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Leading Growth Driver in the Geriatric Care Services Market in 2025: Growing Prevalence Of Chronic Diseases Driving The Geriatric Care Services Market Driver's Influence
Geriatric Care Services
The growing prevalence of chronic diseases is anticipated to drive the expansion of the geriatric care services market. Chronic diseases, which require long-term management and are often incurable, are becoming more common due to factors like an aging population, unhealthy lifestyles, and healthcare accessibility. Geriatric care services enhance the quality of life for older adults with chronic conditions by offering comprehensive, patient-focused care. For instance, a report from the National Library of Medicine in January 2023 projected that the number of people aged 50 and above with at least one chronic illness in the U.S. will increase from 71.5 million in 2020 to 142.7 million by 2050, reflecting a 99.5% rise. Likewise, the number of people with multiple chronic conditions is expected to grow by 91.16% during the same period. Thus, the rising prevalence of chronic diseases is fueling the growth of the geriatric care services market.
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How will the growth rate of the geriatric care services market shape industry trends by 2034?
The geriatric care services market has grown steadily. It will increase from $1076.85 billion in 2024 to $1156.62 billion in 2025, showing a CAGR of 7.4%. This growth is attributed to an increase in geriatric health conditions, more government initiatives, a growing elderly population, the rising prevalence of obesity, and more chronic health conditions in older adults.
The geriatric care services market is projected to grow to $1519.57 billion by 2029, at a CAGR of 7.1%. This growth is driven by more medical facilities, rising dementia cases, personalized care demand, home-based services, and palliative care needs. Trends include healthcare delivery innovations, remote consultations, AI in wearable devices, and increasing partnerships.
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What trends are poised to drive the future success of the geriatric care services market?
Companies in the geriatric care services market are focusing on innovative technologies like AI-powered assistants to improve elderly care. AI-driven assistants help monitor and support older adults' health and daily activities. For example, in November 2022, Iveda Solutions, a US-based technology company, launched IvedaCare, an AI assistant for elderly safety and care. This system uses sensors to monitor lifestyle preferences and reduce false alarms, enhancing the peace of mind for caregivers.
Which primary segments of the geriatric care services market are driving growth and industry transformations?
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 regions are key players in the growth of 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.
Who are the influential players reshaping the geriatric care services market landscape?
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
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What Is Covered In The Geriatric Care Services Global Market Report?
•Market Size Forecast: Examine the geriatric care services market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the geriatric care services market for a structured understanding.
•Key Players Overview: Analyze major players in the geriatric care services market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the geriatric care services market.
•Segment Contributions: Evaluate how different segments drive overall growth in the geriatric care services market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the geriatric care services market.
•Industry Challenges: Identify potential risks and obstacles affecting the geriatric care services market.
•Competitive Landscape: Review strategic developments in the geriatric care services market, including expansions, agreements, and new product launches.
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