News

Geriatric Care Services Market Is Expected To Reach US$ 1,374.2 Bn By 2026

The latest market report published by Acute Market Reports, Inc. “Geriatric Care Services Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global geriatric care services market was estimated at US$ 808.0 Bn in 2017 expanding at a CAGR of 5.9% from 2018 to 2026, to reach US$ 1,374.2 Bn by 2026.

Market Insights

The count of eldercare service providers is perpetually growing due to the rising pool of geriatric population suffering from chronic diseases, resulting in disabilities and improvement in the quality of daycare facilities. Therefore companies are more focused on widening the range of services offered. To meet the growing customer needs, geriatric care service providers are constantly establishing private care centers as older people are observed to prefer specialized live-in care facilities. The growing prevalence of chronic conditions in geriatrics has also urged the emergence of specialized care centers, therefore opening niche markets. Some prime factors driving the growth of the global geriatric care services market are increasing healthcare expenditure, growing adoption of assisted health care services, increasing preference for home care services and growing government funding for geriatric care.

Browse Full Report Originally Published by Acute Market Reports at https://www.acutemarketreports.com/report/geriatric-care-services-market

Shifts in family structure in developed and developing countries alike, as resulted in a decline in the time spent by primary caregivers. This factor has had a significant effect on the development of geriatric care services offerings. Industrial development and globalization have resulted in opening several opportunities in the Asia Pacific countries which are characterized by more and more people working away from home. This has led to the unavailability of primary caregivers in families, therefore emerging the need for professional caregiving services. The market growth is also boosted by increasing population pool entering retirement age, and the growing prevalence of disabling chronic diseases. Recovery in economies of developed nations and growing healthcare expenditure are other drivers of this market.

The global geriatric care services market is broadly classified into service type, service providers and payment sources. Currently, skilled nursing care facilities occupy the largest share in the global market. The demand for home healthcare services will be the highest, therefore, facilitating the fastest growth to the segment during the forecast period. The growth of this segment is attributed to the increasing preference of the elderly population to move to home care settings for long-term care. Freedom of staying at home and the benefit of cost containment is the other prime reasons for driving the growth of this segment. The shortage of established institutions for residential care and assisted living in developing countries is also urging the growth of the home care services segment. Based on service providers, the for-profit segment is the current leader in terms of market revenue. Whereas, shortfalls of this segment such as deficiencies in government compliance, and lesser standard of services has led to faster demand for non-profit service providers. Additionally, the revenue coming from out of pocket payment sources is exponentially growing in developing markets.

Key Market Movements:

Increasing pool of geriatric population and a corresponding increase in disabling chronic diseases
Development of niche services, specializing in serving patients with specific conditions
Increasing healthcare expenditure in developing economies, and growing participation of government organizations
Growing awareness about assisted living and social services in the Asia Pacific and Latin America markets
The proliferation of service providers operating in national chains

List of Companies Covered: