Geriatric Care Services Market Valuation – 2024-2031

The geriatric care services market is expanding, driven by an increase in the global population aged 65 and up. This demographic transition, driven by variables such as rising life expectancy and decreased birth rates, is resulting in a large pool of people requiring specialized care. The market size surpass USD 1.10 Billion valued in 2024 to reach a valuation of around USD 2.03 Billion by 2031.

As a result, demand for services such as home care, assisted living facilities, and adult day care is increasing dramatically. Growth is driven not only by population changes, but also by increased government funding, greater healthcare access for seniors, and an increasing emphasis on preventive care for the elderly. The rising demand for geriatric care services is enabling the market grow at a CAGR of 7.98% from 2024 to 2031.

Geriatric Care Services Market: Definition/ Overview

Geriatric care services include a wide range of medical and non-medical services aimed at helping older persons maintain their health, independence, and well-being. These services can be provided at home, in assisted living facilities, or in specialist nursing homes, depending on the individual’s specific requirements.

The primary goal of geriatric care services is to help seniors overcome the obstacles that come with getting older. This may include help with activities of daily living (ADLs) like bathing, dressing, and eating. Geriatric care services can also help with medication administration, transportation to appointments, and networking to prevent loneliness. These treatments may also include medical care customized to specific health challenges that commonly occur with age, such as chronic illness management and rehabilitation following an injury or surgery.

Geriatric care services can help older persons promote their mental and emotional well-being in addition to meeting their essential necessities. Socialization programs, recreational activities, and even companionship services can all assist in reducing the isolation and despair that many seniors experience. Furthermore, geriatric care experts can guide and encourage families as they face the challenges of caring for an aging loved one.

Overall, geriatric care services seek to encourage elders to live their lives to the fullest for as long as feasible. Geriatric care assists elders in maintaining their independence, dignity, and quality of life by offering a wide range of support services.

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Will the Growing Demand for Home Care Services for Elderly People Drive the Geriatric Care Services Market?

The geriatric care services market, the increasing need for home care services for the elderly is a primary driver. There are various explanations for this. First, the world’s population is rapidly aging. This means that an increasing number of people need help with everyday tasks but choose to stay in their own homes for reasons of familiarity, comfort, and independence.

Home care services have evolved as a favored alternative to institutional care facilities due to their individualized and adaptable approach, which effectively addresses the particular needs and preferences of the elderly. This individualized care model enables elders to receive support in the comfort of their own homes, promoting familiarity and independence. Furthermore, technological improvements such as remote monitoring and wearable health gadgets have substantially improved the safety and well-being of senior citizens living at home. These improvements allow for enhanced care coordination and faster emergency intervention, reassuring both the elderly and their families about their general health and safety.

The rising demand for home care services has resulted in a development of the geriatric care sector, with an expanding number of providers offering specialized help tailored to the needs of elders. Assisted living facilities frequently combine home-based care choices, resulting in a continuum of care that transitions seamlessly as individuals’ needs change. Furthermore, telehealth programs tailored exclusively for senior patients are becoming more common, providing convenient access to medical professionals and support services from the comfort of home. As this trend continues, the geriatric care services market is expected to increase significantly in the future years, owing to the changing needs and tastes of the world’s aging population.

Will the Absence of Proper Geriatric Care Services in Developing Countries Impact the Demand of the Market?

The geriatric care market, due to the lack of competent geriatric care services in developing nations has a substantial influence on the geriatric care market, owing to two main reasons. For starters, the existence of a large senior population in certain places limits market potential. With a dearth of well-established infrastructure and services customized to their specific requirements, a sizable section of this community remains neglected. As a result, the untapped potential in these developing countries limits the global expansion of the geriatric care market.

The demand for informal care exacerbates the issues in these areas. In the lack of formal care choices, families bear the primary obligation of caring for their older members. This puts significant financial pressure on families, frequently causing them to redirect resources away from other pressing needs. Furthermore, the strain of caregiving can limit caregivers’ options for formal employment, exacerbating the economic issues that households confront. As a result, the scarcity of formal care services leads to lower spending on such services, limiting the growth of the geriatric care industry in emerging nations.

Addressing these issues needs coordinated efforts to enhance access to geriatric care services in underdeveloped countries. Governments and organizations can help to build a strong geriatric care market by investing in infrastructure, training healthcare personnel, and enacting supportive regulations. This not only meets the increased need for services, but it also relieves the burden on informal caregivers, promoting economic stability and improving the overall well-being of the senior people in these areas.

Category-Wise Acumens

Will the Housing & Assistive Devices Segment Accelerate the Geriatric Care Services Market?

The Housing & Assistive Devices segment has a strong chance to boost the Geriatric Care Services Market, but its dominance is not guaranteed. One significant supporting trend is the worldwide aging population, which increases demand for solutions that allow seniors to preserve independence and safety at home. Housing adaptations such as grab bars and ramps, together with assistance devices such as walkers and medical alert systems, directly address this requirement, making this segment critical to managing changing care demands.

Currently, the Housing & Assistive Devices category commands a considerable market share within Geriatric Care Services. This reflects the urgent need for solutions that promote home care, emphasizing the immediate relevance and importance of such offers in assisting aging populations. However, despite its current market domination, the area faces competition from other emerging segments, including Home Care Services. This competition derives from the growing complexity of seniors’ care needs, which is boosting demand for services such as personal care support and prescription administration.

While housing and assistive devices remain important, the Geriatric Care Services Market has strong development potential across all segments. Home Care Services, in particular, are rapidly expanding due to seniors’ diverse needs. As the market evolves, it is likely that no single category will dominate, stressing the significance of providing a varied range of services to suit the senior population’s various and developing care needs.

Will the Increase in Heart Disease Drive Significant Demand for the Geriatric Care Services Market?

The rise in heart disease among the elderly is a powerful driver of the geriatric care services market for a variety of compelling reasons. For starters, heart disease is the biggest cause of death worldwide, with older folks being substantially more vulnerable, generating a sizable group in need of specialized treatment to adequately manage their condition. This demographic fact highlights the crucial role that geriatric care services play in meeting the healthcare needs of aging populations facing cardiovascular health issues.

The complicated care needs associated with controlling heart disease emphasize the significance of geriatric care services. The illness frequently demands a multimodal approach, including pharmaceutical management, lifestyle changes, and cardiac rehabilitation. Geriatric care services are ideally positioned to provide this complete assistance, enabling better health outcomes for elders with heart disease. By addressing the wide range of care needs related with cardiovascular health, these services considerably improve the quality of life and general well-being of elderly people suffering from heart disease.

The rising rates of hospitalization due to heart disease complications underline the importance of utilizing geriatric care services, particularly those provided at home. Geriatric care services help to reduce the need for frequent hospitalizations by offering close monitoring, supporting self-care behaviors, and applying preventative measures such as early intervention initiatives. This not only benefits individual patients by increasing freedom and lowering medical burdens, but it also relieves pressure on healthcare systems, promoting more efficient resource usage and improving overall healthcare sustainability.

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Country/Region-wise Acumens

How Does Geriatric Care Services Accelerate the Growth in the North America Market?

Several major reasons have contributed to North America’s dominance in the Geriatric Care Services market. For starters, the region has a sizable aging population, particularly in the United States, where a large proportion of the population is approaching retirement age. This demographic transition creates an increased demand for geriatric care services, which cover a wide range of healthcare needs suited to the special demands of the elderly population. As a result, North America emerged as a key market for geriatric care, defined by its ability to meet the changing healthcare needs of its aging population.

North America has a strong healthcare infrastructure that includes advanced medical facilities, research institutions, and a network of highly trained healthcare personnel. This well-developed healthcare system allows for the provision of high-quality geriatric care services, guaranteeing that elderly people receive comprehensive and customized care that meets the highest standards of excellence. Furthermore, the use of cutting-edge medical technologies improves the quality and efficiency of geriatric care delivery in North America, establishing the region as a global leader in the field.

North America’s position at the forefront of technology breakthroughs in geriatric care supports its market leadership. The region aggressively promotes the development and deployment of novel technologies such as remote patient monitoring, wearable health devices, and telehealth services, which will transform the delivery of geriatric care. These technological solutions provide unparalleled opportunities to improve treatment quality, increase patient autonomy, and optimize healthcare outcomes for the aged. As a result, North America’s constant pursuit of innovation in geriatric care secures its position as the global market leader, setting a standard for excellence in healthcare delivery for the world’s aging population.

How will the Geriatric Care Services Market Contain the Largest Market Share in the Asia Pacific Region?

Asia Pacific region is the second largest market for Geriatric care services. To gain the greatest market share in the Asia Pacific area, the Geriatric Care Services Market must address a number of crucial issues. First, it must capitalize on the region’s increasing aging population. Asia Pacific is undergoing a demographic transition marked by considerable growth in the senior population, creating a massive market opportunity for geriatric care services. By designing services to satisfy this demographic’s broad and increasing demands, such as culturally sensitive care and innovative solutions to age-related health concerns, the market may effectively capture a significant share of the region’s growing demand for aged care.

Establishing a strong healthcare infrastructure and increasing access to geriatric care services is critical. Many countries in the Asia Pacific area are experiencing strong economic growth, which presents an opportunity to invest in healthcare infrastructure. The geriatric care services industry may effectively penetrate the region’s diversified markets by improving healthcare infrastructure, developing healthcare literacy, and encouraging collaboration between the public and private sectors. Furthermore, embracing technological innovations such as telemedicine, mobile health applications, and remote monitoring systems can help to overcome geographical barriers and improve access to quality geriatric care services, thereby strengthening the market’s position and relevance in the Asia Pacific region.

Competitive Landscape

The geriatric care services market is a dynamic and competitive space, characterized by a diverse range of players vying for market share. These players are on the run for solidifying their presence through the adoption of strategic plans such as collaborations, mergers, acquisitions, and political support.

The organizations are focusing on innovating their product line to serve the vast population in diverse regions. Some of the prominent players operating in the market include:

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

Latest Developments

• In March 2022, Alexion, AstraZeneca’s Rare Disease group, signed 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 causes progressive heart failure and has a high mortality rate within four years of 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, acute myeloid leukemia and multiple myeloma could use either the iNK or gamma delta iT platforms. Bristol Myers Squibb has the option of adding two additional programs, which can be nominated subject to specific terms agreed upon with Century under the agreement.
• Happiness Biotech Group Limited, an innovative Chinese nutraceutical and dietary supplement manufacturer, debuted a new line of personal care goods in August 2020 under the new brand Cai Zhi Ning, with a focus on the older market.

Report Scope

Geriatric Care Services Market, By Category

 Product Type

• Housing & Assistive Devices
• Pharmaceuticals

 Service

• Homecare
• Health Care
• Non-Medical Care
• Institutional Care
• Adult Day Care

Application:

• Respiratory Diseases
• Diabetes
• Osteoporosis
• Heart Diseases
• Neurological Diseases
• Kidney Diseases
• Arthritis
• Cancer

Region:

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

 

Research Methodology of Market Research:

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by