The global geriatric care services market was valued at USD 560.4 billion in 2012 and is expected to grow at a CAGR of 5.9% from 2013 to 2019, to reach an estimated value of USD 850.0 billion by 2019.
Albany, NY -- (SBWIRE) -- 08/29/2016 -- Geriatric care services encompass providing care for the elderly who are facing chronic physical conditions or other diseases and disorders. These services comprise a wide range of personal care, health care, and other services to meet the requirements of older adults who are limited for self-care owing to chronic illness, injury, mental, physical, and cognitive disability or any other health-related disorders. Geriatric care services also offer assistance with daily activities such as bathing, dressing, grooming, eating, and other activities, including medication management and house work.
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The growing geriatric population intending to live independently is the major factor propelling the global geriatric care services market. In addition, the changing family structure and technological developments are projected to boost the demand for geriatric care services throughout the forecast period. However, a shortage in the geriatric care workforce and high spending requirement are estimated to curtail the growth of the global geriatric care services market in the next few years.
The global geriatric care services market can be classified broadly on the basis of product type into home care services, adult daycare services, and institutional care services. In 2012, the institutional care services segment accounted for the largest share in the overall geriatric care services market. Nevertheless, the home care services segment is anticipated to witness fast-paced growth in the near future. The convenience of home and cost-efficiency are the major factors bolstering the growth of the home care services segment. In addition, the absence of other options including nursing homes in several emerging nations is expected to contribute substantially towards the growth of the home care services segment in the next few years.
The global geriatric care services market can be divided on the basis of geography into North America, Europe, Asia Pacific, and Rest of the World. In 2012, North America accounted for the largest share in the global geriatric care services market, closely followed by Europe. North America and Europe are projected to remain in the leading position in the next few years.
The Asia Pacific and Rest of the World geriatric care services markets are in a nascent stage and are expected to witness the emergence of significant growth prospects with further product developments and medical infrastructure. Nevertheless, in Asia Pacific, the China market for geriatric care services is witnessing substantial growth and is expected to be one of the most lucrative markets in the coming years. The approval given by the government for private investments in the China's geriatric care services market is driving the overall market.
The prominent players in the global geriatric care services market include Skilled Healthcare Group Inc., Brookdale Senior Living Inc., Kindred Healthcare Inc., Gentiva Health Services Inc., Sunrise Senior Living LLC, Extendicare Health Services Inc., Genesis HealthCare LLC, Amedisys Inc., Senior Care Centers of America, and Home Instead Senior Care Inc. Detailed profiles of these players have been discussed in the research report.
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