The geriatric care services market is expected to grow at a CAGR of 6% during the forecast period of 2024 to 2032. The geriatric care services market is poised for steady growth, driven by demographic shifts, technological advancements, evolving healthcare policies, and changing care preferences. While workforce shortages pose a challenge, the market is adapting to meet the rising demand for specialized geriatric care. The segmentation data for care settings and geographic regions provide valuable insights for stakeholders, enabling them to navigate this dynamic market and provide compassionate care for seniors in an evolving healthcare landscape.

Aging Population Dynamics

One of the primary drivers fuelling the geriatric care services market is the shifting demographics of the global population. The world is witnessing a substantial increase in the elderly population, driven by factors such as increased life expectancy and declining birth rates. As a result, the need for specialized care services tailored to the unique requirements of seniors is on the rise. Evidence supporting this driver can be found in demographic studies and population projections. These studies consistently highlight the aging of populations in various regions, emphasizing the growing demand for geriatric care services. Moreover, government agencies and healthcare organizations worldwide are proactively addressing this demographic shift, further validating the importance of geriatric care services.

Advancements in Healthcare Technologies

The second major driver of the geriatric care services market is the continuous advancements in healthcare technologies. Innovative medical devices, telehealth solutions, electronic health records, and wearable devices have revolutionized the way geriatric care is delivered. These technologies enhance monitoring, diagnosis, and treatment, allowing seniors to receive high-quality care in the comfort of their homes. Telemedicine has seen exponential growth in usage, providing a convenient and efficient means of accessing healthcare services. These technological advancements not only improve the quality of care but also contribute to the sustainability of geriatric care services as healthcare systems face capacity challenges.

Shifting Healthcare Policies and Reimbursement Models

The third significant driver is the evolving healthcare policies and reimbursement models that prioritize preventive and home-based care for seniors. Governments and healthcare organizations are recognizing the cost-effectiveness and patient-centric nature of geriatric care services delivered outside traditional hospital settings. As a result, policies are being tailored to promote community-based and home care for the elderly. Reimbursement models are being revised to incentivize healthcare providers to offer comprehensive geriatric care, ensuring that seniors receive the care they need while reducing healthcare costs. These changes are expected to drive market growth in the forecast period from 2024 to 2032.

Workforce Shortages and Skill Gaps

Despite the promising growth of the geriatric care services market, a significant restraint is the shortage of skilled healthcare professionals specializing in geriatrics. Providing comprehensive care for the elderly requires a specialized skill set, including expertise in managing chronic conditions, addressing cognitive impairments, and ensuring emotional well-being. Evidence for this restraint can be observed in reports highlighting the shortage of geriatric healthcare workers, including geriatricians, nurses, and social workers. The skill gap is exacerbated by the high demands of the job and the need for compassionate and patient-centered care. As the elderly population continues to grow, addressing workforce shortages and skill gaps will be crucial to meeting the rising demand for geriatric care services.

Market Segmentation by Care Setting: Health Care services Dominate the Market

The geriatric care services market is segmented by care setting into Home Care, which includes Health Care and Non-medical Home Care. In 2023, Health Care services in the Home Care setting generated the highest revenue, driven by the need for skilled medical care and support at home. However, during the forecast period from 2024 to 2032, the Non-medical Home Care segment is expected to exhibit the highest Compound Annual Growth Rate (CAGR). This shift can be attributed to the increasing preference of seniors and their families for non-medical assistance with activities of daily living, companionship, and home maintenance.

Market Segmentation by Adult Day Care: Health Care services Dominate the Market

The market is further segmented by Adult Day Care into Health Care and Non-Medical Care. In 2023, Health Care services in Adult Day Care accounted for the highest revenue, primarily due to the demand for medical supervision and therapy for seniors during daytime hours. However, during the forecast period from 2024 to 2032, the Non-Medical Care segment is expected to experience the highest CAGR. This shift reflects the growing recognition of the importance of socialization, recreational activities, and cognitive stimulation for the well-being of seniors attending adult daycare centers.

North America Remains as the Global Leader

Geographic trends in the geriatric care services market indicate that North America had the highest revenue percentage in 2023, driven by well-established healthcare infrastructure and policies promoting senior care. However, during the forecast period of 2024 to 2032, the Asia-Pacific region is expected to exhibit the highest CAGR. This growth is attributed to the rapidly aging populations in countries like Japan and China, where there is an increasing focus on developing geriatric care services to meet the needs of seniors.

Market Competition to Intensify during the Forecast Period

In 2023, the top players in the geriatric care services market included companies such as Brookdale Senior Living Inc., Sunrise Senior Living, Kindred Healthcare, Extendicare Inc, Gentiva, Genesis HealthCare, Home Instead, Inc. and GGNSC Holdings LLC, among others. These organizations leveraged their extensive networks of senior living communities, skilled nursing facilities, and home care services to maintain significant market shares. During the forecast period from 2024 to 2032, these key players are expected to continue their dominance by expanding their service offerings, focusing on quality of care, and exploring innovative care delivery models. Additionally, partnerships with healthcare technology companies and collaboration with local healthcare systems are likely to be key strategies as the market evolves.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Geriatric Care Services market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Geriatric Care Services market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Geriatric Care Services market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Geriatric Care Services market?
• Which is the largest regional market for Geriatric Care Services market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Geriatric Care Services market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Geriatric Care Services market worldwide?