According to a recent study done by FMI, the geriatric care services market is expected to reach US$ 954 Million by 2032, expanding at a high CAGR of 6%. An expanding geriatric population and the rising awareness regarding the healthcare facilities for senior patients are expected to propel the growth of the geriatric care services market during the forecast period.
The growing demand for home care services for elderly people is a significant factor driving the elderly care products and services market during the forecast period. A growing elderly population coupled with the rising demand of services for individuals suffering from chronic diseases that are above the age of 60 worldwide will further fuel the market growth.
In addition, the presence of a wide range of services within the domain of healthcare has also brought elderly care under the spotlight of attention. The presence of a sound healthcare industry is a prerequisite to the success of a nation’s economy. Considering the aforementioned factors, the global market for geriatric care services is projected to expand at a starry rate in the years to come.
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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.
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.
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· 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.
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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Geriatric Care Services Market by Region:
- North America Geriatric Care Services Market
- Latin America Geriatric Care Services Market
- Europe Geriatric Care Services Market
- Asia Pacific Geriatric Care Services Market
- Middle East and Africa Geriatric Care Services Market
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