Geriatric Care Services Market by Type, Services, Service Provider, Payment Source, Age Group

List of Tables

[196 Pages Report] The Geriatric Care Services Market size was estimated at USD 1.18 billion in 2023 and expected to reach USD 1.25 billion in 2024, at a CAGR 6.22% to reach USD 1.81 billion by 2030.

Geriatric care services involve various support and care catered specifically towards the elderly. This broad category includes medical and personal care tailored to meet the unique requirements of the geriatric population whose health and mobility may decline. These services aim to help seniors maintain the highest possible quality of life and independence while also managing any complex health issues they face. The global geriatric care services market is experiencing significant growth, driven primarily by the rising prevalence of chronic conditions among the elderly and a marked shift towards home healthcare services. An increasing number of older adults are managing chronic diseases, necessitating continuous care and support, which has intensified the demand for comprehensive care solutions. In addition, there is a growing preference for home-based care, as it allows the geriatric population to maintain independence and comfort while receiving professional health services, further propelling market expansion. However, ensuring consistent, high-quality service delivery for the geriatric population presents significant challenges that can restrict market expansion. These services rely heavily on skilled personnel, and staff shortages or high turnover rates lead to inconsistent care quality, affecting patient satisfaction and trust in service providers. Integrating AI and IoT in remote monitoring systems can offer predictive insights into health concerns, thus preventing emergencies. In addition, policies supportive of geriatric research fuel innovative care solutions tailored to the geriatric population's needs, offering market growth opportunities.

KEY MARKET STATISTICS
Base Year [2023]	USD 1.18 billion
Estimated Year [2024]	USD 1.25 billion
Forecast Year [2030]	USD 1.81 billion
CAGR (%)	6.22%

Regional Insights

In the Americas, particularly in the United States and Canada, the geriatric care services market is expanding, driven by an aging population, with a notable increase in the number of individuals aged 65 and above. Health systems are increasingly focused on providing integrated care services, which include home healthcare, assisted living facilities, and adult day care services. These services are designed for improving the quality of life for elderly individuals, helping them to live independently for as long as possible. The Asia-Pacific region is showcasing rapid growth in its geriatric care services market due to rising life expectancy and declining birth rates, which result in an increased proportion of the elderly population. The countries, including China and India, are witnessing a rise in demand for senior care services due to changing family dynamics and increasing awareness of available care options. In the EMEA region, particularly in Europe, there is a high development and implementation of geriatric care services, supported by robust public health systems and policies favoring senior care. The Middle East showcases market growth with increasing investments in health services and a growing private sector involvement in senior care. The initiatives by international NGOs and government efforts in Africa aim to improve healthcare access and services for the aging population.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Geriatric Care Services Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers
- Rising prevalence of chronic conditions among the elderly population worldwide
- Growing utilization of geriatric services in healthcare systems
- Increasing trend toward the provision of home healthcare services

Market Restraints
- Concerns associated with consistent and quality service delivery

Market Opportunities
- Government-supportive policies and reforms for easy accessibility of geriatric care
- Technological advancements in remote healthcare monitoring

Market Challenges
- Limited availability of skilled healthcare professionals

Market Segmentation Analysis
- Type: Increasing demand for home care services due to the aging population's preference for aging in place within the comfort and familiarity of their homes
- Age Group: Growing need in the age group of more than 80 years due to the increased frailty, higher incidence of chronic diseases, and mobility issues

Market Disruption Analysis
Porter's Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Geriatric Care Services Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Geriatric Care Services Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Kites Senior Care Secured INR 45 Crore in Series A Funding to Enhance Elderly Care Services

Kites Senior Care, a provider of specialized geriatric care services, raised INR 45 crore in a Series A funding round. Ranjan Pai, Chairman of Manipal Education and Medical Group, invested in Kites Senior Care through his family office. This investment highlights the increasing awareness of the need for improved elderly care solutions and represents a pivotal advancement in Kites Senior Care's ability to effectively serve the aging demographic. [Published On: 2024-03-14]

Talkiatry Launched Specialized Telepsychiatry Services for Seniors to Improve Access to Expert Mental Health Care

Talkiatry launched specialized telepsychiatry services tailored for individuals aged 65 and older. The initiative aims to enhance access to expert psychiatric care for this demographic, utilizing a user-friendly telehealth platform managed by board-certified geriatric psychiatrists. [Published On: 2024-01-30]

Age Care Labs Secured USD 11 Million to Boost Elderly Support with Advanced Health Tech

In a significant development in the elder care sector, Age Care Labs, an emerging startup focused on geriatric care services, raised USD 11 million in a Pre-Series B funding round. This considerable investment underscores the growing focus on enhancing support and facilities for the elderly, a demographic that continues to increase globally. The allocated funds are ensured to enhance the startup's geriatric care services by incorporating advanced health monitoring technologies and creating individualized care plans. [Published On: 2023-10-13]

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Geriatric Care Services Market. This critical assessment involves a thorough analysis of the organization's resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Geriatric Care Services Market, highlighting leading vendors and their innovative profiles. These include Active Day/Senior Care, Inc., Barchester Healthcare Ltd., BAYADA Home Health Care, Benesse Holdings, Inc., Brookdale Senior Living Inc., Care UK Group, Comfort Keepers by The Halifax Group, Encompass Health Corporation, Epoch Elder Care Private Limited, Erickson Senior Living Management, LLC, Extendicare Inc., Four Seasons Health Care Group, Genesis HealthCare LLC, Home Instead, Inc., Integracare Inc., Interim HealthCare Inc., Knight Health Holdings, LLC, Life Care Companies, LLC, Lincare Holdings Inc., St Luke's ElderCare Ltd., and Sunrise Senior Living, LLC.

Market Segmentation & Coverage

This research report categorizes the Geriatric Care Services Market to forecast the revenues and analyze trends in each of the following sub-markets:

Type
- Adult Day Care Services
- Home Care Services
- Institutional Care Services

Services
- Medical
  - Hospice & Palliative Care
  - Medication Management & Administration
  - Physiotherapy Services
  - Telehealth

Non-Medical
- Homemaking
- Personal Care
- Rehabilitation

Service Provider
- Private
- Public

Payment Source
- Out-of-pocket
- Private Insurance
- Public Insurance

Age Group
- 65 to 70 Years
- 70 to 75 Years
- 75 to 80 years
- More than 80 Years

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

Product Code: MRR-5D693B46C73D

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Rising prevalence of chronic conditions among the elderly population worldwide
  - 5.1.1.2. Growing utilization of geriatric services in healthcare systems
  - 5.1.1.3. Increasing trend toward the provision of home healthcare services
- 5.1.2. Restraints
  - 5.1.2.1. Concerns associated with consistent and quality service delivery
- 5.1.3. Opportunities
  - 5.1.3.1. Government-supportive policies and reforms for easy accessibility of geriatric care
  - 5.1.3.2. Technological advancements in remote healthcare monitoring
- 5.1.4. Challenges
  - 5.1.4.1. Limited availability of skilled healthcare professionals
5.2. Market Segmentation Analysis
- 5.2.1. Type: Increasing demand for home care services due to the aging population's preference for aging in place within the comfort and familiarity of their homes
- 5.2.2. Age Group: Growing need in the age group of more than 80 years due to the increased frailty, higher incidence of chronic diseases, and mobility issues
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

6. Geriatric Care Services Market, by Type

6.1. Introduction
6.2. Adult Day Care Services
6.3. Home Care Services
6.4. Institutional Care Services

7. Geriatric Care Services Market, by Services

7.1. Introduction
7.2. Medical
7.3. Non-Medical

8. Geriatric Care Services Market, by Service Provider

8.1. Introduction
8.2. Private
8.3. Public

9. Geriatric Care Services Market, by Payment Source

9.1. Introduction
9.2. Out-of-pocket
9.3. Private Insurance
9.4. Public Insurance

10. Geriatric Care Services Market, by Age Group

10.1. Introduction
10.2. 65 to 70 Years
10.3. 70 to 75 Years
10.4. 75 to 80 years
10.5. More than 80 Years

11. Americas Geriatric Care Services Market

11.1. Introduction
11.2. Argentina
11.3. Brazil
11.4. Canada
11.5. Mexico
11.6. United States

12. Asia-Pacific Geriatric Care Services Market

12.1. Introduction
12.2. Australia
12.3. China
12.4. India
12.5. Indonesia
12.6. Japan
12.7. Malaysia
12.8. Philippines
12.9. Singapore
12.10. South Korea
12.11. Taiwan
12.12. Thailand
12.13. Vietnam

13. Europe, Middle East & Africa Geriatric Care Services Market

13.1. Introduction
13.2. Denmark
13.3. Egypt
13.4. Finland
13.5. France
13.6. Germany
13.7. Israel
13.8. Italy
13.9. Netherlands
13.10. Nigeria
13.11. Norway
13.12. Poland
13.13. Qatar
13.14. Russia
13.15. Saudi Arabia
13.16. South Africa
13.17. Spain
13.18. Sweden
13.19. Switzerland
13.20. Turkey
13.21. United Arab Emirates
13.22. United Kingdom

14. Competitive Landscape

14.1. Market Share Analysis, 2023
14.2. FPNV Positioning Matrix, 2023
14.3. Competitive Scenario Analysis
- 14.3.1. Kites Senior Care Secured INR 45 Crore in Series A Funding to Enhance Elderly Care Services
- 14.3.2. Talkiatry Launched Specialized Telepsychiatry Services for Seniors to Improve Access to Expert Mental Health Care
- 14.3.3. Age Care Labs Secured USD 11 Million to Boost Elderly Support with Advanced Health Tech
14.4. Strategy Analysis & Recommendation

15. Competitive Portfolio

15.1. Key Company Profiles
15.2. Key Product Portfolio