The global geriatric care services industry is on the brink of a significant upswing, with a projected Compound Annual Growth Rate (CAGR) of 6.0% from 2022 to 2032. According to recent market analysis, the sector, valued at US$ 534 Million in 2022, is anticipated to reach an impressive US$ 954 Million by 2032. This remarkable growth underscores a substantial increase in demand for services tailored to the needs of the elderly population.
Governments worldwide are taking proactive measures to ensure accessible and affordable social care services for the aging demographic. This concerted effort is fostering a supportive ecosystem for geriatric care, creating an environment conducive to the industry’s expansion. Additionally, the introduction of favorable reimbursement policies stands as a pivotal driver propelling the market’s growth trajectory.
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Future Market Insights, a leading player in the geriatric care services sector, is well-positioned to capitalize on this burgeoning market. With a commitment to delivering high-quality and compassionate care to the elderly, Future Market Insights is poised to play a pivotal role in meeting the increasing demand for geriatric care services.
“We are excited about the significant growth opportunities in the geriatric care services market. As a company dedicated to enhancing the quality of life for the elderly, we are well-prepared to meet the rising demand for our services. Our team remains committed to providing compassionate care and innovative solutions to support the well-being of the aging population,” said Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.).
The forecasted growth in the global geriatric care services market aligns with Future Market Insights mission to make a positive impact on the lives of seniors worldwide. With a focus on excellence in care delivery and a commitment to innovation, Future Market Insights is well-poised to contribute to the evolving landscape of geriatric care.
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
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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.
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
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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
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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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