Geriatric Care Services Market By Service Type (Skilled Nursing Care Facilities, Home Healthcare Services, Social Services, Continuing Care Retirement Communities, Assisted Living Facilities), By Service Provider (For-profit, Non-profit), By Payment Source (Public Expenditure, Private Expenditure, Out Of Pocket) - Growth, Share, Opportunities & Competitive Analysis, 2018 – 2026

Industry Outlook

The global geriatric population is rising at an unprecedented rate. The pool population aged 60 years and older is anticipated to double until 2050 and more than triple by 2100 (rising from 962 million in 2017 to 2.1 billion in 2050 and 3.1 billion in 2100). The aging of the population has far-reaching consequences in terms of disease burden as well as social and healthcare systems. Currently, elderly care systems worldwide are observed to be underprepared to address the increasing demand from this age group, including those in high-income countries. Countries are facing a caregiving cliff for the geriatric population. In the United States, unpaid family caregivers are observed to provide the highest level of assistance to chronically disabled individuals aged 65 and above who prefer to live in communities rather than specialized care facilities.

It is also reported that in 2013, about four of every ten American adults identified themselves as primary caregivers. This figure is expected to rise further as the baby boom generation retires. Aging is a further and more aggravated problem in the middle- and low-income countries. For instance, in China, the world's biggest developing economy, the burden of the geriatric population is exponential. In 2011 alone, 32% of the senescent population aged 60 and above reported poor health, 38% had difficulty in daily living, and 23% lived below the poverty line. Furthermore, the tradition of keeping the elderly with children and grandchildren rather than in a care facility is also changing. This reflects a shift in social norms brought about by rapid urbanization, the adoption of Western lifestyles, and the one-child policy.

Geriatric care services imply professional advocates for senior and disabled individuals while managing various types of social and health care services in order to meet long-term care needs, maintain independence for as long as possible, and improve quality of life. Geriatric care services also imply an experienced resource for families of the elderly to coordinate health and psychological care with the most suitable milieu of services.

Primary gains in this market are driven by changes in demographics, including the exponential growth of the baby boom generation entering retirement age and an increasing life expectancy. Market growth is further facilitated by changing government regulations and government payments, allowing more flexibility in service and payment options. As the process of providing care services continues to rise, market gains will be derived from increased payments per patient. Conversely, the growth of this market is restrained by reduced affordability and a lack of reimbursements in certain regions.

Market Synopsis

Home Healthcare Services to Progress at the Fastest Growth Rate

In 2017, skilled nursing care facilities accounted for the largest revenue share in the global geriatric care services market. Additionally, the home healthcare services segment will advance at the fastest CAGR during the forecast period to account for over 30% of the global market through 2026. A shift in preference among the elderly population to receive healthcare at home rather than in institutions has played a significant role in this growth. Efforts to reduce inpatient costs are another important value that has prompted hospitals to shift this patient pool to home care, resulting in the emergence of home healthcare services. Regulations supporting reimbursement for home care services are also driving the growth of this segment. Additionally, the social services segment will also witness significant growth during the forecast period, particularly in high-income countries.

Public Expenditure to Remain the Largest Source of Payment in the Global Market

Public expenditure from agencies such as Medicare and Medicaid is the largest payment source in the elder care services market. This segment will also progress at the slowest growth rate during the forecast period from 2018 to 2026. The restrained growth of this segment is attributed to the growing scope of home- and community-based waivers. Out-of-pocket expenditures constitute the fastest and most prominent source of expenditure in the global market due to the restrained support from governments in several countries. Additionally, private insurance will progress at a stable rate during the forecast period as more and more individuals are observed to consistently opt for private insurance to avail of long-term care.

for-profit services to remain the dominant segment during the forecast period

Over 70% of the residential care facilities for the elderly population are private or for-profit institutions, and many of these institutions are part of a national or international chain. In contrast, non-profit facilities and services are owned by groups with professional, charitable, religious, or ethnic affiliations. Ethnic and religious groups are often mission-driven, therefore implying that they have a higher purpose for serving the residents. However, these, too, are businesses and need to perform effective operations and comply with appropriate regulations. Major drawbacks of for-profit care services, such as low staffing levels, high deficiencies observed by public agencies, and causing jeopardy or harm to residents, have urged individuals to opt for non-profit institutions, therefore rendering the fastest market growth to the latter segment.

Asia Pacific to Rapidly Advance Due to a Perpetually Growing Chronic Patient Pool

In 2017, North America was observed as the largest regional market for geriatric services, followed by Europe. The two regions will maintain their dominance through the forecast period from 2018 to 2026. The senior care services market in North America and Europe is well structured and is rapidly developing. Government support in the form of NHS, Medicare, and Medicaid for allowing geriatric individuals to receive long-term care is bringing these regions even more attention. In other parts of the world, the geriatric care services market is still budding, barring exceptions such as Japan, Thailand, and others. The markets of China and India will face a grave situation in terms of geriatric care. The dynamics of the Chinese market are swiftly changing with the perennial growth of an aging population. Therefore, China is estimated to be an attractive market for investment in ventures for geriatric care services.

Periods of History and Forecast

This research report presents the analysis of each considered segment for the period from 2016 to 2026, using 2017 as the base year for estimations. Compounded annual growth rates (CAGRs) for each segment are calculated for the forecast period from 2018 to 2026.

Report Scope by Segments

This report presents an in-depth analysis of the global geriatric services industry in terms of qualitative and quantitative information. The quantitative information in this study includes the market size of each of these considered segments for the period from 2016 to 2026, along with respective CAGRs for the forecast period from 2018 to 2026. The qualitative information presented in the study includes market dynamics such as market drivers, challenges, and opportunities specific to the industry. For the purpose of this study, the global geriatric care services market is studied for the service type, service providers, payment sources, and geography.

This report includes a competitive analysis of the major players engaged in geriatric care services and also includes profiles of such players in terms of business overview, product portfolio, key developments, and financial information. The key players profiled in this report include Extendicare, Inc., Genesis HealthCare Corp., Brookdale Senior Living, Inc., Carewell-Service Co. Ltd., Amedisys, Inc., Gentiva Health Services Incorporated, GGNSC Holdings, LLC, Senior Care Centers of America, Inc., Nichii Gakkan Co. Ltd., United Medicare Pte. Ltd., Rosewood Care Group, and ApnaCare India Pvt. Ltd.

Key questions are answered in this report.

  • What was the size of the global geriatric care services market in 2017, and how will it progress through the forecast period from 2018 to 2026?
  • How prominent is the position of the home care services segment?
  • In which direction will the regulatory environment in high-, middle-and low-income countries progress through the forecast period?
  • Will the non-profit services segment challenge the growth of for-profit institutions?
  • What is the share of public and private expenditures?
  • In line with changing regulations, will the out-of-pocket expenditure segment be affected?
  • What is the market position of the assisted living facilities segment?
  • What is the current situation of China and India's markets in Asia-Pacific?
  • What is the current and future market share of the North American market?
  • What are the key strategic initiatives adopted by market players?

Frequently Asked Questions:

The market for Geriatric Care Services Market is expected to reach US$ XX Mn by 2026.

The Geriatric Care Services Market is expected to see significant CAGR growth over the coming years, at XX%.

The report is forecasted from 2018-2026.

The base year of this report is 2017.

Extendicare, Inc., Genesis HealthCare Corp., Brookdale Senior Living, Inc., Carewell-Service Co. Ltd., Amedisys, Inc., Gentiva Health Services Incorporated, GGNSC Holdings, LLC, Senior Care Centers of America, Inc., Nichii Gakkan Co. Ltd., United Medicare Pte. Ltd., Rosewood Care Group, and ApnaCare India Pvt. Ltd. are some of the major players in the global market.

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Published Date:  Oct 2018
Category:  Medical Devices
Report ID:   59386
Report Format:   PDF
Pages:   120
Rating:    4.4 (56)
Delivery Time: 24 Hours to 48 Hours   
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