The need for specialised care for the elderly is growing as our population ages. The Geriatric Care Services Market is essential for preserving older people’s wellbeing and quality of life. These services provide a variety of support, including help with managing healthcare and providing emotional and social support. We’ll talk about the importance of geriatric care services and how they improve the lives of elders in this blog post.
Geriatric care services offer complete healthcare administration catered to the special requirements of senior citizens. Geriatricians and nurses are skilled professionals who provide preventive care, chronic illness management, medication administration, and coordination of different medical specialists. This comprehensive strategy guarantees seniors receive the proper medical care, lowering the risk of problems and enhancing overall outcomes.
According to a recent analysis by FMI, the Geriatric Care Services Market is anticipated to expand swiftly, with a CAGR of 6%, to reach US$ 954 million by 2032. Over the course of the anticipated year, growth in the market for geriatric care services is anticipated to be fueled by an ageing population and increased awareness of healthcare facilities for senior patients.
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Geriatric care providers create individualised care plans that take into account the elders’ social, emotional, and physical needs. These strategies take into account a person’s medical background, cognitive capabilities, and lifestyle preferences. Geriatric care services improve the general well-being of older persons by customising care to fit unique needs, encouraging 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.
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
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, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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