Geriatric Care Services Market - Trends, Size & Outlook (2024-2032)

Geriatric Care Services Market Synopsis:

Geriatric Care Services Market Size Was Valued at USD 2.90 Billion in 2023, and is Projected to Reach USD 5.43 Billion by 2032, Growing at a CAGR of 7.22% From 2024-2032.

Geriatric care services market refers to a big segment of healthcare market that deals with goods and services that are intended for people with ermergency care services. Some of the key services include; Medical care, long term care, medical rehabilitation, assisted living, all social services meant for the seniors with physical, emotional and mental difficulties. The market helps elderly people to lead a healthy life and treat their chronic diseases, and avail a number of treatment methods along with home care services.

The Geriatric Care Services Market is growing at a fast pace, mainly because of the increase in global elderly population and the addition of more diseases with old age factors like diabetes, heart diseases, osteoporosis, paralysis and many more. With the life expectancy being longer now, increasing numbers of people need additional care for their chronic illnesses, daily activities and quality long-term care. This market includes services that are provided by professional care-givers, in the home, nursing homes, rehabilitation centers and other forms of palliative care.

Health managers and policy makers have appreciated that as the population ages the burden on hospital systems will increase, this has lead to investment in geriatric care as well as infrastructure and technology such as telemedicine and secure digital health platforms. Also, the current society has become more sensitized when it comes to seniors’ healthcare niche and hence the emerging need to contract out to expertise. Therefore, the market diversified a service offering and increased the number of qualified healthcare professionals who can provide services to the elderly population.

Geriatric Care Services Market Trend Analysis:

Integration of Telemedicine in Geriatric Care

• Telemedicine has become one more trend in geriatric care services . With progression of digital health technologies in present and emerging zeitgeist, senior citizens can avail themselves medical consultation, follow-up appointments or even specialists’ appointments through screen based communication technologies. It has rapidly surged during the COVID-19 pandemic when teleraliance became an indispensable method of minimizing inpatient attendance and managing noncommunicable diseases remotely. Telehealth makes it easier for such patients to get access to health care since they can be mobility restricted or from out of town.
• Wearable technology and systems for remote patient’s tracking, has also offered Telemedicine a new means of improving the monitoring and handling of chronic illnesses. For diseases like heart related, diabetes and neurological diseases, they receive timely interventional by teleconsulting with good results for the patients. This trend is expected to enhance in the future due to the increased expenditure of the healthcare systems in the construction of the infrastructure to support the digital health ability; additionally, a daily increase in the computer literacy of the elderly.

Growing Demand for Home-Based Care

• A key opportunity within the Geriatric Care Services Market is that there is an increasing call for home based care services. This emerging trend is especially popular with the elderly and their families because home care is significantly better than standard long-term care facilities. Besides formal home care helps elderly people who want to stay at home but need medical care, rehabilitation services and help with daily living.
• This is due to emergence of home healthcare services including; nursing services, physical therapy, and home care attendants among others. The fact that chronic conditions are beginning to present itself in elder patients, home care is preferred due to its ease. Furthermore, owing to policy support from governments and pressures from healthcare service providers to avoid excessive hospital and nursing home reliance, home-based services have broad market potential.

Geriatric Care Services Market Segment Analysis:

Geriatric Care Services Market is Segmented on the basis of Service, Service Provider, Payment Source, Application, and Region

By Payment source, Private Insurance segment is expected to dominate the market during the forecast period

• Geriatric care services clients pay for services from insurance, public, private insurers, out-of-pocket, and via other means. Medicare and Medicaid present in the United States are one of the primary pay masters of the elderly care services including the long term care and hospitalizations. These programs cater for part of the geriatric care expenses so as to avail necessary treatments for many elderly persons.
• Geriatric services are also provided through private insurance though not all aspects of long-term care are embraced here. Out-of-pocket payments, in contrast, also are on the rise, because alongside the growth of the average cost of care, there are some services, such as assisted living or at home healthcare, which may not be paid in full by insurance. The prediction has it that per capita expenditure towards health care costs would continue to escalate, the proportion of out-of-pocket expenditure would therefore be larger in geriatric care.

By Application, Respiratory Diseases segment expected to held the largest share

• The Geriatric Care Services Market is suited to manage a broad spectrum of health ailments inherent in the aging population as respiratory diseases, diabetes, osteoporosis, cardiovascular diseases, neurological disorders, kidney diseases, arthritis, cancers, and others. Of these, diabetes, heart diseases and the neurological ailments are in the list because they require regular review by doctors and other professionals, physio and occupational therapy, and long term care services.
• For instance, osteoporosis and arthritis develop the requirement for orthopedic care, physical therapy , mobility appliances etc. In order to empower the elderly, and for them to stay as independent as they can for as long as they can. Accordingly, due to the increasing elderly customers’ population, the need for various geriatric care services, specialized on applications concerning chronic diseases of elderly people will also increase.

Geriatric Care Services Market Regional Insights:

North America is Expected to Dominate the Market Over the Forecast period

• North America leads the Geriatric Care Services Market due to the favourable physical infrastructure, higher health costs incurred, and increasing insurance provisions for the elderly. The region’s health care has public and private insurance plans that partly fund geriatric care services like Medicare. Moreover, available the presence of high ranking healthcare facilities and increased investment for specialized healthcare services for elder facilities also contributes to the market supremacy of North America.
• The case with chronic diseases as well as the large elderly population especially in the United States has greatly boosted demand for specialized care services. Besides, features like telemedicine, digital and social health platforms are also contributing to the development of geriatric care services, due to which North America is considered one of the stronger positions in the world.

Active Key Players in the Geriatric Care Services Market:

• Brookdale Senior Living (USA)
• Extendicare (Canada)
• Amedisys, Inc. (USA)
• Sunrise Senior Living (USA)
• LHC Group, Inc. (USA)
• Genesis Healthcare (USA)
• Home Instead, Inc. (USA)
• Kindred Healthcare (USA)
• The Ensign Group (USA)
• Sodexo (France)
• Age UK (UK)
• Orpea Group (France)
• Other Active Players

Key Industry Developments in the Geriatric Care Services Market:

• In January 2023, Genesis Healthcare Inc. announced it will be adding 34 nursing homes in Pennsylvania. This expansion strategy may help the company to enhance their market presence and general increased business revenue.
• In March 2022, Alexion, AstraZeneca’s Rare Disease group, closed an exclusive global collaboration and license agreement with Neurimmune AG for NI006, an investigational human monoclonal antibody currently in Phase Ib development for the treatment of transthyretin amyloid cardiomyopathy (ATTR-CM), an underdiagnosed, systemic condition that leads to progressive heart failure and high rate of fatality within four years from diagnosis.
• In January 2022, Century Therapeutics and Bristol Myers Squibb announced a research collaboration and license agreement (the Agreement) to develop and commercialize up to four induced pluripotent stem cell (iPSC) derived, engineered natural killer cell (iNK) and/or T cell (IT) programs for hematologic malignancies and solid tumors. The first two programs include a program in acute myeloid leukemia and a program in multiple myeloma, which could incorporate either the iNK or a gamma delta iT platform. Bristol Myers Squibb has the option to add two additional programs which can be nominated subject to certain conditions agreed with Century in the agreement.