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Geriatric Care Services Market By Service (Home Care, Adult Day Care, Institutional Care, Nursing Homes, Hospitals, Assisted Living, Independent Senior Living); By Service Provider (Public, Private); By Payment Source (Public Insurance, Private Insurance, Out-of-Pocket, Other Payment Sources); By Age Group (65-70 Years, 71-75 Years, 76-80 Years, 81-85 Years, 86-90 Years, Above 91 Years); By Application (High Blood Pressure, Alzheimer’s/Dementias, Depression, Diabetes, Other Applications) – Growth, Share, Opportunities & Competitive Analysis, 2024 – 2032

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Published: | Report ID: 6521 | Report Format : PDF
REPORT ATTRIBUTE DETAILS
Historical Period 2019-2022
Base Year 2023
Forecast Period 2024-2032
Geriatric Care Services Market Size 2024 USD 1024 million
Geriatric Care Services Market, CAGR 6.3%
Geriatric Care Services Market Size 2032 USD 1669.42 million

Market Overview:

The Geriatric Care Services Market is projected to grow from USD 1024 million in 2024 to an estimated USD 1669.42 million by 2032, with a compound annual growth rate (CAGR) of 6.3% from 2024 to 2032.

Several factors are propelling the growth of the geriatric care services market. Key drivers include the rising incidence of age-related diseases such as dementia, Alzheimer’s, and chronic illnesses, which necessitate specialized healthcare and caregiving services. Moreover, the shift towards home-based care solutions for improved comfort and cost-effectiveness has intensified the demand for geriatric care providers. The increasing availability of skilled professionals in geriatric care is also a significant driver, enabling better quality services for elderly patients. Additionally, technological advancements, such as remote patient monitoring, telemedicine, and AI-driven health tracking, have enhanced care delivery efficiency and are expected to remain strong influences in the market. Finally, favorable government policies supporting long-term care, coupled with an increase in insurance coverage for elderly care, further encourage the expansion of this market.

North America dominates the geriatric care services market, largely attributed to its well-established healthcare infrastructure, high healthcare spending, and a significant aging population. The United States, in particular, shows a strong demand for assisted living facilities and home healthcare services. Europe follows closely, with countries like Germany and the United Kingdom witnessing steady growth due to improved healthcare accessibility and rising awareness of geriatric care options. The Asia-Pacific region is also emerging as a promising market, driven by a growing elderly population in countries such as Japan and China, increased healthcare investments, and the rising adoption of advanced care technologies. Additionally, Latin America and the Middle East are gradually expanding their geriatric care services, supported by improving healthcare infrastructure and a focus on elderly care in regional healthcare strategies.

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Market Drivers:

Increasing Elderly Population and Age-Related Health Issues:

A primary driver for the expansion of the geriatric care services market is the rapidly growing elderly population worldwide. As life expectancy increases, more individuals live longer and require various forms of healthcare support. For instance, the World Health Organization estimates that by 2050, the global population aged 60 and above will reach 2.1 billion, up from just over 1 billion today. With this growth comes a rising prevalence of age-related health conditions such as arthritis, cardiovascular diseases, and neurodegenerative disorders like Alzheimer’s and dementia. These health challenges necessitate specialized care services, ranging from assisted living and nursing care to home healthcare, prompting healthcare providers to expand their geriatric care offerings. This demographic shift fuels market demand, as families and individuals seek comprehensive, high-quality solutions to address the needs of elderly family members.

Technological Advancements in Elderly Care:

Technology has become a vital enabler of growth within the geriatric care services market. Innovations in medical technology, including remote patient monitoring, wearable devices, and telehealth platforms, have significantly enhanced the quality and accessibility of elderly care. Remote monitoring solutions enable continuous observation of elderly patients’ health status, minimizing the need for frequent hospital visits and enabling early detection of health issues. Additionally, telehealth has opened new avenues for virtual consultations, ensuring elderly individuals in remote or underserved areas have access to medical expertise. Artificial intelligence (AI) and data analytics play a growing role in predicting and managing health risks associated with aging, allowing caregivers and healthcare providers to deliver personalized care. These advancements not only improve patient outcomes but also reduce the cost and logistical challenges associated with traditional in-person care.

Shift Towards Home-Based Care:

A shift toward home-based care services is another significant factor driving the market. Many elderly individuals prefer the comfort and familiarity of their own homes, which has led to an increased demand for in-home caregiving services. Home-based care offers several benefits, including personalized attention, increased comfort, and often a lower cost compared to institutionalized care settings. This trend is supported by the expansion of mobile healthcare services and in-home medical equipment, allowing patients to receive a wide range of medical services without needing to relocate. Additionally, family members are more likely to be involved in the care process at home, contributing to improved emotional well-being for elderly individuals. This preference for home-based care aligns with broader healthcare trends, making it a sustainable and scalable solution for the growing geriatric population.

Favorable Government Policies and Insurance Coverage:

Supportive government policies and insurance coverage expansions are also major drivers in the geriatric care services market. Many governments recognize the importance of supporting the aging population and have introduced policies to improve access to elderly care services. For instance, in countries like the United States, the Affordable Care Act has provisions that assist in financing long-term care for older adults. In Europe, similar policies encourage the provision of quality care for the elderly across both public and private sectors. Furthermore, the increasing availability of insurance plans that cover geriatric care services reduces the financial burden on families, making high-quality care more accessible. This regulatory and financial support underscores the market’s growth by ensuring elderly individuals receive the care they need without prohibitive costs.Top of FormBottom of Form

Market Trends:

Rising Demand for Telehealth and Remote Monitoring:

The integration of telehealth and remote monitoring has become a defining trend within the geriatric care services market. With advancements in digital health technologies, healthcare providers can remotely monitor elderly patients’ vital signs, medication adherence, and overall health status in real time. This capability minimizes the need for frequent hospital visits, a particularly appealing feature for elderly individuals with mobility challenges. The COVID-19 pandemic accelerated the adoption of telehealth, showcasing its effectiveness in elderly care, and many providers now continue to offer remote services. As telehealth technology becomes more sophisticated, with options like wearable devices and AI-driven health alerts, its role in supporting geriatric care is expected to grow further.

Personalized Care Plans and Holistic Wellness Approaches:

A shift toward personalized care plans and holistic wellness is also shaping the geriatric care services market. Providers are increasingly focusing on comprehensive, individualized care plans that consider not only the medical but also the emotional and social well-being of elderly individuals. This trend acknowledges that aging affects multiple aspects of life, and addressing these holistically can lead to better outcomes and enhanced quality of life. Wellness services, including mental health support, physical therapy, and recreational activities, are being incorporated into many geriatric care programs. Moreover, personalized care plans that consider each individual’s unique health history, lifestyle preferences, and family dynamics are gaining popularity. This holistic, patient-centered approach aligns with the broader shift in healthcare toward individualized treatment strategies.

Growth of Home Healthcare and Assisted Living Services:

The demand for home healthcare and assisted living options continues to rise. For instance, according to the Centers for Disease Control and Prevention (CDC), there are approximately 30,600 residential care communities in the United States, providing nearly 1.2 million licensed beds. This substantial number reflects the growing preference for assisted living facilities, which offer a middle ground between home care and nursing homes. These communities provide a supportive environment with varying levels of care, allowing elderly individuals more choice and control over their living arrangements while receiving necessary support. The trend towards home-based and community-based care options highlights the market’s responsiveness to the desires of many older adults who prefer to age in familiar environments with access to personalized care services.

Focus on Technological Integration and Smart Infrastructure:

Technological integration in geriatric care is a trend that continues to drive the market forward. Smart infrastructure, including sensor-based monitoring systems, AI-powered diagnostics, and automated caregiving robots, is transforming elderly care facilities and home environments alike. These technologies not only improve the safety and independence of elderly individuals but also alleviate the workload on caregivers. For instance, smart home systems equipped with emergency alert functions and motion sensors enhance safety in assisted living and home care settings. As healthcare technology continues to advance, the integration of smart systems into geriatric care is expected to grow, offering more efficient, responsive, and adaptive care solutions for the aging population. The focus on technology-driven solutions reflects the market’s commitment to leveraging innovation to enhance elderly care quality and accessibility.

Market Restraints and Challenges:

High Costs of Geriatric Care Services:

One of the primary restraints in the geriatric care services market is the high cost associated with long-term care for the elderly. Services such as nursing home care, assisted living, and home healthcare involve significant expenses, often surpassing what families or individuals can afford, especially when insurance coverage is limited. Many elderly individuals require extended care periods, increasing the financial burden on families. Additionally, advanced technologies like remote monitoring and telehealth, while beneficial, add to the cost structure, making it challenging for economically disadvantaged individuals to access high-quality care. This cost barrier restricts market growth, particularly in regions with limited government support or insurance coverage for geriatric services.

Shortage of Skilled Healthcare Professionals:

The shortage of trained and experienced healthcare professionals in geriatric care is another significant challenge. Caring for elderly individuals, especially those with chronic illnesses or cognitive impairments, requires specialized skills and training. However, there is a global shortage of healthcare workers who specialize in geriatrics, a gap that is widening as the demand for these services increases. High turnover rates in caregiving professions due to stress, low wages, and demanding work conditions further exacerbate this issue. This shortage affects the quality of care and limits the capacity of geriatric care facilities to accommodate more patients, hindering the market’s growth potential.

Cultural and Social Barriers:

Cultural and social factors can also impede the adoption of geriatric care services. In many regions, cultural norms and traditions favor family-based elderly care over institutionalized or professional care. This trend is particularly strong in Asia, the Middle East, and parts of Latin America, where families often prefer to care for elderly relatives within the home. Such cultural preferences can limit the demand for professional geriatric services, especially in emerging markets, slowing market growth and expansion. This restraint underscores the need for increased awareness and education on the benefits and accessibility of professional geriatric care services across diverse cultural contexts.

Market Segmentation Analysis:

The Geriatric Care Services Market is segmented by service, service provider, payment source, age group, and application.

By service, the market includes home care, adult day care, and institutional care services such as nursing homes, hospitals, assisted living, and independent senior living. Home care services are increasingly popular due to patient comfort and cost-effectiveness, while institutional care continues to meet the needs of patients requiring intensive care.

By service providers, both public and private entities are active, with private providers often offering more specialized, tailored care options. However, public providers remain essential, especially in regions with extensive government support for elderly care.

By payment source segment is divided into public insurance, private insurance, out-of-pocket expenses, and other payment methods. Public insurance schemes such as Medicare and Medicaid in the U.S. and similar programs worldwide are crucial in making geriatric care accessible, while private insurance and out-of-pocket payments contribute significantly to funding in countries with limited public health coverage.

By age group, the market serves individuals aged 65-70, 71-75, 76-80, 81-85, 86-90, and above 91. The 76-80 and 81-85 age groups account for a substantial portion of the market, as they often have higher care needs due to age-related health challenges.

By Applications include managing high blood pressure, Alzheimer’s/dementias, depression, diabetes, and other age-related conditions, highlighting the sector’s role in treating prevalent geriatric health issues. This segmentation reflects the market’s diverse offerings, addressing varied care needs of the elderly.

Segmentation:

By Service

  • Home care
  • Adult day care
  • Institutional care
    • Nursing homes
    • Hospitals
    • Assisted living
    • Independent senior living

By Service Provider

  • Public
  • Private

By Payment Source

  • Public insurance
  • Private insurance
  • Out-of-pocket
  • Other payment sources

By Age Group

  • 65-70 years
  • 71-75 years
  • 76-80 years
  • 81-85 years
  • 86-90 years
  • Above 91 years

By Application

  • High blood pressure
  • Alzheimer’s/dementias
  • Depression
  • Diabetes
  • Other applications

By Regional

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • South-east Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of the Middle East and Africa

Regional Analysis:

North America

North America holds a dominant position in the geriatric care services market, capturing a substantial market share of approximately 40%. The region’s large aging population, particularly in the United States, drives high demand for diverse elderly care services, including home healthcare, nursing homes, and assisted living facilities. The advanced healthcare infrastructure, combined with high healthcare spending and supportive government programs such as Medicare and Medicaid, enhances access to quality geriatric care. Additionally, the strong presence of private healthcare providers and increasing adoption of technology in elderly care are further boosting market growth. Canada also contributes significantly to the regional market, with an increasing focus on home healthcare and community-based care solutions for elderly individuals.

Europe

Europe is the second-largest market, accounting for roughly 25% of the global geriatric care services market share. Countries like Germany, the United Kingdom, France, and Italy are at the forefront, supported by comprehensive public healthcare systems and an aging population that is expected to grow rapidly in the coming years. European governments’ initiatives to support elderly care, including subsidies and insurance coverage, drive market expansion. The region also shows a notable trend toward assisted living and nursing homes, particularly in Western Europe. Additionally, rising awareness and acceptance of professional geriatric care services, coupled with technological advancements in elderly care, continue to support market growth across Europe.

Asia-Pacific

The Asia-Pacific region is experiencing the fastest growth in the geriatric care services market, with a share of around 20%. Countries such as Japan, China, and India are significant contributors, driven by a rapidly aging population and increasing healthcare investments. Japan, in particular, has one of the world’s highest proportions of elderly citizens, making it a leading market for geriatric care services in the region. Technological integration in healthcare, such as telemedicine and AI-driven care solutions, is increasingly adopted in countries like China to meet the growing demand. Government programs in countries like Australia and Singapore, aimed at improving elderly care services, further support the region’s market expansion. This growth is expected to continue as the region faces a sharp rise in elderly demographics.

Latin America, Middle East, and Africa

Latin America, the Middle East, and Africa collectively represent around 15% of the global geriatric care services market. While these regions currently have a smaller market share, they are gradually expanding due to improving healthcare infrastructure and a growing elderly population. In Latin America, countries like Brazil and Mexico are investing in long-term care facilities and home healthcare services. The Middle East and Africa are also showing growth potential, particularly in affluent regions like the UAE and Saudi Arabia, where government initiatives aim to enhance elderly care facilities. However, limited healthcare infrastructure and lower awareness about geriatric care services pose challenges to more rapid expansion in these regions. Nonetheless, ongoing developments suggest steady growth as these markets evolve.

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Key Player Analysis:

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

Competitive Analysis:

The Geriatric Care Services Market is highly competitive, with numerous players striving to meet the growing demand for elderly care. Key competitors include Genesis Healthcare, Brookdale Senior Living, Amedisys Inc., and Sunrise Senior Living, each offering diverse services such as home healthcare, nursing homes, and assisted living facilities. Companies are focusing on expanding their service portfolios and geographic reach to strengthen market positioning. Strategic initiatives, including mergers, acquisitions, and partnerships, are common as providers aim to consolidate market share and leverage synergies. Technological integration is also a critical competitive factor, with companies investing in telehealth, remote monitoring, and AI-driven healthcare solutions to enhance patient outcomes and differentiate their services. Furthermore, the market sees strong competition between public and private providers, with private entities increasingly capturing a share through specialized, personalized care offerings. The competitive landscape is defined by the need for innovative, high-quality services that cater to the complex needs of an aging population.

Recent Developments:

  • In January 2023, Genesis Healthcare Inc. announced plans to expand its operations by adding 34 nursing homes across Pennsylvania. This strategic move is expected to strengthen the company’s market presence and support revenue growth.
  • In March 2022, Alexion, AstraZeneca’s Rare Disease group, finalized a global collaboration and licensing agreement with Neurimmune AG for NI006, an investigational human monoclonal antibody currently in Phase Ib development for treating transthyretin amyloid cardiomyopathy (ATTR-CM). ATTR-CM is an underdiagnosed systemic condition that leads to progressive heart failure, with a high fatality rate within four years of diagnosis.
  • In January 2022, Century Therapeutics and Bristol Myers Squibb announced a research collaboration and licensing agreement to develop and commercialize up to four programs using induced pluripotent stem cell (iPSC)-derived, engineered natural killer (iNK) and/or T cell (iT) therapies for hematologic malignancies and solid tumors. The initial two programs target acute myeloid leukemia and multiple myeloma, potentially utilizing either the iNK or a gamma delta iT platform. Under the agreement, Bristol Myers Squibb has the option to add two additional programs, subject to certain conditions with Century Therapeutics.

Market Concentration & Characteristics:

The Geriatric Care Services Market is moderately fragmented, with a mix of large, well-established providers and smaller, specialized companies. Key players, such as Genesis Healthcare and Brookdale Senior Living, hold significant market shares due to their extensive service offerings and geographic reach. However, smaller providers and regional companies also contribute notably, especially in home healthcare and adult day care services, reflecting a diverse competitive environment. Characteristics of the market include a high demand for personalized and quality-driven services, fueled by a growing elderly population and increasing prevalence of chronic diseases. The market is also marked by an evolving trend toward home-based and community care, allowing elderly individuals greater independence. Technological adoption, particularly in telemedicine, remote monitoring, and AI, is becoming essential for companies to remain competitive. Government policies and reimbursement frameworks play a substantial role in shaping market accessibility, further influencing the overall market structure and dynamics.

Report Coverage:

The research report offers an in-depth analysis based on By Service, By Service Provider, By Payment Source, By Age Group and By Application. It details leading market players, providing an overview of their business, product offerings, investments, revenue streams, and key applications. Additionally, the report includes insights into the competitive environment, SWOT analysis, current market trends, as well as the primary drivers and constraints. Furthermore, it discusses various factors that have driven market expansion in recent years. The report also explores market dynamics, regulatory scenarios, and technological advancements that are shaping the industry. It assesses the impact of external factors and global economic changes on market growth. Lastly, it provides strategic recommendations for new entrants and established companies to navigate the complexities of the market.

Future Outlook:

  1. Rising global elderly population will continue to drive demand for diverse geriatric care services across all regions.
  2. Increasing prevalence of age-related chronic diseases will heighten the need for specialized healthcare services and facilities.
  3. Expansion of home healthcare services will offer cost-effective and comfortable alternatives to institutional care.
  4. Technological advancements, like AI and telehealth, will enhance service quality, remote care capabilities, and patient monitoring.
  5. Increased government funding and favorable policies will support market expansion, particularly in North America and Europe.
  6. Emerging markets in Asia-Pacific and Latin America are anticipated to grow rapidly due to a rising aging population and healthcare investments.
  7. The market will see a shift towards personalized, holistic care, focusing on wellness and quality of life.
  8. Private insurers are likely to increase coverage options, making geriatric care more accessible for broader demographics.
  9. Collaborations and mergers among providers will intensify as companies strive to broaden service portfolios and geographic reach.
  10. Skilled workforce shortages may pose challenges, driving further investment in training and technology-assisted care solutions.

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Frequently Asked Questions

What is the projected growth rate of the Geriatric Care Services Market?

The market is expected to grow at a CAGR of 6.3% from 2024 to 2032, reaching an estimated USD 1669.42 million by 2032.

What factors are driving growth in this market?

Key drivers include the rising incidence of age-related diseases, demand for home-based care solutions, increased availability of skilled professionals, technological advancements, and favorable government policies.

Which region holds the largest share in the geriatric care market?

North America leads the market due to a well-established healthcare infrastructure, high healthcare spending, and a significant aging population.

What challenges does the geriatric care services market face?

Key challenges include high service costs, a shortage of skilled professionals, and cultural preferences for family-based care in certain regions.

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