Asia Pacific to record highest growth in the geriatric care services market: A CAGR of 8.5% to be registered over 2016-2023
Geriatric care has become a prominent name in the healthcare space lately. The service has shown immense growth over all these years and is anticipated to boom in the future at a noticeable pace. According to a report on Geriatric Care services market by Global Market Insights, “The geriatric care services market share is anticipated to exceed USD 1101 billion by 2023, at a CAGR of 6.2% over the period of 2016-2023.”
North America geriatric care services market size, by country, 2016-2023 (USD Billion)
Taking into account the United Nation Statistics, the global geriatric care population which accounted for 809.4 million in 2012, is likely to rise by more than double by the end of 2050 with an approximate population of 2000 million. This increasing old age population will positively favor the geriatric care services business space over the coming years.
Geriatric care service is a specialized segment of healthcare looking after the old age population in terms of their health, needs, living, and their overall quality of life. The geriatric care industry was valued at USD 684 billion in 2015, and will grow significantly over the coming time period owing to increasing old age population and growing number of care facilities like home care, day care, and institutional care services across the globe.
Get a Sample Copy of this Report: @ https://www.gminsights.com/request-sample/detail/433
According to United Nation statistics, people aged 80 years and above, also referred to as oldest old population is likely to reach 190.44 million by 2022. This age group is more prone towards respiratory, orthopedic, cardiovascular, and neurological disorders, which will further boost the demand for care services for this demography, in turn driving the geriatric care services market share.
Moreover, technological advancements assisting the geriatric population who live independently is another factor boosting the industry size. Robotic technology and nurse call equipment are examples of such technological developments.
The U.S. geriatric care services market having had a share of USD 258 billion in 2015, is anticipated to be the largest market over the coming period. The growth can be attributed to the large number of long-term care services across this region.
Asia Pacific is projected to record the highest growth rate of 8.5 % over the coming seven years. The APAC geriatric market share is likely to hit USD 248 billion by 2023. The growth is driven by factors like increasing geriatric population, development in care facilities, and rising health awareness among older age population.
The service providers are expanding vigorously to enhance their market share. In 2012, approximately 95% nursing homes, 78% home health agencies, 7% adult day care service centers, and 52% residential care groups participated in Medicaid.
Home care service is the most popular service segment in the geriatric care services business space and is estimated to exceed USD 468 billion by 2023, at a CAGR of 6.7%. Institutional and Home care services were close in revenue during 2015, contributing towards 40% and 41% of the overall market share respectively.
The industry is highly fragmented and fairly competitive. The business space is shared by the biggies as well as the new entrants. Price and quality of service provided by these players will be the major factor to sustain competition. The coming years will witness interesting developments like strategic collaborations and mergers & acquisition of these players to retain their market positions. Some of the top industry participants are Senior Care Centers of America, Brookdale Senior Living, Kindred Healthcare and Genesis Healthcare Corp.
Author Name : Shikha Sinha