Surge in geriatric population on a global scale has offered a highly lucrative setting for elderly care services. Market growth for institutional elderly care services and home-based elderly care services is driven by rise in elderly population. Moreover, increasing aging population has been promoting establishment of geriatric care institutions.
Moreover, growing aging population is also driving the demand for geriatric nutritional services, daily assistance services, adult day care services, and other crucial services.
In addition to this, reimbursement policies and favorable insurance policies by multiple healthcare providers are expected to boost demand for elderly care services.
Widespread coronavirus infection has led to a global pandemic solution across the globe. Moreover, this has created an adverse situation and led to lockdowns in various countries that restricted the majority of activities. Demand was high for geriatric care services during the pandemic but demand was not met due to restrictions imposed during this time.
Daily assistance services are gaining traction due to surge in aging population
China has witnessed some major changes in lifestyle preferences and these choices have led to an increasing geriatric population. Moreover, it has also led to low birth rate in the nation. Moreover, increasing preference of chinese nationals to live independently has created lucrative opportunity for geriatric services market during the forecast period.
Home care segment is expected to witness an impressive growth rate
Home care services are expected to witness an impressive growth rate over the forecast period. Moreover, increasing preference of patients and favorable initiatives are expected to boost the adoption of home-based elderly care during the forecast period.
In the meanwhile, Institutional elderly care services account for a substantial share but it is losing some share due to increasing popularity of home-based elderly care services.
Regional Growth Avenues
North America is expected to see high demand for geriatric care services through 2028 and is expected to account for dominant market share in the global market. Moreover, high adoption of geriatric services is expected to be the significant factor influencing the growth of the market in this region.
In the meanwhile, East Asia and South Asia regions are predicted to witness high demand for geriatric care services during the forecast period. Shortage of elderly care services and declining fertility rates are the factors that influence geriatric care services demand in the regions mentioned above.
Moreover, increasing healthcare expenditure and the establishment of new elderly care centers are expected to positively impact of the growth of the market.
Key geriatric service providers are putting emphasis on new and advanced care centers
Key geriatric care service providers are putting emphasis on new and advanced care centers and institutions to address the growing aging population across the globe. Moreover, care providers are also launching new initiatives to improve accessibility to geriatric services for the aging population.
- On 12th April 2022, The Symbiosis University Hospital and Research Centre announced an initiative that revolves around elderly care.
- This initiative is focused on specialized care of senior citizens without making them feel unwanted, and providing them with the required medical and social assistance needed.