Global Geriatric Care Services Market – Providing Effective Care for Elders
Geriatric care service or management is the process of coordinating and planning care for the elderly and other with physical or/and mental impairments, in order to meet their long-term needs, retain their independence, and enhance their quality of life. Geriatric care services play a major role in advanced healthcare, as it eases the life of the elderly population by offering a wide range of care services. The services provide assistance and end-to-end solutions in lives of the geriatric population.
The global geriatric care services market size was valued at US$ 784.7 million in 2017, and is expected to exhibit a CAGR of 7.9% over the forecast period (2018 – 2026).
Market Dynamics- Drivers
Growing geriatric population prone to the risk of chronic diseases is expected to propel growth of the geriatric care services market
Increasing geriatric population, which is susceptible to chronic disease such as arthritis, diabetes, cardiac disorders, and respiratory disorders that require constant monitoring is expected to drive growth of the global geriatric care services market during the forecast period. According to World Population Prospects in 2017, global population aged 60 years and above was 962 million, which is expected to reach around 2.1 billion by 2050. Globally, population aged 60 or above is increasing faster than other age groups. Furthermore, incidence of age-related diseases such as renal insufficiency and arthritis, metabolic change, Parkinson’s disease, organ failures, and nervous disorders is higher in this population group.
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Moreover, extensive range of geriatric care centers and growing demand for these services is expected to fuel the global geriatric care services market growth over the forecast period. Geriatric care services providers help patients to choose the most appropriate insurance policies as per their individual needs. Moreover, geriatric care managers offer counseling and support, crisis intervention, decisions regarding appropriate housing options, money management, and personal care assistance. For instance, LivHome, Inc. addresses the safety issues, enables social engagement, and medication support. The company has LivHome Connect senior care technology that includes 24 hour active remote care (ARC) from in-house licensed nurses for the patients in need.
Market Dynamics- Restraints
High cost associated with geriatric care services is expected to restrain growth of the global geriatric care services market over the forecast period. This will negatively affect in emerging economies such as India. The average cost of Home Care Aide costs around US$ 40,000 (250 work days/year).
Increasing number of geriatric care agencies and technological advancements in North America is expected to bolster the market growth
Among regions, North America holds dominant position in the global geriatric care service market, owing to increasing number of geriatric care agencies, converging trends of aging population, favorable reimbursement policies, and technological advancements. According to the Centers for Disease Control and Prevention’s Estimates in 2014, a number of patients who received care worldwide was around 4.9 million in 2013, with 12,400 home healthcare agencies in the U.S.
Furtherore, according to the Geriatric Mental Health Foundation, 2018, an estimated four million people in the U.S. suffered from Alzheimer’s disease, or a related form of dementia, out of which nearly 10% were people over the age of 65, and up to 50% were over the age of 85.
Moreover, increase in government expenditure for geriatric welfare combined with increasing geriatric population is expected to bolster the market growth over the forecast period. For instance, according to the National Council of Aging Care, the U.S. government is projected to invest around US$ 1.16 trillion on Medicare by 2027, which is twice the spending in 2016.
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Moreover, key players in the market are focused on expanding their service portfolio and adopting merger, acquisition, and collaboration strategies to enhance their market share. For instance, in 2014, Almost Family, Inc. acquired Medicare-certified home health agency owned by Caldwell Medical Center. Similarly, in January 2019, the newly formed group Arosa+LivHOME acquired Partners in Senior Care. This strategic move was made to expand Arosa+LivHOME’s presence in the northern suburbs of Chicago, U.S.
Major players operating in the global geriatric care service market include , LivHOME, Brookdale Senior Living Solutions, Revera Inc., Senior Care Centers, Amedisys, Genesis HealthCare, Home Instead Senior Care, Extendicare, and Portea Medical.
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