The global geriatric care services market accounted for USD 1.46 billion in 2023 and is expected to reach at USD 3.35 billion by 2034 with a CAGR of 7.85% during the forecast period 2024-2034. Increasing aging population, rise in government backing, surge in prevalence of chronic infectious diseases, a heightened emphasis on preventive healthcare for elderly individuals, increasing favorable long-term reimbursement policies for senior housing, surge in demand for remote monitoring devices for emergency support, rising technological advancements, growing mergers & acquisitions among industry participants, and surge in the introduction of new products tailored for geriatric care are some of the key factors boosting the market growth.
Geriatric care services focus on addressing the psychological and social needs of elderly individuals, aiding in managing the multifaceted challenges of aging. These services encompass healthcare, psychological support, nutrition, and housing for the elderly, while also assisting with financial and legal planning. Surge in the introduction of new products tailored for geriatric care is predicted to boost the market growth during the forecast period. For instance, in January 2023, Baracoda, a company specializing in innovative IoT solutions, unveiled the introduction of BHeart, an advanced health monitoring device featuring a battery with unlimited lifespan.
By services, home care was the highest revenue-grossing segment in the global geriatric care services market in 2023 owing to the advantages of home care services, including comfort, autonomy in caregiving, and reduced costs, are increasingly recognized, with significant initiatives being undertaken by key industry players. These services provide essential support to families in devising care strategies for their elderly relatives, encompassing various medical treatments, nursing assistance, and personalized care. For instance, in October 2023, Tata AIG General Insurance Co. Ltd. has introduced Tata AIG Elder Care, a health insurance policy designed specifically for senior citizens. This policy offers coverage for medical expenses, day-care procedures, home nursing services, physiotherapy, preventive health measures, and wellness features. It also includes benefits for home assessment and modifications to cater to the mobility requirements of elderly individuals. Additionally, adult daycare is predicted to grow at the fastest CAGR during the forecast period owing to the increasing technological advancements, growing introduction of new products for self-monitoring & multi-parameter diagnostic monitoring, and increasing demand for advanced diagnostic equipment within the adult day care sector.
By service provider, public was the highest revenue-grossing segment in the global geriatric care services market in 2023 owing to the increase in government initiatives & funding, growing emphasis on the development of comprehensive programs and the launching of new initiatives. For instance, in March 2023, Encompass Health Corporation introduced its Care Transitions Program, specifically crafted to align with patients' discharge plans, with a primary objective of reducing hospital readmissions among older individuals. The program is customized to cater to the distinctive requirements of this demographic, aiming to facilitate a seamless transition from hospital to home. Its goal is to improve patient outcomes and decrease the probability of requiring additional hospital care. Additionally, private is predicted to grow at the fastest CAGR during the forecast period. The private sector offers extensive geriatric care services to the elderly population, employing fully trained and professionally qualified staff members who provide high-quality care. Moreover, the private sector implements numerous support policies that offer comprehensive coverage for various illnesses and expenses.
By payment source, public insurance was the highest revenue-grossing segment in the global geriatric care services market in 2023 due to its affordability, numerous tax benefits, and comprehensive medical insurance offerings for senior citizens, as well as increasing government backing and funding in developed areas, the financial viability of geriatric care services is ensured. Public insurance frequently includes coverage for pre-existing conditions and hospitalization expenses, encompassing a wide range of disorders such as cancer, cardiovascular diseases, and organ transplants. For instance, in December 2023, According to a recent report by KFF.org, Medicare offers health insurance to 65 million individuals in the United States, comprising 57 million older adults and almost 8 million younger adults with disabilities. This extensive coverage ensures that a substantial segment of the elderly population can avail themselves of vital healthcare services, including medical treatments, preventive measures, and long-term care. Additionally, is predicted to grow at the fastest CAGR during the forecast period owing to the increasing prevalence of chronic diseases, growing awareness regarding the health insurance, and rising adoption of remote patient monitoring.
By age group, 86-90 years was the highest revenue-grossing segment in the global geriatric care services market in 2023. The age group of 86-90 years generally encounters an increase in healthcare needs as a result of aging. This includes a greater probability of developing chronic illnesses, age-related health concerns, and the necessity for more extensive and specialized care. Growing efforts to introduce fresh programs contribute to the growth of this demographic segment. For instance, in January 2024, In celebration of its 37th Foundation Day, Aster DM Healthcare introduced a unique initiative dedicated to the well-being of elderly citizens in the country. Through its CSR arm - Aster Volunteers, the program aims to support 10 old age homes, providing care for 1000 underprivileged elderly individuals who lack access to advanced healthcare facilities. Additionally, 65-70 years is predicted to grow at the fastest CAGR during the forecast period owing to the increased prevalence of comorbidities and decreased immune system function make this demographic more susceptible to chronic illnesses.
By application, Alzheimer’s/dementias was the highest revenue-grossing segment in the global geriatric care services market in 2023 owing to the growing occurrence of dementias and associated conditions, increase in the aging population, and rise in the introduction of advanced applications. For instance, in July 2023, Vesta Elder Care makes significant progress by introducing its newest digital innovation, the 'Vesta Doctor App'. This advanced application is tailored to address the distinct healthcare requirements of older adults, representing a notable advancement in transforming geriatric care in contemporary times. Additionally, diabetes is predicted to grow at the fastest CAGR during the forecast period owing to the rising prevalence of diabetes and surge in number of diabetic patients.
North America region is anticipated for the highest revenue share during the forecast period owing to the continual evolution of reimbursement regulations, a diverse range of long-term care facilities, rise in solitary living among the elderly, heightened occurrence of chronic ailments, and growing emphasis on market expansion efforts by industry participants. For instance, in January 2023, Genesis Healthcare Inc revealed plans to incorporate 34 additional nursing homes in Pennsylvania. This expansion initiative is expected to bolster the company's market footprint and overall revenue growth. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the growing demand for external caregiving services, increasing aging population, heightened awareness of healthcare facilities, and rise in mergers and acquisitions within the industry. For Instance, in January 2022, Human Life Management, a home medical care company based in Japan, has acquired Care24 with the aim of enhancing its medical service offerings in India.
Geriatric care services focus on addressing the psychological and social needs of elderly individuals, aiding in managing the multifaceted challenges of aging. These services encompass healthcare, psychological support, nutrition, and housing for the elderly, while also assisting with financial and legal planning. Surge in the introduction of new products tailored for geriatric care is predicted to boost the market growth during the forecast period. For instance, in January 2023, Baracoda, a company specializing in innovative IoT solutions, unveiled the introduction of BHeart, an advanced health monitoring device featuring a battery with unlimited lifespan.
By services, home care was the highest revenue-grossing segment in the global geriatric care services market in 2023 owing to the advantages of home care services, including comfort, autonomy in caregiving, and reduced costs, are increasingly recognized, with significant initiatives being undertaken by key industry players. These services provide essential support to families in devising care strategies for their elderly relatives, encompassing various medical treatments, nursing assistance, and personalized care. For instance, in October 2023, Tata AIG General Insurance Co. Ltd. has introduced Tata AIG Elder Care, a health insurance policy designed specifically for senior citizens. This policy offers coverage for medical expenses, day-care procedures, home nursing services, physiotherapy, preventive health measures, and wellness features. It also includes benefits for home assessment and modifications to cater to the mobility requirements of elderly individuals. Additionally, adult daycare is predicted to grow at the fastest CAGR during the forecast period owing to the increasing technological advancements, growing introduction of new products for self-monitoring & multi-parameter diagnostic monitoring, and increasing demand for advanced diagnostic equipment within the adult day care sector.
By service provider, public was the highest revenue-grossing segment in the global geriatric care services market in 2023 owing to the increase in government initiatives & funding, growing emphasis on the development of comprehensive programs and the launching of new initiatives. For instance, in March 2023, Encompass Health Corporation introduced its Care Transitions Program, specifically crafted to align with patients' discharge plans, with a primary objective of reducing hospital readmissions among older individuals. The program is customized to cater to the distinctive requirements of this demographic, aiming to facilitate a seamless transition from hospital to home. Its goal is to improve patient outcomes and decrease the probability of requiring additional hospital care. Additionally, private is predicted to grow at the fastest CAGR during the forecast period. The private sector offers extensive geriatric care services to the elderly population, employing fully trained and professionally qualified staff members who provide high-quality care. Moreover, the private sector implements numerous support policies that offer comprehensive coverage for various illnesses and expenses.
By payment source, public insurance was the highest revenue-grossing segment in the global geriatric care services market in 2023 due to its affordability, numerous tax benefits, and comprehensive medical insurance offerings for senior citizens, as well as increasing government backing and funding in developed areas, the financial viability of geriatric care services is ensured. Public insurance frequently includes coverage for pre-existing conditions and hospitalization expenses, encompassing a wide range of disorders such as cancer, cardiovascular diseases, and organ transplants. For instance, in December 2023, According to a recent report by KFF.org, Medicare offers health insurance to 65 million individuals in the United States, comprising 57 million older adults and almost 8 million younger adults with disabilities. This extensive coverage ensures that a substantial segment of the elderly population can avail themselves of vital healthcare services, including medical treatments, preventive measures, and long-term care. Additionally, is predicted to grow at the fastest CAGR during the forecast period owing to the increasing prevalence of chronic diseases, growing awareness regarding the health insurance, and rising adoption of remote patient monitoring.
By age group, 86-90 years was the highest revenue-grossing segment in the global geriatric care services market in 2023. The age group of 86-90 years generally encounters an increase in healthcare needs as a result of aging. This includes a greater probability of developing chronic illnesses, age-related health concerns, and the necessity for more extensive and specialized care. Growing efforts to introduce fresh programs contribute to the growth of this demographic segment. For instance, in January 2024, In celebration of its 37th Foundation Day, Aster DM Healthcare introduced a unique initiative dedicated to the well-being of elderly citizens in the country. Through its CSR arm - Aster Volunteers, the program aims to support 10 old age homes, providing care for 1000 underprivileged elderly individuals who lack access to advanced healthcare facilities. Additionally, 65-70 years is predicted to grow at the fastest CAGR during the forecast period owing to the increased prevalence of comorbidities and decreased immune system function make this demographic more susceptible to chronic illnesses.
By application, Alzheimer’s/dementias was the highest revenue-grossing segment in the global geriatric care services market in 2023 owing to the growing occurrence of dementias and associated conditions, increase in the aging population, and rise in the introduction of advanced applications. For instance, in July 2023, Vesta Elder Care makes significant progress by introducing its newest digital innovation, the 'Vesta Doctor App'. This advanced application is tailored to address the distinct healthcare requirements of older adults, representing a notable advancement in transforming geriatric care in contemporary times. Additionally, diabetes is predicted to grow at the fastest CAGR during the forecast period owing to the rising prevalence of diabetes and surge in number of diabetic patients.
North America region is anticipated for the highest revenue share during the forecast period owing to the continual evolution of reimbursement regulations, a diverse range of long-term care facilities, rise in solitary living among the elderly, heightened occurrence of chronic ailments, and growing emphasis on market expansion efforts by industry participants. For instance, in January 2023, Genesis Healthcare Inc revealed plans to incorporate 34 additional nursing homes in Pennsylvania. This expansion initiative is expected to bolster the company's market footprint and overall revenue growth. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the growing demand for external caregiving services, increasing aging population, heightened awareness of healthcare facilities, and rise in mergers and acquisitions within the industry. For Instance, in January 2022, Human Life Management, a home medical care company based in Japan, has acquired Care24 with the aim of enhancing its medical service offerings in India.
Report Scope:
- Base Year: 2023
- Forecast Period: 2024-2034
Study Coverage
- Market Forecast by Type, Material, Product, and End-user
- Market Forecast for 5 Regions and 17+ Countries
- North America (U.S. and Canada)
- Europe (Germany, France, UK, Spain, Italy, Russia, Rest of Europe)
- Asia Pacific (China, Japan, India, Australia, South Korea, Rest of APAC)
- Latin America (Brazil, Mexico, Argentina, Rest of LATAM)
- MEA (South Africa, GCC, Rest of MEA)
- Exhaustive Company Profiles of Top 10+ Major Market Players
- 20% Free Customization Available to Meet Your Exact Requirement.
Segmentation: Geriatric Care Services Market Report 2023 - 2034
Geriatric Care Services Market Analysis & Forecast by Services 2023 - 2034 (Revenue USD Bn)
- Adult Care Services
- Non-Medical Care
- Health Care
- Institutional Care Services
- Assisted Living
- Hospital-based
- Independent Senior Living
- Nursing Homes
- Hospice Care
- Palliative Care
- Home Care Services
- Health Care
- Physiotherapy Services
- Medical Care
- Hospice Care
- Palliative Care
- Telehealth
- Non-Medical Home Care
- Meals and Grocery
- Rehabilitation
- Homemaking
- Personal Care
- Others
Geriatric Care Services Market Analysis & Forecast by Service Provider 2023 - 2034 (Revenue USD Bn)
- Private
- Public
Geriatric Care Services Market Analysis & Forecast by Payment Source 2023 - 2034 (Revenue USD Bn)
- Private Insurance
- Out-of-pocket
- Public Insurance
- Others
Geriatric Care Services Market Analysis & Forecast by Age Group 2023 - 2034 (Revenue USD Bn)
- 65-70 Years
- 71-75 Years
- 76-80 Years
- 81-85 Years
- 86-90 Years
- Above 91 Years
Geriatric Care Services Market Analysis & Forecast by Application 2023 - 2034 (Revenue USD Bn)
- Diabetes
- Alzheimer’s/Dementias
- High Blood Pressure
- Depression
- Others
Geriatric Care Services Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Geriatric Care Services Market: Services Estimates & Trend Analysis
8. Geriatric Care Services Market: Service Provider Estimates & Trend Analysis
9. Geriatric Care Services Market: Payment Source Estimates & Trend Analysis
10. Geriatric Care Services Market: Age Group Estimates & Trend Analysis
11. Geriatric Care Services Market: Application Estimates & Trend Analysis
12. Regional Market Analysis
13. North America Geriatric Care Services Market
14. Europe Geriatric Care Services Market
15. Asia Pacific Geriatric Care Services Market
16. Latin America Geriatric Care Services Market
17. MEA Geriatric Care Services Market
18. Competitor Analysis
19. Company Profiles
Companies Mentioned
- Knight Health Holdings LLC (Kindred Hospitals)
- EXTENDICARE
- Sunrise Senior Living
- Home Instead Inc.
- Genesis HealthCare
- GGNSC Holdings LLC
- Gentiva
- Brookdale Senior Living Inc.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | March 2024 |
| Forecast Period | 2023 - 2034 |
| Estimated Market Value ( USD | $ 1.46 Billion |
| Forecasted Market Value ( USD | $ 3.35 Billion |
| Compound Annual Growth Rate | 7.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 8 |
