As our population continues to age, the demand for specialized care for the elderly is increasing. Geriatric Care Services Market play a vital role in ensuring the well-being and quality of life for older adults. These services offer a range of support, from healthcare management to emotional and social assistance. In this blog post, we will explore the significance of geriatric care services and the positive impact they have on seniors’ lives.
Geriatric care services provide comprehensive healthcare management tailored to the unique needs of older adults. Skilled professionals, such as geriatricians and nurses, offer preventive care, chronic disease management, medication management, and coordination of various medical specialists. This integrated approach ensures seniors receive appropriate medical attention, reducing the risk of complications and improving overall health outcomes.
The Geriatric Care Services Market is expected to grow quickly, with a CAGR of 6%, to reach US$ 954 million by 2032, according to a recent report by FMI. A growing elderly population and greater knowledge of healthcare facilities for senior patients are expected to drive growth in the market for geriatric care services over the course of the projected period.
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Geriatric care services develop personalized care plans that address the physical, emotional, and social aspects of seniors’ lives. These plans consider the individual’s medical history, cognitive abilities, and lifestyle preferences. By tailoring care to meet specific needs, geriatric care services enhance the overall well-being of older adults, promoting independence and dignity.
Key Takeaways from the Market Study:
- Global geriatric care services market to be valued at US$ 534 Million by 2022-end
- The U.S to account for the highest value share of US$ 332.5 Million of global market demand for geriatric care services in 2032
- From 2017 to 2021, geriatric care services demand expanded at a CAGR of 10.5%
- By service, the adult day care category constitutes the bulk of geriatric care services market with a CAGR of 6.9%.
- By application, geriatric care services for diabetes to witness maximum growth, at a CAGR of 6.8%
- Global market for geriatric care services to flourish 1.8x from 2022 to 2032
“Governments are taking several initiatives to provide easily accessible and affordable social care services to the elderly population. This, in confluence with the introduction of favorable reimbursement policies, is contributing to the market growth,” remarks an FMI analyst.
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Competitive Landscape:
Players in the global Geriatric Care Services Market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:
- In March 2022, Alexion, AstraZeneca’s Rare Disease group, has closed an exclusive global collaboration and licence agreement with Neurimmune AG for NI006, an investigational human monoclonal antibody currently in Phase Ib development for the treatment of transthyretin amyloid cardiomyopathy (ATTR-CM), an underdiagnosed, systemic condition that leads to progressive heart failure and high rate of fatality within four years from diagnosis.
- In January 2022, Century Therapeutics and Bristol Myers Squibb announced a research collaboration and license agreement (the “agreement”) to develop and commercialize up to four induced pluripotent stem cell (“iPSC”) derived, engineered natural killer cell (“iNK”) and / or T cell (“iT”) programs for hematologic malignancies and solid tumors. The first two programs include a program in acute myeloid leukemia and a program in multiple myeloma, which could incorporate either the iNK or a gamma delta iT platform.
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By Key Players:
- Endo Pharmaceuticals Inc.
- Merck & Co. Inc.
- AstraZeneca PLC
- Pfizer Inc.
- Allergan Inc.
- Bristol-Myers Squibb Company
- Regeneron Pharmaceuticals Inc.
- AstraZeneca PLC
- F. Hoffmann-La Roche AG
- Octapharma AG
- Epoch Elder Care
- St Luke’s ElderCare Ltd.
- Korian Group
- ProVita International Medical Center
Key Segments Covered In The Geriatric Care Services Market Report
Geriatric Care Services Market by Service:
- Home Geriatric Care Services
- Adult Geriatric Day Care Service
- Institutional Geriatric Care Services
Geriatric Care Services Market by Payment Source:
- Geriatric Care Services Payment via Public Insurance
- Geriatric Care Services Payment via Private Insurance
- Out-of-Pocket Geriatric Care Services Payment
- Geriatric Care Services Payment via Other Sources
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Geriatric Care Services Market by Application:
- Geriatric Care Services for Respiratory Diseases
- Geriatric Care Services for Diabetes
- Geriatric Care Services for Heart Diseases
- Geriatric Care Services for Neurological Diseases
- Geriatric Care Services for Kidney Diseases
- Geriatric Care Services for Cancer
- Geriatric Care Services for Other Applications
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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