Geriatric Care Services Market Estimated to Experience a Hike in Growth at a CAGR of 5.3% by 2028 | Transparency Market Research

Geriatric care services encompass comprehensive healthcare, social assistance, and supportive services designed to address the physical, emotional, and social needs of older adults. These services aim to promote healthy aging, prevent functional decline, manage chronic conditions, and enhance quality of life for elderly individuals and their families. Geriatric care services may include primary care, specialty medical services, rehabilitation therapy, home care, assisted living, memory care, hospice care, and palliative care, among others.

Geriatric Care Services market is estimated to attain a valuation of US$ 0.7 Bn by the end of , states a study by Transparency Market Research (TMR). Besides, the report notes that the market is prognosticated to expand at a CAGR of 5.3% during the forecast period, 2021-2028

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The significant players operating in the global Geriatric Care Services market are

Brookdale Senior Living, Inc., Extendicare, Inc., Genesis HealthCare Corp., Gentiva Health Services, Inc.

Market Dynamics:

Aging Population Trends: The aging demographic shift, driven by declining birth rates and increased life expectancy, fuels demand for geriatric care services worldwide. Aging populations face a higher prevalence of chronic diseases, functional impairments, and cognitive decline, necessitating comprehensive care solutions to support aging in place, improve healthcare access, and address the complex needs of older adults across care settings.

Healthcare System Challenges: Healthcare systems confront challenges in providing high-quality, person-centered care for older adults, including fragmented care delivery, care coordination gaps, workforce shortages, and financial constraints. Integrated care models, interdisciplinary care teams, and care coordination initiatives seek to optimize care transitions, reduce hospital readmissions, and improve care continuity for older adults with complex medical and social needs.

Long-Term Care Settings: Long-term care facilities, such as nursing homes, assisted living facilities, and memory care communities, serve as essential care settings for older adults requiring ongoing assistance with activities of daily living (ADLs), medical supervision, and social engagement. Long-term care providers face regulatory scrutiny, staffing challenges, infection control concerns, and resident safety priorities in delivering person-centered care and ensuring quality outcomes for elderly residents.

Home-Based Care Services: Home care agencies, home health providers, and community-based organizations offer a continuum of home-based care services to support aging in place, facilitate independent living, and prevent unnecessary institutionalization among older adults. Home care services encompass personal care assistance, skilled nursing care, medication management, companionship, respite care, and home modifications, tailored to meet the diverse needs of aging individuals in their own homes.

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Future Trends and Opportunities:

Technology Integration: Technological innovations, such as telemedicine platforms, remote monitoring devices, electronic health records (EHRs), and assistive technologies, enhance access to geriatric care services, enable virtual consultations, and support aging in place initiatives. Remote patient monitoring, wearable sensors, and smart home technologies facilitate proactive care management, early intervention, and real-time communication between older adults, caregivers, and healthcare providers.

Care Coordination Solutions: Care coordination platforms, care management software, and health information exchange (HIE) networks streamline communication, care transitions, and care coordination among multidisciplinary care teams, patients, and family caregivers. Integrated care models, accountable care organizations (ACOs), and value-based care initiatives incentivize collaboration, shared decision-making, and care continuity across care settings for older adults with complex needs.

Person-Centered Care Models: Person-centered care approaches prioritize older adults' preferences, values, and goals in care planning, emphasizing dignity, autonomy, and individualized support. Culturally sensitive care, language assistance services, and LGBTQ+-inclusive care practices promote equity, diversity, and inclusivity in geriatric care services, ensuring that older adults receive culturally competent and responsive care tailored to their unique needs and identities.

Community-Based Support Services: Community-based organizations, senior centers, faith-based groups, and volunteer networks play integral roles in providing social support, transportation assistance, meal delivery, and wellness programs for older adults living independently in the community. Community partnerships, age-friendly initiatives, and intergenerational programs foster social connections, reduce isolation, and promote healthy aging behaviors, enhancing the overall well-being and resilience of older adults.

Market Segmentation -

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

This Report lets you identify the opportunities in Geriatric Care Services Market by means of a region:

North America (the United States, Canada, and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, and Southeast Asia (Indonesia, Thailand, Philippines, Malaysia, and Vietnam))
South America (Brazil etc.) The Middle East and Africa (North Africa and GCC Countries)

Key Features of the Geriatric Care Services Market Report: -

➤ Analyze competitive developments such as expansions, deployments, new product launches, and market acquisitions.

➤ Examine the market opportunities for stakeholders by identifying higher growth sections.

➤ To study and analyze the global Geriatric Care Services industry status and forecast including key regions.

➤ An in-depth analysis of key product segments and application spectrum, providing strategic recommendations to incumbents and new entrants to give them a competitive advantage over others.

➤ It provides a comprehensive analysis of key regions of the industry as well as a SWOT analysis and Porter's Five Forces analysis to provide a deeper understanding of the market.

➤ It helps you make strategic business decisions and investment plans.

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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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