Global Geriatric Care Services Market’s Future Lies in Home Care Services Segment, Expected to Surpass US$850 Billion by 2019

Transparency Market Research Report Added “Geriatric Care Services Market (Home Care, Adult Day Care, and Institutional Care) ” to its database.

Geriatric Care Services Market: Discription

As a result of changing demographics in the world, several countries are prominently becoming older societies. This along with the other factors such as industrialization and increasing proportion of women in labor force have led to shortage of informal caregivers consequently increasing the importance of formal caregivers for geriatrics in the society. The market formal care provided by private organizations is estimated as geriatric care services market in the present scope of research. Geriatric care services include a broad range of health, personal care and supportive services to meet the needs of elderly who possess limitations for self care due to injury, chronic illness, physical, mental and cognitive disability or other health related conditions. The services also include assistance with activities of daily living such as dressing, grooming, bathing, eating as well as daily instrumental activities such as house work and medication management. These services help people in maintaining or improving an optimal level of physical functioning and quality of life.

The geriatric care services market has been extensively analyzed on the basis of service type and geography. Type of geriatric care services includes home care services, institutional care services and adult day care services. Each geriatric care service type is further segmented considering the different types of care provided in these services. Home care services include home healthcare and non medical care services for the adults while institutional care services comprises nursing homes, assisted living, hospital based elderly services and independent senior living. Adult day care service has been segmented into medical and non medical care services. Home healthcare services include medical care, physiotherapy services, telehealth, palliative care and hospice care while non medical care in home care includes personal care, home making, meals and grocery, rehabilitation and others.

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Geriatric Care Services Market: Overview

The proportion of geriatric population amongst the total population continues to grow and is the single largest driver for the growing global geriatric care services market. Changing family structure in most developed countries has resulted in decrease in time family caregivers can provide. This factor has been crucial in developing and shaping of geriatric care services market. Furthermore, the industrial development and improved job opportunities in the emerging nations of Asia-Pacific have resulted into more people working away from home. This has further led to unavailability of family caregivers which is incentivizing formal care providers. Along with this a large fraction of geriatrics today wish to continue their professional lives but require moderate support from care services. The market in the region has begun developing and returns from geriatric care business in the region are expected to grow in the coming years. The global geriatric care services market was valued at USD 560.4 billion in 2012 and is expected to reach USD 850.0 billion by 2019, growing at a CAGR of 5.9% during the forecast period 2013 to 2019.

The global geriatric care services market is broadly categorized into home care services, adult daycare services, and institutional care services. The institutional care services market constituted the largest segment in the global geriatric care services market while home care services market is expected to witness fastest growth amongst all the segments during the forecast period 2013 to 2019. The freedom to stay at home and cost containment are the prime reasons which explain the emergence of home care services market in the overall geriatric care services market. This segment of market provides unique advantages such as less expensive, desired stay at home and more independence which is helping to gain traction in the steadily growing global geriatric care services market. The shortage of other available options such as nursing homes and assisted living communities in the developing regions is also propelling the growth of global geriatric home care services market.

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