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

List of Tables

The Geriatric Care Services Market was valued at USD 1.18 billion in 2023, expected to reach USD 1.25 billion in 2024, and is projected to grow at a CAGR of 6.22%, to USD 1.81 billion by 2030.

Geriatric care services encompass a wide range of health care and assistance designed to address the needs of the elderly population, including medical care, nursing, therapy, home care, and social support. The necessity of geriatric care grows as populations age worldwide, driven by longer life expectancies and declining birth rates. These services find application in various settings such as home care, communities, assisted living facilities, and nursing homes, and are increasingly vital for chronic disease management, mental health support, and rehabilitation. The end-use scope spans individual elderly patients, families, healthcare providers, and insurance companies, who all seek cost-effective and efficient care solutions. Market growth is influenced by factors such as technological advancements in healthcare, increasing government support and policies favoring elder care, and a growing awareness of the benefits of early and preventive healthcare for elders. Emerging opportunities in this sector include telehealth solutions, artificial intelligence-driven care management, and personalized medicine, which can significantly enhance service delivery and patient outcomes. However, the market faces challenges such as high costs, a shortage of skilled healthcare professionals, and regulatory compliance issues. Moreover, cultural differences in the perception of elderly care can limit market expansion in certain regions. To overcome these challenges, innovation in areas like wearable technology for health monitoring, development of multilingual and culturally sensitive care solutions, and investment in caregiver training programs are crucial. The market is competitive and fragmented, offering ample opportunities for startups and established companies to collaborate and innovate. Businesses are encouraged to focus on integrating digital health solutions, enhancing patient engagement, and expanding service reach, particularly in emerging markets where the elderly population is set to increase significantly, necessitating broader access to affordable and comprehensive geriatric care services.

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%

Market Dynamics: Unveiling Key Market Insights in the Rapidly Evolving Geriatric Care Services Market

The Geriatric Care Services Market is undergoing transformative changes driven by a dynamic interplay of supply and demand factors. Understanding these evolving market dynamics prepares business organizations to make informed investment decisions, refine strategic decisions, and seize new opportunities. By gaining a comprehensive view of these trends, business organizations can mitigate various risks across political, geographic, technical, social, and economic domains while also gaining a clearer understanding of consumer behavior and its impact on manufacturing costs and purchasing trends.

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

Porter's Five Forces: A Strategic Tool for Navigating the Geriatric Care Services Market

Porter's five forces framework is a critical tool for understanding the competitive landscape of the Geriatric Care Services Market. It offers business organizations with a clear methodology for evaluating their competitive positioning and exploring strategic opportunities. This framework helps businesses assess the power dynamics within the market and determine the profitability of new ventures. With these insights, business organizations can leverage their strengths, address weaknesses, and avoid potential challenges, ensuring a more resilient market positioning.

PESTLE Analysis: Navigating External Influences in the Geriatric Care Services Market

External macro-environmental factors play a pivotal role in shaping the performance dynamics of the Geriatric Care Services Market. Political, Economic, Social, Technological, Legal, and Environmental factors analysis provides the necessary information to navigate these influences. By examining PESTLE factors, businesses can better understand potential risks and opportunities. This analysis enables business organizations to anticipate changes in regulations, consumer preferences, and economic trends, ensuring they are prepared to make proactive, forward-thinking decisions.

Market Share Analysis: Understanding the Competitive Landscape in the Geriatric Care Services Market

A detailed market share analysis in the Geriatric Care Services Market provides a comprehensive assessment of vendors' performance. Companies can identify their competitive positioning by comparing key metrics, including revenue, customer base, and growth rates. This analysis highlights market concentration, fragmentation, and trends in consolidation, offering vendors the insights required to make strategic decisions that enhance their position in an increasingly competitive landscape.

FPNV Positioning Matrix: Evaluating Vendors' Performance in the Geriatric Care Services Market

The Forefront, Pathfinder, Niche, Vital (FPNV) Positioning Matrix is a critical tool for evaluating vendors within the Geriatric Care Services Market. This matrix enables business organizations to make well-informed decisions that align with their goals by assessing vendors based on their business strategy and product satisfaction. The four quadrants provide a clear and precise segmentation of vendors, helping users identify the right partners and solutions that best fit their strategic objectives.

Strategy Analysis & Recommendation: Charting a Path to Success in the Geriatric Care Services Market

A strategic analysis of the Geriatric Care Services Market is essential for businesses looking to strengthen their global market presence. By reviewing key resources, capabilities, and performance indicators, business organizations can identify growth opportunities and work toward improvement. This approach helps businesses navigate challenges in the competitive landscape and ensures they are well-positioned to capitalize on newer opportunities and drive long-term success.

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:

Based on Type, market is studied across Adult Day Care Services, Home Care Services, and Institutional Care Services.
Based on Services, market is studied across Medical and Non-Medical. The Medical is further studied across Hospice & Palliative Care, Medication Management & Administration, Physiotherapy Services, and Telehealth. The Non-Medical is further studied across Homemaking, Personal Care, and Rehabilitation.
Based on Service Provider, market is studied across Private and Public.
Based on Payment Source, market is studied across Out-of-pocket, Private Insurance, and Public Insurance.
Based on Age Group, market is studied across 65 to 70 Years, 70 to 75 Years, 75 to 80 years, and More than 80 Years.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom.

The report offers a comprehensive analysis of the market, covering key focus areas:

1. Market Penetration: A detailed review of the current market environment, including extensive data from top industry players, evaluating their market reach and overall influence.

2. Market Development: Identifies growth opportunities in emerging markets and assesses expansion potential in established sectors, providing a strategic roadmap for future growth.

3. Market Diversification: Analyzes recent product launches, untapped geographic regions, major industry advancements, and strategic investments reshaping the market.

4. Competitive Assessment & Intelligence: Provides a thorough analysis of the competitive landscape, examining market share, business strategies, product portfolios, certifications, regulatory approvals, patent trends, and technological advancements of key players.

5. Product Development & Innovation: Highlights cutting-edge technologies, R&D activities, and product innovations expected to drive future market growth.

The report also answers critical questions to aid stakeholders in making informed decisions:

1. What is the current market size, and what is the forecasted growth?

2. Which products, segments, and regions offer the best investment opportunities?

3. What are the key technology trends and regulatory influences shaping the market?

4. How do leading vendors rank in terms of market share and competitive positioning?

5. What revenue sources and strategic opportunities drive vendors' market entry or exit strategies?

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. Porter's Five Forces Analysis
- 5.3.1. Threat of New Entrants
- 5.3.2. Threat of Substitutes
- 5.3.3. Bargaining Power of Customers
- 5.3.4. Bargaining Power of Suppliers
- 5.3.5. Industry Rivalry
5.4. PESTLE Analysis
- 5.4.1. Political
- 5.4.2. Economic
- 5.4.3. Social
- 5.4.4. Technological
- 5.4.5. Legal
- 5.4.6. Environmental

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
- 7.2.1. Hospice & Palliative Care
- 7.2.2. Medication Management & Administration
- 7.2.3. Physiotherapy Services
- 7.2.4. Telehealth
7.3. Non-Medical
- 7.3.1. Homemaking
- 7.3.2. Personal Care
- 7.3.3. Rehabilitation

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

Companies Mentioned

1. Active Day/Senior Care, Inc.
2. Barchester Healthcare Ltd.
3. BAYADA Home Health Care
4. Benesse Holdings, Inc.
5. Brookdale Senior Living Inc.
6. Care UK Group
7. Comfort Keepers by The Halifax Group
8. Encompass Health Corporation
9. Epoch Elder Care Private Limited
10. Erickson Senior Living Management, LLC
11. Extendicare Inc.
12. Four Seasons Health Care Group
13. Genesis HealthCare LLC
14. Home Instead, Inc.
15. Integracare Inc.
16. Interim HealthCare Inc.
17. Knight Health Holdings, LLC
18. Life Care Companies, LLC
19. Lincare Holdings Inc.
20. St Luke's ElderCare Ltd.
21. Sunrise Senior Living, LLC