing stress level on personal caregivers and decrease in symptoms of depression. The concern factor of transportation difficulties regarding aged individual from the facility center is also taken care.
U.S. led the geriatric care services market owing to health insurance provided over long-term, wide-range of geriatric care services for aged people that comprise of modern treatment, robust healthcare infrastructure and rapidly growing elderly population.
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China and India offer immense scope for geriatric care services market as there are high unmet needs and increasing prevalence of chronic diseases such as cardiovascular disorders, orthopedic and neurological conditions.
Some of the companies operating in geriatric care services includes Brookdale Senior Living, Genesis Healthcare, Kindred Healthcare and Senior Care Centers of America.
Companies are consolidating their business by focusing on merger and strategic alliances and acquisition. Firms are immensely investing on public activities, that consist of awareness programs.
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