Geriatric Care Services Market Size to exceed $1,101 Billion by 2023: Global Market Insights, Inc.
Geriatric care services market size is projected to see revenue of USD 1,101.8 Billion by 2023; as reported by the latest study from Global Market Insights, Inc.
Increasing geriatric population base coupled with growing disposable income levels is expected to boost care service usage rate in the coming years. Home care services dominate the global geriatric care services market share, and are poised to cross USD 468 Billion in revenue by 2023, at 6.7% CAGR.
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Along with this, favorable reimbursement policies across U.S., EU and other developed regions, along with the presence of untapped opportunities in the emerging regions of Asia Pacific and Latin America will drive growth. The number of geriatricians in the U.S in 2012 was recorded to be 8,512 and is projected to reach to 60,397 in 2022.
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Institutional care centers dominate the industry, at over USD 279 Billion revenue for 2015. Medicaid, administered by states as per federal requirements, provides health coverage to American population including elderly adults.
The industry is also positively impacted by rapid technological advances such as robotic technology for assisting elderly population, and growing usage of nurse call equipment. This has led to increasing demand for assistive services among the geriatric population living independently, thus driving the market growth.
Economic development in the countries such as South Korea, China, India, Malaysia, and Brazil coupled with increasing aging population in these regions should present the geriatric care services market with untapped opportunities in the coming years.
Lack of reimbursement policies, economically non-stable elderly population in emerging economies and unfavorable government initiatives are expected to impede industry growth.
Key insights from the report include:
- Global geriatric care services market size estimate was USD 684 Billion in 2015, and looks poised to exceed USD 1,100 Billion by 2023.
- North America is the largest regional avenue for industry participants, accounting for close to 44% of sales in 2015, followed by Europe, Asia Pacific, LATAM and MEA.
- Presence of various long-term care centers throughout the U.S. is one of the most critical success factors for the growth of the U.S. geriatric care services market, with revenue being over USD 258 Billion in 2015.
- Key advantages associated with elder home care services include extra and dedicated time provided by the caregiver to the patients, maintenance of a good social life for elderly population, and providing facilities to the elderly to maintain their older lifestyles.
- Adult day care centers include services such as health, nutritional, social support, and daily living needs by professionally trained staff.
- Presence of underdeveloped geriatric care services infrastructure in Argentina and other Latin American nations is expected to present geriatric care services providers an opportunity to enter and tap these regions.
- India geriatric care market is set to gain at 9% CAGR up to 2023, from USD 13.8 Billion in revenue for 2015.
- Industry rivalry in the geriatric care services market share is expected to be moderately high, with industry moving towards consolidation. There are frequent mergers, acquisitions, and strategic alliances to enhance product portfolio and market presence.