Geriatric Care Services Market

Geriatric Care Services Market Overview

The global geriatric care servicesmarket is estimated to be worth over USD 1,920.15Bn in 2033 and is expected to grow at CAGR of6.0% during the forecast period (2024-2033).

Geriatric care services are experiencing a substantial transformation, dealing with the proliferating needs of an aging global population. This development is marked by a transition from conventional, reactive healthcare models to more comprehensive, proactive, and patient-centered approaches. With the number of individuals aged 65 and older estimated to double by 2050, the prominence of personalized care that  acknowledges the complicated health difficulties of the elderly has never been more crucial.

One of the most distinguisheddevelopments in elderly care is the incorporation of technology. Telemedicine, for instance, has transformed access to healthcare, allowing seniors to consult with healthcare providers remotely, which is particularly beneficial for those with mobility issues or those living in remote areas. Remote monitoring devices, such as wearable health trackers, enablecontinual monitoring of vital signs and can notify caregivers to potential health problems before they intensify. These technologies not only enhance the quality of care but also encourage older adults to take an active role in administering their health.

Interdisciplinary care teams are becoming ever more common, indicating a holistic approach to geriatric care. These teams, generallyincluding geriatricians, nurses, physical therapists, social workers, and mental health professionals, work collectively to tackle the diverse needs of elderly patients. This team-based approach ensures comprehensive care that embodiesphysical rehabilitation, mental health support, medical treatment, and social engagement, thusenhancing overall outcomes.

Preventive care has also gained momentum in geriatric services. Early intervention strategies, such as routine screenings for chronic ailments, vaccination programs, and lifestyle counseling, are focused at avoiding or postponing the outset of diseases. Furthermore, mental health care is another essential element, with greater recognition of the prominence of addressing issues like anxiety, depression, and cognitive decline in the elderly.

To sum up, geriatric care services are swiftly evolving to fulfil the demands of geriatric population. Through technological progresses, interdisciplinary approaches, mental health focus, preventive care, and considerate environments, these services are not only prolonging life expectancy but also improving the quality of life for older adults. This proactive, comprehensiveapproach portrays a pronounced shift towards a more inclusive and dignified model of care for the elderly.

Figure 1. Geriatric Care Services: Market Size

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Key Market Insights

The global geriatric care services market is experiencingrobust growth, fuelled by the growing elderly population, increasing prevalence of chronic ailments, and escalated awareness about the significance of elderly care. Latest market insights exhibit that North America holds the dominating market share attributing to developed healthcare infrastructure and high healthcare expenditure, while the Asia-Pacific region is estimated to witness the fastest growth owing to its swiftly aging population and enhancing healthcare services. Significant developments in the market comprise the advancement of home care services, which cater to the preference of many seniors to age in place. In addition, the incorporation of novel technologies such as remote patient monitoring, telehealth, and AI-driven predictive analytics is revolutionizing care delivery.

Telehealth platforms allow virtual consultations, minimizing the need for hospital visits and making healthcare more accessible for those with mobility issues. Remote patient monitoring devices, comprising wearable health trackers, offeruninterrupted health data, enabling for timely interventions and improved management of chronic conditions. AI and machine learning are being utilized to foretell health trends and potential complexities, allowing preventive care measures. On top of that, mobile health apps and digital health records are improving the efficiency and coordination of care.

Advancements in assistive technologies, such as smart home devices and mobility aids, are also substantially contributing to the market. These developmentsfacilitate independence and enhance the quality of life for seniors. With continuous investment in research and development, the geriatric care services market is poised for further growth, fuelled by the continuous demand for improved and personalized elderly care solutions.

Market Dynamics

Market Drivers

Significant Rise inthe Aging Population, Coupled with Increasing Government Support

The considerable surge in the geriatric population, along with higher government support, is a notable driver for the global geriatric care services market. Since the number of individuals aged 65 and older continues to rise, there is a equivalentsoar in demand for comprehensive healthcare services customized to the specialized needs of the elderly. This demographic transition is largely attributing to developments in medical technology and enhanced living standards, which have contributed to prolonged life expectancies. As a consequence, the healthcare system is witnessingsurging pressure to offer specialized care for age-related conditions such as arthritis, dementia, cardiovascular diseases, and mobility issues.

Governments globally are distinguishing the crucial need to support their aging populations. This recognition is exhibiting in different forms, comprisinghigher funding for geriatric care services, policy reforms focused at enhancing healthcare accessibility, and the implementation of public health initiatives focused on elderly well-being. For instance, several countries are expanding their healthcare budgets to include more resources for home care services, long-term care facilities, and geriatric training programs for healthcare professionals.

In addition, government incentives and subsidies are spurring the development and adoption of advanced technologies such as remote monitoring, telehealth, and AI-driven healthcare solutions, which improve the efficiency and quality of geriatric care. These technologies facilitate better health management, mitigate hospital readmissions, and support the goal of aging in place, streamlining with the preferences of many seniors to remain in their homes. Therefore, the cooperation between the aging demographic and proactive government support is substantiallyaccelerating the growth and evolution of the global geriatric care services market.           

Market Restraints

With regard to numerous advantages of Geriatric Care Services, the market faces several challenges due to the unique characteristics and requirements associated with these potent pharmaceutical products. Some of the key market challenges include:

• High Cost of Geriatric Care Services: The cost of offering comprehensive geriatric care can be unaffordablycostly, encompassing expenses for medical treatments, home care services, long-term care facilities, and progressive medical technologies. These high costs can be a significant barrier for both individuals and healthcare systems, specifically in regions with limited financial resources. In addition, inadequate insurance coverage for elderly care further aggravates the affordability issue, detering access to necessary services for elderly population.
• Shortage of Skilled Healthcare Professionals: There is a considerable shortage of healthcare professionals specializing in geriatrics, comprising geriatricians, nurses, and caregivers trained to acknowledge the complicated health needs of older adults. This scarcity is combined by the growing demand for such services as the population ages. The shortage of sufficiently trained personnel can result in suboptimal care, greater workload and burnout among existing staff, and ultimately hamper the ability of healthcare systems to offer high-quality geriatric care.

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Market Opportunity

Technological Advancements in Home Care Devices

Technological developments in home care devices portrays a substantial market opportunity for the global geriatric care services market. Innovations such as smart home systems, wearable health monitors, and remote patient monitoring tools are revolutionizing the way care is delivered to the elderly, improving both efficiency and effectiveness. These devices enable continuous monitoring of vital signs, identifying health aberrations early and allowing timely medical interventions, which can avoid hospitalizations and enhance health outcomes. In addition, smart home systems equipped with sensors and automated alerts can assist with routine activities and ensure safety, supporting independent living for seniors.

The incorporation of telehealth services with these innovative home care devices further expands the reach of healthcare providers, making it easier for elderly patients to access medical consultations and support without leaving their homes. This is particularly beneficial for those with mobility issues or those living in remote areas. The accessibility and convenience of home care technologies not only enhance the quality of life for the elderly but also minimize the strain on healthcare facilities and caregivers. As demand for personalized and home-based care increases, the continuous innovation and adoption of advanced home care devices present a lucrative opportunity for stakeholders in the geriatric care services market to expand their offerings and enhance service delivery.

Market Trends

• Blend of Telehealth and Digital Health Platforms: The integration of telehealth and digital health platforms into geriatric care services is a swiftlysoaring trend. These technologies allow remote consultations, continual health monitoring, and virtual care management, substantiallyenhancing access to healthcare for the elderly, particularly those with mobility issues or living in remote areas. Telehealth solutions support timely medical interventions and follow-ups, minimizing the need for hospital visits and allowing more efficient management of chronic conditions.
• Growth of Home-Based and Community Care Services: There is an increasing shift towards home-based and community care services in the geriatric care market. Elderly prefer to age in place, and this trend is supported by advancements in home care technologies and services that provide medical, personal, and emotional support within the home setting. Home care services are expanding to include multidisciplinary teams that deliver comprehensive care, comprising physical therapy, mental health services, and social engagement activities, all intended to enhance quality of life and support independence among the elderly. This trend streamlines with the increasing focus on personalized and patient-centered care in the healthcare sector.

Geriatric Care Services Market: Key Segments

By Services

• Home Care Services
  • Health Care
    • Medical Care
    • Physiotherapy Services
    • Telehealth
    • Palliative Care
    • Hospice Care
  • Non-Medical Home Care
    • Personal Care
    • Homemaking
    • Meals and Grocery
    • Rehabilitation
    • Others
• Adult Care Services
  • Health Care
  • Non-Medical Care
• Institutional Care Services
  • Nursing Homes
    • Palliative Care
    • Hospice Care
  • Hospital-based
  • Assisted Living
  • Independent Senior Living

By Key Geographical Regions

• North America
• Europe
• Asia-Pacific
• Middle East and Africa
• South America

Figure 4. Geriatric Care Services Market: Distribution by Region

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Geriatric Care Services Market: Regional Analysis

North America dominated the market and accounted for the largest revenue share in 2022. Significant factors owing to its large share comprise the constant development of reimbursement policies along with the presence of a wide variety of long-term care centres throughout the U.S. According to the National Library of Medicines, around 237,400 individuals in the U.S. were enrolled in adult day services centres (ADSCs) in 2020.Asia Pacific is expected to grow at the fastest CAGR in the forthcoming period.The soaring geriatric population with long-term medical conditions, growing disposable income, and rising awareness regarding these healthcare facilities are some of the factors owing to the swift growth in countries such as China, Japan, and India.

Leading Geriatric Care Services Developers

Industry Trends and Global Forecasts, 2023-2035 report features an extensive study of the current market landscape, market size and future opportunities associated with the Geriatric Care Servicesmarket, during the given forecast period. Further, the market report highlights the efforts of several stakeholders engaged in this rapidly emerging segment of the biopharmaceutical industry. Key takeaways of the Geriatric Care Servicesmarket are briefly discussed below.

The report includes the list of players operating in the global geriatric care servicesmarket. Some of the key players include:

• AstraZeneca PLC
• Allergan Inc.
• AstraZeneca PLC
• Bristol-Myers Squibb Company
• Epoch Elder Care
• Endo Pharmaceuticals Inc.
• F. Hoffmann-La Roche AG
• Korian Group
• Merck & Co. Inc.
• Octapharma AG
• Pfizer Inc.
• Regeneron Pharmaceuticals Inc.
• ProVita International Medical Center
• St Luke's ElderCare Ltd.

Geriatric Care Services Market: Key Developments

• In January 2024, JD Health has recently unveiled an elderly care channel on its app, aiming to establish a comprehensive platform catering to various healthcare needs for China’s aging population. This initiative is integral to JD Health’s goal of becoming the first portal for online health consumption.
• In August 2022, Apollo Hospitalin Bengaluru has launched two new programs for senior citizens: Transition of Care (TOC) and Home Based Primary Care (HBPC).The TOC transitional care program supports elderly patients through their first two weeks at home after a hospitalization at Apollo Hospital. They are continued to be monitored and supported even after discharge through home visits from the specialist geriatric team.

Scope of the Report

The market report presents an in-depth analysis of the various firms / organizations that are engaged in this market, across different segments, as defined in the below table: