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Primary Catalyst Driving Geriatric Care Services Market Evolution in 2025: Growing Prevalence Of Chronic Diseases Driving The Geriatric Care Services Market Driver
Geriatric Care Services Market Size
The market for geriatric care services has experienced robust expansion in the past few years. The market's net worth is projected to escalate from $1076.85 billion in 2024 to $1156.62 billion in 2025, with a compound annual growth rate (CAGR) of 7.4%. Factors such as the rise in medical conditions, enhancements in government initiatives, an influx in the elderly population, burgeoning obesity rates, and an increase in instances of chronic health issues can be credited for the growth during the historic period.
In the coming years, the market size of geriatric care services is predicted to witness significant expansion, estimated to reach $1519.57 billion in 2029, growing at a compound annual growth rate (CAGR) of 7.1%. The anticipated growth during the predicted period can be credited to the surge in medical facilities, escalation of dementia cases, growing preference of personalized care plans, elevated demand for home care services, and the increasing need for palliative and hospice care. Key trends during the forecast period include medical technology innovations, evolving healthcare delivery systems, remote patient consulting and monitoring, product developments, healthcare technology advancements, the incorporation of artificial intelligence in wearables, and growing collaborative initiatives.
What Key Elements Are Boosting Growth in the Geriatric Care Services Market?
The growth of the geriatric care services market is projected to be fueled by the escalating prevalence of chronic diseases. Chronic illnesses, which are long-standing health ailments persisting for an extended duration and generally incurable, require continuous management and treatment. This rise in chronic illness rates is linked to factors like an aging population, unhealthy lifestyles, and the healthcare system's accessibility and infrastructure. Geriatric care services play an essential role in elevating the life quality of elderly patients living with enduring medical conditions by provided comprehensive and patient-centered care that caters to their functional, psychological, and medical necessities. For example, the US-based National Library of Medicine estimated in January 2023 that the population of 50 years and older with at least one chronic disease is projected to surge from 71.522 million in 2020 to 142.66 million in 2050, marking a 99.5% increase. At the same time, the number of individuals with multimorbidity is projected to rise from 7.83 million in 2020 to 14.97 million in 2050, indicating a 91.16% increase. The escalating prevalence of chronic diseases thus appears to be propelling the geriatric care services market.
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Which Key Market Leaders Are Driving Geriatric Care Services Industry Growth?
Major companies operating in the geriatric care services market are 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
What Are the Emerging Trends in the Geriatric Care Services Industry?
Leading firms in the geriatric care services market are concentrating on the creation of cutting-edge technologies such as AI-powered assistant services, to improve care for the elderly. These AI-enabled assistants leverage technological advancements to enhance the health and daily living activities of senior citizens. In November 2022, cloud video AI surveillance and analytics specialist company Iveda Solutions, based in the U.S., introduced IvedaCare, an AI-based assistant for security, safety, and elderly care. Using predictive software, this pioneering technology minimizes false alarms and brings comfort to caregivers by understanding user's lifestyle choices to make informed health and security decisions. This system depends on strategically installed sensors in the patient's home to track their daily routine, promoting efficient monitoring without invasive cameras.
What Are the Main Segments in the Geriatric Care Services Market?
The geriatric care services market covered in this report is segmented -
1) By Type: Homecare, Healthcare, Institutional Care Centers, Non-Medical Health Care, Hospital Based Care, Assisted Living, Independent Senior Living, Rehabilitative Care Services
2) By Age Group: 65 To 70 Years, 70 To 75 Years, 75 To 80 Years, More Than 80 Years
3) By Application: Respiratory Diseases, Diabetes, Osteoporosis, Other Applications
4) By End User: Institutional Care Services, Nursing Homes, Rehabilitation Centers, Hospitals
Subsegments:
1) By Homecare: Personal Care Services ( Bathing, Dressing), Companionship Services, Home Health Aide Services, Nursing Care Services At Home, Physical Therapy And Rehabilitation At Home, Chronic Disease Management At Home
2) By Healthcare: In-Home Medical Care ( Physician Visits), Telehealth And Telemedicine For Seniors, Geriatric Nursing Services, Palliative And Hospice Care, Elderly Vaccination And Preventive Health Services, Geriatric Health Screenings And Assessments
3) By Institutional Care Centers: Nursing Homes, Long-Term Care Facilities, Memory Care Units (For Alzheimer's Or Dementia Patients), Skilled Nursing Facilities (Snfs), Rehabilitation Centers, Geriatric Psychiatric Care Institutions
4) By Non-Medical Health Care: Assistance With Daily Living Activities ( Meal Preparation, Housekeeping), Elderly Transportation Services, Companion Care Services, Caregiver Support And Respite Care, Home Safety And Accessibility Modifications
5) By Hospital-Based Care: Acute Geriatric Care, Geriatric Emergency Care Services, Geriatric Surgery Services, Inpatient Rehabilitation Services, Palliative Care And Pain Management In Hospitals
6) By Assisted Living: Independent Living With Assistance, Memory Care Assisted Living, 24/7 Supervision And Personal Care Assistance, Community-Based Assisted Living Centers, Medication Management And Assistance
7) By Independent Senior Living: Senior Apartments And Housing Communities, Age-Restricted Independent Living Communities, Senior Retirement Communities, Community Socialization And Recreation Services, Maintenance-free Living For Seniors, Active Lifestyle Programs For Seniors
8) By Rehabilitative Care Services: Physical Therapy And Occupational Therapy, Post-Surgery Recovery Services, Speech And Language Therapy, Cardiac And Stroke Rehabilitation, Inpatient And Outpatient Rehabilitation Services, Sports Medicine And Injury Recovery
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Which Geographic Area Leads the Geriatric Care Services Market?
North America was the largest region in the geriatric care services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the geriatric care services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Geriatric Care Services Global Market Report?
- Market Size Analysis: Analyze the Geriatric Care Services Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Geriatric Care Services Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Geriatric Care Services Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Geriatric Care Services Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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