What Is The Current and Historic Market Size Analysis Of The Geriatric Care Services Market?
The geriatric care services market has seen considerable growth due to a variety of factors.
• The geriatric care services market has expanded rapidly in recent years. It is expected to increase from $1,076.85 billion in 2024 to $1,156.62 billion in 2025, at a compound annual growth rate (CAGR) of 7.4%.
The growth is attributed to an increase in age-related disorders, more government initiatives, a growing elderly population, a rising prevalence of obesity, and more chronic health conditions.
What Is The Forecast For The Geriatric Care Services Market Size?
The geriatric care services market is expected to maintain its strong growth trajectory in upcoming years.
• The geriatric care services market is expected to grow strongly, reaching $1519.57 billion by 2029, at a CAGR of 7.1%.
This growth is driven by the increase in medical facilities, a rise in dementia cases, growing demand for personalized care plans, an increase in home-based care services, and the growing demand for palliative and hospice care. Key trends will include innovations in medical technology and healthcare delivery, remote consultations and monitoring, new product developments, advancements in healthcare technology, AI in wearable devices, and rising partnerships.
What Are The Essential Drivers Behind The Growth Of The Geriatric Care Services Market?
The geriatric care services market is expected to grow due to the increasing prevalence of chronic diseases. These long-term conditions, which are typically not curable, require ongoing care. The aging population, unhealthy lifestyles, and better healthcare access are contributing to this rise. Geriatric care services are crucial in improving the quality of life for seniors with chronic conditions by offering patient-centered care. For example, the National Library of Medicine projected that the number of people over 50 with chronic illnesses will rise from 71.5 million in 2020 to 142.7 million by 2050. Therefore, the growing prevalence of chronic diseases is driving the geriatric care services market.
How Is The Global Geriatric Care Services Market Divided Into Key Segments?
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 Trends Are Shaping The Geriatric Care Services Market?
Leading firms in the geriatric care services market are concentrating on the development of breakthrough technologies, such as AI-powered aid services, to allow efficient caregiving for seniors. The AI-powered assistants for older adult care use innovative technology solutions that employ artificial intelligence to improve and aid the wellness, health, and daily life tasks of elderly individuals. For example, Iveda Solutions, a technology company based in the US known for cloud video AI surveillance and analytics, rolled out IvedaCare in November 2022. This AI-assisted system, primarily for safety, security, and aged care, uses predictive software to lessen false alarms and provide comfort to caregivers, learning from the lifestyle choices of users to make smart security and health choices. The system incorporates sensors strategically located in the elderly person's residence to observe their lifestyle, allowing thorough tracking without the utilization of invasive cameras.
Who Are the Key Players 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
What Are The Regional Insights Into 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.
