The geriatric care services market accounted for a net valuation of US$ 400 Mn in 2020, and is projected to reach US$ 700 Mn by the end of 2028, according to analysts at Fact.MR, a market research and competitive intelligence provider.
The world has witnessed a substantial increase in the aging population and this trend has majorly propelled the geriatric care services market potential which is also expected to be followed through 2028. Rising support from governments, increasing focus on preventive healthcare, the prevalence of chronic infectious diseases, and favorable reimbursement policies for elderly care are expected to be prominent factors influencing market growth through 2028.
However, the lack of geriatric care services in developing nations and the high costs of elderly care services are anticipated to slow down the global geriatric care services market growth. The increasing popularity of home-based elder care services is also expected to boost the geriatric care services market potential over the forecast period.
Key geriatric care service providers are focusing on the expansion of their coverage scope across regions by launching new services and institutions specifically focused on elderly care.
- In January 2022, Yodda Elder Care Technologies, a premium parent care company headquartered in India, announced the start of its emergency and healthcare services for the elderly who live independently in Hyderabad, India.
Key Takeaways from Market Study
- The global geriatric care services market held a net worth of US$ 400 Mn in 2020.
- From 2021 to 2028, demand for geriatric care services is predicted to rise at a CAGR of 5.3%.
- By 2028, the geriatric care services market is anticipated to be valued at US$ 700 Mn.
- Increasing aging population, rising focus on geriatric care, and growing supportive initiatives from governments are expected to majorly drive geriatric care services market growth.
- Lack of geriatric care services in developing economies and high costs of these services are anticipated hinder market growth to some extent.
- North America is expected to lead the global geriatric care services market.
“Increasing aging population and rising prevalence of chronic diseases will bolster adoption of geriatric care services on a global scale,” says a Fact.MR analyst
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Market players are focusing on the establishment of new elder care facilities to serve the rising geriatric population across the world and this trend is expected to be prominent in the developing economies.
Geriatric care service providers are also focusing on advancing their offerings by integration of new advanced technologies to provide better services. Supportive government initiatives are also expected to favor the growth of the geriatric care services market players over the forecast period.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global geriatric care services market, presenting historical demand data (2017-2020) and forecast statistics for the period of 2021-2028.
The study divulges essential insights on the market on the basis of type (home care, adult day care, institutional care), across six major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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