Geriatric Care Services Market Demand, Insights and Forecast up to 2028
                     Geriatric Care Services Market: Introduction
According to the report, the global geriatric care services market was valued at US$ 0.4 Bn
in 2020. It is projected to expand at a CAGR of 5.3% from 2021 to 2028. The proportion of
geriatric population among the total population continues to rise and is the single largest
driver  of  the  global  geriatric  care  services  market.  Changing  family  structure  in  most
developed countries has led to a decline in the time family caregivers can provide. This has
been a crucial factor driving the geriatric care services market.
Industrial development and improved job opportunities in emerging nations of Asia Pacific
have  caused  more  people  to  work  away  from  their  homes.  This  has  further  led  to
unavailability  of  family  caregivers,  which is  boosting formal  care providers.  Moreover,  a
large fraction of geriatric population, currently, wishes to continue their professional lives
but  require  moderate  support  from care  services.  The  market  in  Asia  Pacific  has  been
expanding and the geriatric care business in the region is estimated to expand in the next
few years.
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Rise in Geriatric Population in Asia Pacific to Drive Geriatric Care Services Market
Increasing geriatric population in Asia Pacific is one of the major factors driving the market.
The number of geriatric people in Asia Pacific is rising at significant pace, and the region at
the forefront of the global phenomenon of aging population. As per the recent research
article, the geriatric population in Asia Pacific is slated to reach around 1.3 billion by 2050.
Growing life expectancy, declining fertility rates, and geriatric care services are key drivers
of aging population in some countries across APAC.
As per the World Health Organization, the proportion of people aged 60 years or above was
around 9% in 2017, and it is projected to augment to more than 13% and 20% by 2030 and
2050, respectively. Health concerns among elders include mental health, non-communicable
diseases, and injuries. Demand for these services that could diagnose, evaluate and manage
clinical comorbidities is rising as the number of geriatric people rises. Thus, countries in the
region  are  focusing  access  to  health  facilities  without  financial  burden  for  all  geriatric
people.
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Institutional Care Services Segment to Dominate Global Market
Based on type, the global geriatric care services market has been classified into home care
services,  adult  daycare  services,  and  institutional  care  services.  The  institutional  care
services  segment  accounted for  a  prominent  share  of  the  global  geriatric  care  services
market,  while  the home care  services segment is  estimated to expand at  a  rapid pace,
among all the segments, during the forecast period.
The freedom to stay at home and cost containment are prime reasons attributed to the high
share held by the emergence of home care services segment in the overall geriatric care
services market.  Home care services provide unique advantages  such as  less  expensive,
desired stay at home, and more independence, which is boosting the global geriatric care
services market at a steady pace. The shortage of other available options such as nursing
homes and assisted living communities in developing regions is also propelling the global
geriatric home care services market.
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North America to Lead Global Market
In terms of region, the global geriatric care services market has been segmented into North
America,  Europe,  Asia  Pacific,  Latin  America,  and  Middle  East  &  Africa.  North  America
dominated the global geriatric care services market in 2020, followed by Asia Pacific.
Major  factors  attributing  to  its  large  share  include  the  constant  development  of
reimbursement  policies  coupled  with  the  presence  of  wide  varieties  of  long-term  care
centers  throughout  the  U.S.  Europe  on  account  of  the  presence  of  a  large  geriatric
population, especially in the Western regions is expected to follow North America, in terms
of  share of  the global  market,  during the forecast  period.  However,  the market  in Asia
Pacific is anticipated to expand at a rapid pace during the forecast period.
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Competition Landscape
The global geriatric care services market is fragmented in terms of number of players. Key
players in the global market include Brookdale Senior Living, Inc., Extendicare, Inc., Genesis
HealthCare Corp., Gentiva Health Services, Inc., GGNSC Holdings, Home Instead Senior Care,
Inc., Kindred Healthcare, Inc., Senior Care Centers of America, Skilled Healthcare Group, Inc.,
and Sunrise Senior Living, Inc.
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