According to the report by Expert Market Research (EMR), the Global Geriatric Care Services Market Size reached a value of USD 7.10 billion in 2022. Aided by the rapidly ageing global population and the expanding demand for quality aged care services, the market is projected to further grow at a CAGR of 11.3% between 2023 and 2031 to reach a value of USD 18.61 billion by 2031.
Geriatric care services encompass a broad range of support and care, including assisted living, home care, skilled nursing care, and adult day-care. These services play a crucial role in maintaining the health, wellbeing, and independence of the elderly population. Apart from healthcare provisions, geriatric care services also offer assistance with daily activities such as meal preparation, personal care, and mobility, making them an indispensable part of elderly care.
The increasing global elderly population is a primary driver of the global geriatric care services market growth. There has been a huge increase in the population needing geriatric care services as a result of better healthcare and living conditions that have led to higher life expectancies. Additionally, the growing understanding of the advantages of professional care for elders, including enhanced quality of life, greater healthcare management, and fewer hospital admissions, has fuelled the market’s expansion.
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In addition, the expanding range of services offered by the geriatric care industry is playing a significant role in fuelling the global geriatric care services market expansion. In recent years, geriatric care has evolved to include holistic care models that address the physical, emotional, and social needs of the elderly. This has resulted in a diverse array of service offerings, from in-home personal care and medical management to dementia care and end-of-life support.
Furthermore, the growing demand for home care services has led to increased attention on geriatric care as a viable and preferred solution for elderly care. With the rise in preference for aging in place and the growing recognition of the benefits of home care, such as personalised care, comfort, and cost-effectiveness, geriatric care services have emerged as a critical component in the aged care sector, thereby fuelling the global geriatric care services market development.
Geriatric Care Services Market Segmentation
The market can be divided based on services type, payment type, application, and region.
Market Breakup by Services Type
- Home Care Services
- Health Care
- Medical Care
- Physiotherapy Services
- Palliative Care
- Hospice Care
- Non-Medical Home Care
- Personal Care
- Home Making
- Meals And Grocery
- Adult Care Services
- Health Care
- Non-Medical Care
- Institutional Care Services
- Nursing Homes
- Palliative Care
- Hospice Care
- Assisted Living
- Independent Senior Living
Market Breakup by Payment Type
- Public Insurance
- Private Insurance
Market Breakup by Application
- Respiratory Diseases
- Heart Diseases
- Kidney Diseases
- Neurological Diseases
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global geriatric care services companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Brookdale Senior Living Inc.
- Extendicare Inc.
- Gentiva Health Services Inc
- Kindred Healthcare Inc.
- Senior Care Centers of America
- Sunrise Senior Living Inc.
- Genesis Healthcare Corp.
- Home Instead Senior Care Inc.
- GGNSC Holdings, LLC
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