The global geriatric care services market is set for remarkable expansion, with an anticipated Compound Annual Growth Rate (CAGR) of 6.0% from 2022 to 2032. Valued at USD 534 million in 2022, the market is expected to surge to USD 954 million by 2032, driven by the increasing demand for specialized care tailored to the aging population.
As the global elderly population continues to rise, the need for comprehensive and high-quality geriatric care services has become more urgent than ever. Governments worldwide are recognizing this necessity and are taking proactive measures to enhance the accessibility and affordability of social care services for seniors. This supportive environment is instrumental in propelling the growth of the geriatric care services market.
A key factor contributing to this expansion is the implementation of favorable reimbursement policies. These initiatives not only incentivize healthcare providers to deliver quality care but also make essential services more accessible to elderly individuals. This shift is playing a crucial role in the overall development of the geriatric care services market.
Industry experts anticipate that these trends will continue to evolve, creating a robust framework for growth in the geriatric care sector. As we move forward, stakeholders across the healthcare landscape must collaborate to ensure that the needs of the aging population are met with compassion and expertise.
Key Market Insights:
- The global geriatric care services market, valued at USD 534 million in 2022, is anticipated to grow at a CAGR of 6.0%, reaching USD 954 million by 2032.
- The U.S. is expected to account for the highest value share, with an estimated USD 332.5 million of the global market demand by 2032.
- Adult day care services are leading the market, with a CAGR of 6.9%. Services for diabetes are expected to witness the maximum growth, with a CAGR of 6.8%.
- The market is projected to flourish 1.8 times from 2022 to 2032.
Competitive Landscape:
Key players in the geriatric care services market are focusing on global expansion through partnerships and collaborations. Recent developments include:
- Alexion and Neurimmune AG: In March 2022, Alexion closed an exclusive global collaboration with Neurimmune AG for the development of NI006, an investigational monoclonal antibody for transthyretin amyloid cardiomyopathy.
- Century Therapeutics and Bristol Myers Squibb: In January 2022, they announced a research collaboration to develop and commercialize stem cell-derived natural killer and T cell programs for treating hematologic malignancies and solid tumors.
Discover the Full Insights: Find the Complete Geriatric Care Services Market Report
Key Players:
- Endo Pharmaceuticals Inc.
- Merck & Co. Inc.
- AstraZeneca PLC
- Pfizer Inc.
- Allergan Inc.
- Bristol-Myers Squibb Company
- Regeneron Pharmaceuticals Inc.
- F. Hoffmann-La Roche AG
- Octapharma AG
- Epoch Elder Care
- St Luke’s ElderCare Ltd.
- Korian Group
- ProVita International Medical Center
Market Segmentation:
- By Service: Home Geriatric Care, Adult Geriatric Day Care, Institutional Geriatric Care
- By Payment Source: Public Insurance, Private Insurance, Out-of-Pocket, Other Sources
- By Application: Respiratory Diseases, Diabetes, Heart Diseases, Neurological Diseases, Kidney Diseases, Cancer, Other Applications
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