As our population ages, specialised care for the elderly is becoming more and more necessary. The geriatric care services market is crucial for maintaining the health and quality of life of older individuals. These programmes offer various forms of assistance, such as assistance with managing healthcare and offering emotional and social support. In this blog post, we’ll discuss the value of geriatric care services and how they enhance seniors’ quality of life.
Geriatric care services provide comprehensive healthcare management tailored to the unique needs of senior adults. The management of chronic illnesses, administration of medications, and coordination of many medical specialists are all skills that geriatricians and nurses possess. This all-encompassing approach makes sure seniors receive the right medical attention, reducing the likelihood of issues and improving overall results.
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The demand for geriatric care services is expected to increase globally between 2022 and 2032 at a CAGR of 6.0%. The market for geriatric care services is projected to grow from US$ 534 million in 2022 to US$ 954 million in 2032. Many measures are being taken by governments around the world to provide social care services for the elderly easily accessible and inexpensive. This, together with the implementation of favourable reimbursement regulations, is fostering market expansion.
Geriatric care providers create individualised care plans that take into account the elders’ social, emotional, and physical needs. These strategies take into account a person’s medical background, cognitive capabilities, and lifestyle preferences. Geriatric care services improve the general well-being of older persons by customising care to fit unique needs, encouraging independence and dignity.
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
“Governments are taking several initiatives to provide easily accessible and affordable social care services to the elderly population. This, in confluence with the introduction of favorable reimbursement policies, is contributing to the market growth,” remarks an FMI analyst.
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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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