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Geriatric Care Services Market Report 2024 - Geriatric Care Services Market Size And Growth
Geriatric Care Services Market
According to The Business Research Company's, The geriatric care services market size has grown strongly in recent years. It will grow from $1,007.33 billion in 2023 to $1,076.85 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to an increase in disorders, increased government initiatives, an increasing geriatric population, an increasing prevalence of obesity, and a rising prevalence of chronic health conditions.
The geriatric care services market size is expected to see strong growth in the next few years. It will grow to $1,479.04 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to an increase in the number of medical facilities, a rise in dementia cases, increasing personalized care plans, increasing demand for home-based care services, and rising palliative and hospice care. Major trends in the forecast period include innovations in medical technology and healthcare delivery systems, remote consultations and monitoring, product developments, advancements in healthcare technology, artificial intelligence in wearable devices, and rising partnerships.
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Market Drivers and Trends:
The increasing prevalence of chronic diseases is expected to propel the growth of the geriatric care services market going forward. Chronic diseases refer to long-term health conditions that persist over an extended period, often requiring ongoing management and treatment as they are generally not curable. Chronic disease rates are rising due to several interconnected factors, such as an aging population, unhealthy lifestyles, and the accessibility and infrastructure of healthcare. Geriatric care services are essential in improving the quality of life for senior citizens with long-term medical conditions because they offer comprehensive, patient-centered care that takes into account their functional, psychological, and medical requirements. For instance, in January 2023, according to the National Library of Medicine, a US-based biomedical library, the number of people 50 years of age and older who have at least one chronic illness is predicted to rise from 71.522 million in 2020 to 142.66 million in 2050, representing a 99.5% increase. Simultaneously, it is anticipated that the number of people with multimorbidity is going to grow from 7.83 million in 2020 to 14.97 million in 2050, marking a 91.16% increase. Therefore, the increasing prevalence of chronic diseases is driving the geriatric care services market.
Major companies operating in the geriatric care services market are focusing on developing innovative technologies, such as AI-powered assistant services, to enable users to effectively care for the elderly. AI-driven assistants for elderly care are technology-based solutions that utilize artificial intelligence (AI) to support and enhance the well-being, health, and daily living activities of older adults. For instance, in November 2022, Iveda Solutions, a US-based technology company that specializes in cloud video AI surveillance and analytics, launched IvedaCare, an AI-driven assistant designed for safety, security, and elderly care. This innovative technology utilizes predictive software to reduce false alarms and provide peace of mind to caregivers by learning users' lifestyle preferences to make intelligent security and health decisions. The system uses sensors strategically placed in the patient's home to monitor their lifestyle, enabling close monitoring without the need for intrusive cameras.
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Major Key Players of the Market:
Home Instead Senior Care Incorporated, Pfizer Inc., F. Hoffmann-La Roche AG, Merck & Co. Inc., Bristol-Myers Squibb Company, Allergan Inc., Regeneron Pharmaceuticals Inc., Quest Diagnostics Incorporated, Juniper Networks US, Genesis HealthCare Corporation, Kindred Healthcare Incorporated, Benesse Holdings Inc., Brookdale Senior Living Incorporated, Endo Pharmaceuticals Inc., Amedisys Incorporated, Sunrise Senior Living Incorporated, Active Day Inc., NMC ProVita International Medical Centre Ltd., Econ Healthcare Group, Living Assistance Services Inc., Rosewood Care Group Inc., St Luke's ElderCare Ltd., Epoch Elder Care Private Limited, LivHOME, GGNSC Holdings LLC
Geriatric Care Services Market 2024 Key Insights:
• The geriatric care services market size is expected to see strong growth in the next few years. It will grow to $1,479.04 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%.
• Growing Prevalence Of Chronic Diseases Driving The Geriatric Care Services Market
• Adoption Of AI-Driven Assistants For Safety In The Geriatric Care Services Market
• North America was the largest region in the geriatric care services market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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