Global Geriatric Care Services Market
Dublin, Nov. 22, 2023 (GLOBE NEWSWIRE) -- The "Geriatric Care Services Market Size, Share & Trends Analysis Report By Service (Home Care Services, Adult Care Services, Institutional Care Services), By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global geriatric care services market size is expected to reach USD 1, 648.6 billion by 2030, registering a CAGR of 6.3% from 2023 to 2030
Constantly increasing geriatric population prone to chronic medical conditions is expected to drive market growth over the forecast period. Presence of favorable reimbursement policies in the U.S. which are primarily driven by Medicaid and Medicare is also expected to positively reinforce market growth.
In 2012, data from the Centers for Disease Control (CDC) indicated that nearly 95% of nursing homes, 77% of adult daycare service centers, 78% of home health agencies, and 52% of residential care communities were certified to participate in Medicaid. Additionally, nearly 99% of home health agencies, 100% of hospices, and 96.5% of nursing homes were certified under Medicare.
The home care segment emerged as the market leader, contributing the largest share of revenue at 42.3% in 2022 and is projected to experience the highest compound annual growth rate (CAGR) of 6.8% during the forecast period. Home care services enable elderly individuals to receive care while remaining in their homes without disrupting their routines, encompassing both medical and non-medical services.
North America took the lead in the market, accounting for the largest share of revenue at 41.8% in 2022. This can be attributed to ongoing developments in reimbursement policies and the widespread presence of various long-term care facilities across the United States. According to the National Library of Medicine, approximately 237,400 individuals were enrolled in adult day services centers (ADSCs) in the U.S. in 2020.
The Asia Pacific region is anticipated to exhibit the highest CAGR of 8.3% throughout the forecast period. Factors contributing to this growth include substantial unmet needs, a sizable aging population, particularly in countries like China and India, and an increasing prevalence of orthopedic, neurological, and cardiovascular disorders. These factors position the region as a significant driver of market expansion.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 76 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $1012 Billion |
| Forecasted Market Value (USD) by 2030 | $1648.6 Billion |
| Compound Annual Growth Rate | 6.3% |
| Regions Covered | Global |
Companies Mentioned
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Brookdale Senior Living Inc.
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EXTENDICARE
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Gentiva
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Knight Health Holdings, LLC (Kindred Hospitals)
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Sunrise Senior Living
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Genesis HealthCare
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Home Instead, Inc.
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GGNSC Holdings LLC