Elderly population suffering from chronic conditions require frequent physician visits, health monitoring and assistance in performing daily activities. Geriatric care service providers offer end-to-end solutions to the elderly population in need of assistance in order to ease their living. Coordinating with the doctor, assessing any medical or nutritional need, assistance in medical and financial planning, home nursing services, and devising complete medical care plans are some of the services offered by various geriatric care service market players. Click To Read More On Global Geriatric Care Services Market
According to a report published in March 2016 by the United States Census Bureau, the geriatric population (aged 65 years and above) is expected to account for 12% of the global population by 2030 and further to 16.7% by 2050 as compared to 8.5% in 2015. The report further states that the population in Asia and Latin America is aging rapidly. Therefore, demand for geriatric care services is projected to be high in Asia and Latin America during the forecast period (2016–2024). The global geriatric care services market was valued at US$ 599.6 billion in 2015 and is expected to expand at a CAGR of 4.2% during the forecast period (2016 – 2024).
Moreover, traditional family support system is weakening, owing to increase number of women in the workforce and increasing migration in search of employment. Therefore, there is a growing need for long-term care facilities for elderly population. Increasing elderly population is also compelling governments to adequately fund healthcare programs and elderly care services. This has further encouraged the establishment of many geriatric care service centers across the globe.
Increasing geriatric population is expected to drive growth of the geriatric care services market
According to the U.S. Census Bureau, 2015, population of age 65 years and above is expected to increase over 60% during 2015 – 2030. It is estimated that the highest growth would be in Asia and Latin America. Africa, on the other hand, is the youngest region as of 2015 and is expected to remain the same in the near future. Therefore, growth of elderly care in respective regions is estimated to follow a similar trend.
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However, affordability of geriatric care services is expected to hinder growth of the geriatric care services market in emerging economies such as India, Brazil, and China. Therefore, cost-effective products need to be offered by the service providers to attract the relatively cost-sensitive customers in these economies.
Growing demand for continuing care in the global geriatric care services market
Geriatric care centers provide services include home healthcare, assisted living facilities, adult day care services, continuing care recruitment, and skilled nursing facilities. Skilled nursing facilities and home healthcare are the major revenue contributors for providers, owing to involvement of more time and workforce in these service types.
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