What are the latest figures on the geriatric care services market’s size and projected CAGR?
The geriatric care services market size has grown strongly in recent years. It will grow from $1076.85 billion in 2024 to $1156.62 billion in 2025 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to an increase in disorders, increased government initiatives, an increasing geriatric population, an increasing prevalence of obesity, and a rising prevalence of chronic health conditions.
The geriatric care services market size is expected to see strong growth in the next few years. It will grow to $1519.57 billion in 2029 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to an increase in the number of medical facilities, a rise in dementia cases, increasing personalized care plans, increasing demand for home-based care services, and rising palliative and hospice care. Major trends in the forecast period include innovations in medical technology and healthcare delivery systems, remote consultations and monitoring, product developments, advancements in healthcare technology, artificial intelligence in wearable devices, and rising partnerships.
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How have varous drivers impacted the growth of the geriatric care services market?
The increasing prevalence of chronic diseases is expected to propel the growth of the geriatric care services market going forward. Chronic diseases refer to long-term health conditions that persist over an extended period, often requiring ongoing management and treatment as they are generally not curable. Chronic disease rates are rising due to several interconnected factors, such as an aging population, unhealthy lifestyles, and the accessibility and infrastructure of healthcare. Geriatric care services are essential in improving the quality of life for senior citizens with long-term medical conditions because they offer comprehensive, patient-centered care that takes into account their functional, psychological, and medical requirements. For instance, in January 2023, according to the National Library of Medicine, a US-based biomedical library, the number of people 50 years of age and older who have at least one chronic illness is predicted to rise from 71.522 million in 2020 to 142.66 million in 2050, representing a 99.5% increase. Simultaneously, it is anticipated that the number of people with multimorbidity is going to grow from 7.83 million in 2020 to 14.97 million in 2050, marking a 91.16% increase. Therefore, the increasing prevalence of chronic diseases is driving the geriatric care services market.
What are the primary segments of the geriatric care services market?
The geriatric care services market covered in this report is segmented –
1) By Type: Homecare, Healthcare, Institutional Care Centers, Non-Medical Health Care, Hospital Based Care, Assisted Living, Independent Senior Living, Rehabilitative Care Services
2) By Age Group: 65 To 70 Years, 70 To 75 Years, 75 To 80 Years, More Than 80 Years
3) By Application: Respiratory Diseases, Diabetes, Osteoporosis, Other Applications
4) By End User: Institutional Care Services, Nursing Homes, Rehabilitation Centers, Hospitals
Subsegments:
1) By Homecare: Personal Care Services ( Bathing, Dressing), Companionship Services, Home Health Aide Services, Nursing Care Services At Home, Physical Therapy And Rehabilitation At Home, Chronic Disease Management At Home
2) By Healthcare: In-Home Medical Care ( Physician Visits), Telehealth And Telemedicine For Seniors, Geriatric Nursing Services, Palliative And Hospice Care, Elderly Vaccination And Preventive Health Services, Geriatric Health Screenings And Assessments
3) By Institutional Care Centers: Nursing Homes, Long-Term Care Facilities, Memory Care Units (For Alzheimer’s Or Dementia Patients), Skilled Nursing Facilities (Snfs), Rehabilitation Centers, Geriatric Psychiatric Care Institutions
4) By Non-Medical Health Care: Assistance With Daily Living Activities ( Meal Preparation, Housekeeping), Elderly Transportation Services, Companion Care Services, Caregiver Support And Respite Care, Home Safety And Accessibility Modifications
5) By Hospital-Based Care: Acute Geriatric Care, Geriatric Emergency Care Services, Geriatric Surgery Services, Inpatient Rehabilitation Services, Palliative Care And Pain Management In Hospitals
6) By Assisted Living: Independent Living With Assistance, Memory Care Assisted Living, 24/7 Supervision And Personal Care Assistance, Community-Based Assisted Living Centers, Medication Management And Assistance
7) By Independent Senior Living: Senior Apartments And Housing Communities, Age-Restricted Independent Living Communities, Senior Retirement Communities, Community Socialization And Recreation Services, Maintenance-free Living For Seniors, Active Lifestyle Programs For Seniors
8) By Rehabilitative Care Services: Physical Therapy And Occupational Therapy, Post-Surgery Recovery Services, Speech And Language Therapy, Cardiac And Stroke Rehabilitation, Inpatient And Outpatient Rehabilitation Services, Sports Medicine And Injury Recovery
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Which firms are leading the geriatric care services market?
Major companies operating in the geriatric care services market are Home Instead Senior Care Incorporated, Pfizer Inc., F. Hoffmann-La Roche AG, Merck & Co. Inc., Bristol-Myers Squibb Company, Allergan Inc., Regeneron Pharmaceuticals Inc., Quest Diagnostics Incorporated, Juniper Networks US, Genesis HealthCare Corporation, Kindred Healthcare Incorporated, Benesse Holdings Inc., Brookdale Senior Living Incorporated, Endo Pharmaceuticals Inc., Amedisys Incorporated, Sunrise Senior Living Incorporated, Active Day Inc., NMC ProVita International Medical Centre Ltd., Econ Healthcare Group, Living Assistance Services Inc., Rosewood Care Group Inc., St Luke’s ElderCare Ltd., Epoch Elder Care Private Limited, LivHOME, GGNSC Holdings LLC
How will industry trends affect the trajectory of the geriatric care services market?
Major companies operating in the geriatric care services market are focusing on developing innovative technologies, such as AI-powered assistant services, to enable users to effectively care for the elderly. AI-driven assistants for elderly care are technology-based solutions that utilize artificial intelligence (AI) to support and enhance the well-being, health, and daily living activities of older adults. For instance, in November 2022, Iveda Solutions, a US-based technology company that specializes in cloud video AI surveillance and analytics, launched IvedaCare, an AI-driven assistant designed for safety, security, and elderly care. This innovative technology utilizes predictive software to reduce false alarms and provide peace of mind to caregivers by learning users’ lifestyle preferences to make intelligent security and health decisions. The system uses sensors strategically placed in the patient’s home to monitor their lifestyle, enabling close monitoring without the need for intrusive cameras.
Which geographic trends are shaping the geriatric care services market, and which region has the highest market share?
North America was the largest region in the geriatric care services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the geriatric care services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Geriatric Care Services Market Report 2025 Offer?
The geriatric care services market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Geriatric care services encompass a range of specialized healthcare and support services tailored to meet the unique needs of elderly individuals. These services often include medical care, assistance with daily activities, social engagement programs, and support for caregivers.
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