Press release
Geriatric Care Services Market Size Forecasted To Achieve $1519.57 Billion By 2029 With Steady Growth
Geriatric Care Services
What Is the Geriatric Care Services Market Size and Projected Growth Rate?
The geriatric care services market has grown significantly in recent years. It will grow from $1076.85 billion in 2024 to $1156.62 billion in 2025, at a compound annual growth rate (CAGR) of 7.4%. Factors contributing to this growth include the increasing prevalence of disorders, government initiatives, a rising geriatric population, the growing prevalence of obesity, and the rise in chronic health conditions.
The geriatric care services market is expected to grow significantly, reaching $1,519.57 billion by 2029, at a CAGR of 7.1%. This growth is fueled by an increasing number of medical facilities, a rise in dementia cases, the growing need for personalized care plans, higher demand for home-based care services, and increased demand for palliative and hospice care. Key trends include innovations in medical technology and healthcare delivery systems, the rise of remote consultations and monitoring, the development of new products, advancements in healthcare technology, the integration of AI in wearable devices, and the rise of partnerships in the healthcare sector.
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What Are the Major 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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What Are The Driving Geriatric Care Services Market Evolution?
The rise in chronic illnesses is expected to boost the geriatric care services market. Chronic diseases like diabetes and heart conditions are growing in prevalence, particularly among older adults, requiring specialized, ongoing care. Geriatric services cater to the complex physical and mental needs of this population. According to the National Library of Medicine (January 2023), the number of Americans over 50 with at least one chronic condition is expected to nearly double from 71.5 million in 2020 to 142.7 million by 2050. Therefore, rising chronic disease rates are driving the geriatric care services market.
Which Firms Dominate The Geriatric Care Services Market Segments?
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 Latest Developing Trends in the Geriatric Care Services Market?
Leading businesses in the geriatric care services market are concentrating on the advancement of novel technologies like AI-enabled assistant services to provide effective elderly care. AI-based care assistants for the aged are technology-enabled solutions leveraging artificial intelligence to enhance and support the daily life activities, health, and overall well-being of senior citizens. In the case of Iveda Solutions, a technology firm from the U.S renowned for cloud video AI surveillance and analytics, it introduced IvedaCare, an AI-oriented assistant aimed at safety, security, and aged care, in November 2022. This trailblazing technology harnesses predictive software to minimize false alerts and assures caregivers by adopting users' lifestyle choices to make informed health and security decisions. The system employs sensors judiciously installed in the elderly's residence to keep track of their daily routines, facilitating comprehensive supervision without resorting to invasive cameras.
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Which Is The Largest Region In 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Geriatric Care Services Market?
2. What is the CAGR expected in the Geriatric Care Services Market?
3. What Are the Key Innovations Transforming the Geriatric Care Services Industry?
4. Which Region Is Leading the Geriatric Care Services Market?
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