Aging increases the risk of chronic diseases such as diabetes, cardiac disorders, arthritis, and respiratory disorders that require continuous monitoring. Also, aging decreases bone density that makes it a challenge for the geriatric population to continuously manage their medical needs and perform their daily activities. Hence, the need for geriatric care services arises, which to a great extent eases the life of the elderly population. Increasing need for continuous health assistance by the elderly population is driving demand for continuing care.
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The global geriatric care services market was valued at US$ 599.6 billion in 2015 and is expected to expand at a CAGR of 4.2% during the forecast period (2016 – 2024).
Figure 1. Global Geriatric Care Services Market Size and Forecast, US$ Million and Y-o-Y Growth (%), 2014–2024
Source: Coherent Market Insights Analysis (2017)
Growing elderly population base driving the growth of geriatric care services market
Population aged 65 years and above is expected to grow more than 60% during the 2015-2030 (U.S. Census Bureau, 2015). The study estimates that the highest growth would be in Asia and Latin America. Africa on the other hand is the youngest region as of 2015 and is expected to remain so in the near future. Therefore, growth of elderly care in respective regions is estimated to follow a similar trend. However, affordability is one factor that would have negative impact on the growth of geriatric care services market in emerging economies such as India, Brazil, and China. Therefore, service providers need to offer cost-effective products in order to attract the relatively cost-sensitive customers in these countries.
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Increasing range of services by geriatric care centers to improve the geriatric care services market outlook
Geriatric care centers has evolved from being mere psychological support to nursing care and supervision. Geriatric care centers have well-trained specialists for different geriatric care needs. Services include health planning, problem-solving, health assessment and monitoring, home-care services, and personal care assistance. Furthermore, the providers of geriatric care services help customers to choose the most appropriate insurance policies as per their individual needs. The geriatric care managers also offer counseling and support, crisis intervention, decisions regarding appropriate housing options, money management, and assistance with moving an elderly to or from different types of housing. LivHome Technology+, by LivHome, Inc., addresses the safety issues, enables social engagement, and medication support. The company has LivHome Connect that includes 24 hour Active Remote Care (ARC) from in-house licensed nurses to the patients in need.
Growing demand for continuing care in the global geriatric care services market
Geriatric care centers provide services include home healthcare, assisted living facilities, adult day care services, continuing care recruitment, and skilled nursing facilities. Skilled nursing facilities and home healthcare are the major revenue contributors for providers, owing to involvement of more time and workforce in these service types. However, demand for continuing care is increasing rapidly. Elderly population is highly prone to injuries, and therefore require continual care. Also, increasing women labor workforce participation has led to increase in demand for continuing care. The continuing care service type segment in the global geriatric care services market is projected to develop at a CAGR of 4.6% during the forecast period (2016-2024).
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