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Geriatric Care Services Market Top players | Brookdale Senior Living Inc., Extendicare Inc., Gentiva Health services, Inc., Kindred Healthcare Inc., Senior Care Centers of America, Sunrise Senior Living Inc., Genesis Healthcare Corp., Home Instead Senior
Geriatric Care Services Market
Growing geriatric population in most of the developing region will be one of the major factors for the geriatric care services market growth. The Asia-Pacific region is undergoing rapid population changes. Almost all the countries in Asia Pacific region are in the process of ageing at an unprecedented pace. According to the United Nations Population Fund (UNFPA), by the year 2050, around one in four people in Asia Pacific will be over 60 years old. The population of older persons (aged over 60) in the region will triple between 2010 and 2050, reaching close to 1.3 billion people. All these factors would fuel the industry growth during the forecast period.
Growing demand for effective elderly care services is one of the major market drivers for geriatric care services market growth. Services such as home care and institutional care is helping the older patients to get maximum care at an affordable cost, thereby augmenting the market growth. Furthermore, greater development in technological advancements pertaining to medical care of geriatric population is boosting the market demand.
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Home care services market is estimated to grow at a substantial CAGR of 9.2% during the forecast period. Benefits such as independent living, lower risk of rehospitalization, lesser cost and better care services will be major market driving factor responsible for the business growth in the upcoming years.
Public service providers in geriatric care services market valued around USD 616, 025.4 million in the year 2017, owing to quality medical services it offers to the geriatric population regardless of their ability to pay, and major cost saving strategies. Also, growing demand to cover geriatric patients under government reimbursement policies is driving the market growth in the near future.
86-90 years of age category in geriatric care services market is estimated to grow substantially at a CAGR of 8.3% during the forecast timeframe, due to susceptibility of various chronic diseases under this age category. In addition, patients in 86-90 years of age category require institutional centers such as independent living and assisted living centers, that will eventually enhance the business growth in the coming years.
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UK geriatric care services market is projected to grow at significant CAGR of 7.9% over the forecast time period. Various insurance providers offer a wide range of services, covering every aspect of geriatric care services, without paying out of pocket, which will significantly impact the growth of geriatric care services market in the country.
Japan dominated the Asia Pacific geriatric care services market and was valued around USD 53,511.0 million in the year 2017. Rapidly increasing geriatric population, technological advancements, growing healthcare expenditure and better healthcare insurance plans in the country will promote the market growth.
Some of the leading players in the geriatric care services market include Brookdale Senior Living Inc., Extendicare Inc., Gentiva Health services, Inc., Kindred Healthcare Inc., Senior Care Centers of America, Sunrise Senior Living Inc., Genesis Healthcare Corp., Home Instead Senior Care Inc., and GGNSC Holdings, LLC. Partnerships, collaborations and new product development are few of the strategic decisions taken by these companies to expand their product portfolio.
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