2025-2034 Geriatric Care Services Market Evolution: Disruptions, Innovations, and Untapped Opportunities

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What Is the Expected CAGR for the Geriatric Care Services Market Through 2025?
In the recent past, the market size for geriatric care services has seen substantial growth. It is projected to escalate from $1076.85 billion in 2024 to about $1156.62 billion in 2025, with a compound annual growth rate (CAGR) of 7.4%. The expansion during the historic period is owing to factors such as a rise in disorders, enhanced government interventions, growth in the elderly populace, a surge in obesity incidence, and an increase in chronic health conditions.

What's the Projected Size of the Global Geriatric Care Services Market by 2029?
Strong growth is projected for the geriatric care services market in the coming years, with the market set to expand to $1519.57 billion by 2029 at a compound annual growth rate (CAGR) of 7.1%. This anticipated growth during the forecast period can be attributed to factors such as the growth in the number of medical facilities, an uptick in dementia cases, an increasing focus on personalized care plans, a growing demand for home-based care services, and the rise in palliative and hospice care. The forecast period is also expected to witness considerable trends such as innovations in medical tech and healthcare delivery systems, remote consultations and monitoring, product development, advancements in healthcare tech, artificial intelligence's integration in wearable devices, and increased partnerships.

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Top Growth Drivers in the Geriatric Care Services Industry: What's Accelerating the Market?
The growth of the geriatric care services market is forecasted to surge due to the escalating prevalence of chronic diseases. These long-term health concerns require continuous treatment and management, as they generally have no cure. The rise in chronic disease rates can be attributed to several interrelated factors, including an ageing populace, unwholesome lifestyles, and a wide-ranging healthcare system infrastructure. Geriatric care services play an indispensable role in enhancing the life quality of elderly individuals suffering from long-term health conditions, by providing encompassing care tailor-made to accommodate their medical, psychological, and functional needs. For example, the National Library of Medicine, a biomedical library based in the US, has projected that in January 2023, the count of individuals aged 50 years and above living with at least a single chronic disease is expected to escalate from 71.522 million in 2020 to 142.66 million in 2050, a growth of 99.5%. Concurrently, an ascent in persons suffering from multiple health conditions, or multimorbidity, from 7.83 million in 2020 to 14.97 million in 2050, a surge of 91.16%, is also foreseen. This rising pervasiveness of chronic diseases is thus fuelling the geriatric care services market.

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What Trends Will Shape the Geriatric Care Services Market Through 2029 and Beyond?
Key players in the geriatric care services market are zeroing in on the creation of innovative technologies such as AI-assisted services, meant to aid users in efficiently caring for seniors. Technological solutions powered by artificial intelligence designed for elderly care primarily focus on sustaining and enhancing the health and general living activities of seniors. For example, Iveda Solutions, a US-based technology firm renowned for its specialty in cloud video AI surveillance and analytics, launched IvedaCare in November 2022. It's an AI-based assistant designed specifically for ensuring safety, security, and elderly care. This cutting-edge technology employs predictive software to minimize false alarms and offer caregivers reassurance by understanding users' lifestyle preferences to make informed security and health choices. The system strategically positions sensors in the senior's home for lifestyle monitoring, allowing effective observation without the necessity for intrusive 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 Top Companies are Driving Growth in the Geriatric Care Services Market?
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

Which Regions Will Dominate the Geriatric Care Services Market Through 2029?
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.

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