The global geriatric care services market is on track for substantial 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 reach USD 954 million by 2032, reflecting the growing demand for specialized care tailored to the aging population.
Rising Demand for Elderly Care:
As the global elderly population continues to increase, there is an urgent need for comprehensive and high-quality geriatric care services. Governments worldwide are responding by introducing initiatives to improve the accessibility and affordability of social care services for seniors. This supportive environment is helping to drive the expansion of the geriatric care services market.
Impact of Favorable Reimbursement Policies:
One of the key factors propelling the market’s growth is the implementation of favorable reimbursement policies. These policies not only incentivize healthcare providers to offer quality care but also make essential services more accessible to elderly individuals. This, in turn, is playing a crucial role in the overall expansion of the geriatric care services market.
Key Market Insights:
- Market Size & Growth: 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.
- Regional Insights: 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.
- Service Demand: 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%.
- Market Expansion: 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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube