Geriatric Care Services Market Competitive Analysis with Forecast to 2028

Geriatric Care Services Market Outlook

The globalgeriatric care services market was valued at US$ 0.4 Bn in 2020

It is estimated to expand at a CAGR of 3%from 2021 to 2028

The globalgeriatric care services market is expected to reach the value of US$ 0.7 Bn by the end of 2028

Increase in Popularity of Geriatric Care Services Due to Healthcare Advancement

The global geriatric care services market is significantly driven by rapid advancements in the geriatric section within healthcare. The rising concerns of the masses toward the deteriorating health of the geriatric population has aided market growth. The stellar growth of the global healthcare industry has also emerged as a key driver of demand within the global geriatric care services market. Elder care includes a wide range of services meant to improve the health standards of the geriatric population. The field has gained traction in recent times as the population of the elderly is rising.

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Furthermore, the presence of a wide range of services within the domain of healthcare has also brought elderly care under the spotlight of attention. The presence of a sound healthcare industry is a prerequisite to the success of a nation's economy. Considering the aforementioned factors, the global market for geriatric care services is projected to expand at a starry rate in the years to come.

Growth Opportunities Due to Rising Awareness of Elderly Care

The contemporary-day changes in the healthcare setup have largely aided the growth of the global geriatric care services market. Furthermore, the importance given to healthcare management in recent times has also led to advancements in the field of elderly care. The rising incidence of chronic diseases that persist until people become old has also created commendable market growth. The need for a functional domain for elderly care has been rising over the past decade. Governments are making ardent efforts to improve the quality of life for the geriatric population.

There is little contention that the global geriatric care services market would witness paced growth in the years to come. The medical reimbursement policies for the elderly have been improving over the past couple of decades. This factor has played an integral role in the growth of the global geriatric care services market. The need for establishing better values and standards for the treatment of elderly people has also aided growth. It is expected that increasing investments in healthcare would lead to the inflow of voluminous revenues into the global geriatric care services market.

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Asia Pacific to Lead Geriatric Care Services Market

The Asia Pacific geriatric care services market is expected to dominate the global market due to rapidly rising geriatric population in the region. The rising number of elderly people in Asia Pacific countries is contributing to the market growth. Some of the other factors responsible for the rapid market expansion are healthcare advancement, increasing life expectancy, declining fertility rates, etc. There is an increasing demand for geriatric care services from the countries such as India, China, and Japan due to rising health concerns among the geriatric population. Aging people need extensive care due to rising health issues such as non-communicable diseases, mental health, and injuries. Accurate diagnosis of diseases and treatment is needed. Geriatric care service providers are focusing on disease diagnosis services with proper treatment without financial burden on the geriatric population.

Geriatric Care Services Market: Overview

According to Transparency Market Research's latest report on the global geriatric care services market for the historical period 2017-2019 and forecast period 2021-2028, ongoing enhancements related to geriatric care services, including availability & skills of care workers, professional education, transparency regarding the quality of care, and remote patient management are anticipated to fuel the market

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Rise in Geriatric Population in Asia Pacific to Boost Geriatric Care Services Market: Key Driver

Increase in geriatric population in Asia Pacific is one of the major factors driving the market. The number of geriatric people in Asia Pacific is increasing at a significant pace, and the region is at the forefront of the global phenomenon of aging population.

As per the recent research article, the geriatric population in the region is slated to reach around 1.3 billion by 2050. Rising life expectancy, declining fertility rates, and geriatric care services are major drivers of aging population in some countries across Asia Pacific.

As per the World Health Organization, the proportion of people aged 60 years or above was around 9% in 2017, and it is estimated to augment to more than 13% and 20% by 2030 and 2050, respectively. Health concerns among the geriatric population include non-communicable diseases, mental health, and injuries.

Demand for these services that could diagnose, evaluate and manage clinical comorbidities is rising, as the number of older people increases. Thus, countries in the region are focusing on access to health facilities without financial burden for the geriatric population.

Multiple Benefits Offered by Public Insurance Policies in Geriatric Care Services to Propel Industry

The public insurance segment of the geriatric care services market is driven by the several benefits associated with public insurance such as more affordable options, tax benefits associated with purchasing the policy, and comprehensive medical insurance for senior citizens.

Medical insurance offers significant support for both families and sufferers. For instance, the New India Assurance Health Insurance launched a government senior citizen Mediclaim policy for elderly people. It includes various features such as cover for pre-existing disease and pre & post-hospitalization costs.

Older individuals may receive various benefits from these public insurance coverage attribute to retiring age, rising health concerns, and irregular source of income. Health insurance ensures better possible treatment with minimum out-of-pocket costs, as insurance offers coverage for major disorders such as cancer, cardiovascular diseases, organ transplant, etc.

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Geriatric Care Services Market: Competition Landscape

This report profiles major players in the global geriatric care services market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments.

The global geriatric care services market is highly fragmented, with the presence of a number of international as well as regional players
Leading players operating in the global geriatric care services market are

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

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