Geriatric Care Services Market By Product Type (Housing & Assistive Devices, Pharmaceuticals), Service (Homecare, Institutional Care), Application (Respiratory Diseases, Diabetes, Osteoporosis, Heart Diseases), & Region for 2024-2031
Report ID: 30804|No. of Pages: 202
Geriatric Care Services Market By Product Type (Housing & Assistive Devices, Pharmaceuticals), Service (Homecare, Institutional Care), Application (Respiratory Diseases, Diabetes, Osteoporosis, Heart Diseases), & Region for 2024-2031
Geriatric Care Services Market Valuation – 2024-2031
The rising aging population is the primary driver, as more people live longer lives and require specialized care tailored to their specific needs. Advances in healthcare technology, such as telemedicine, remote monitoring, and electronic health records, are increasing the efficiency and effectiveness of healthcare delivery is surpassing USD 1.10 Billion in 2024 and reaching USD 2.03 Billion by 2031.
Furthermore, there is an increasing demand for personalized and home-based care solutions, which is being driven by a desire to age in place and receive individualized attention. Government initiatives and funding for improving senior care infrastructure and services also help to drive market growth is expected to grow at a CAGR of about 7.98% from 2024 to 2031.
Geriatric Care Services Market: Definition/ Overview
Geriatric care services include a variety of healthcare and support services tailored to the elderly’s specific health and lifestyle needs. These services include medical care, assistance with daily living activities, rehabilitation, and specialized programs for chronic illnesses and cognitive impairments. The applications range from in-home care and assisted living facilities to nursing homes and specialized geriatric hospitals. The future scope of geriatric care services is expected to grow significantly, driven by an aging global population, technological advancements, and rising demand for personalized and home-based care solutions. Telemedicine, AI-driven health monitoring, and improved care models are likely to play a pivotal role in shaping the evolution of geriatric care, with the goal of improving quality of life and meeting the diverse needs of the elderly.
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Will Rising Aging Population Drive the Geriatric Care Services Market?
Rising aging populations are a major driver of the geriatric care services market, as the number of elderly people increases demand for specialized care solutions. The growing demand for medical and support services geared toward seniors is driving market growth. For instance, in August 2024, Brookdale Senior Living announced the launch of new care programs aimed at managing chronic conditions and improving the quality of life for its elderly residents. This initiative exemplifies the broader trend of adapting services to meet the needs of a growing senior population, demonstrating how demographic shifts are influencing service offerings in the geriatric care industry.
According to a World Health Organization report published in September 2024, the global population aged 60 and up is expected to double from 1 billion in 2020 to 2.1 billion in 2050. This significant increase is directly driving the expansion of the geriatric care services market. According to a market analysis report published by Verified Market Research in 2024, the global geriatric care services market will be worth USD 2.38 Billion by 2031, growing at a CAGR of 7.98% in 2024 to 20231.
In July 2024, the United States Department of Health and Human Services (HHS) announced a new funding program to improve geriatric care infrastructure and support innovations in elderly care services. This program seeks to address the challenges that come with an aging population by improving access to care and encouraging advances in care models. Such regulatory and financial support emphasizes the importance of demographic trends in shaping the future of geriatric care services, which drive market growth and innovation.
Will Lack of Geriatric Services in Developing Nations Hinder the Geriatric Care Services Market?
The lack of geriatric services in developing countries impedes the growth of the global geriatric care services market. Many developing countries face a shortage of infrastructure, trained healthcare professionals, and specialized care facilities to meet the needs of the elderly population. This gap leads to insufficient care and limited access to essential services for the elderly, which can stifle market growth in these areas. The disparity in healthcare availability and quality between developed and developing countries has an impact on the global market because the potential for growth in developing regions is still limited.
Furthermore, the lack of emphasis on geriatric care in developing countries can impede global market dynamics by limiting investment opportunities and slowing the expansion of care models designed to address the aging population. This problem is exacerbated by economic challenges such as reduced healthcare budgets and fewer resources allocated to elder care. Without significant improvements in healthcare infrastructure and targeted investments in geriatric care, the market’s overall growth may be hampered, particularly in areas where the aging population is rapidly increasing but there are insufficient care provisions. Addressing these gaps is critical to achieving sustainable global growth in the geriatric care services market.
Category-Wise Acumens
Will Rising Demand from Pharmaceutical Sector Drive the Geriatric Care Services Market?
Rising demand from the pharmaceutical industry is expected to significantly drive the geriatric care services market, as pharmaceutical innovations play an important role in managing chronic conditions common among the elderly. In August 2024, Pfizer introduced a new medication to treat age-related diseases, highlighting the pharmaceutical industry’s commitment to improving elderly care. Furthermore, in July 2024, the United States Food and Drug Administration (FDA) approved a number of new drugs for geriatric conditions, indicating increased regulatory support for pharmaceutical advances in senior health. This surge in pharmaceutical development corresponds to the growing demand for specialized treatments and medications in geriatric care, driving market growth as pharmaceutical companies innovate to meet the complex health needs of the aging population.
However, the housing and assistive devices segment is the fastest growing, owing to rising demand for home care solutions and supportive technologies. Assistive device innovations, such as mobility aids and smart home systems, are quickly gaining popularity as more seniors prefer to age in place with advanced technology, resulting in significant growth in this segment.
Will Increasing Prevalence of Heart Diseases of Dominate the Geriatric Care Services Market?
The rising prevalence of heart disease is likely to have a significant impact, but not solely on, the geriatric care services market. Heart disease is a major concern among the elderly, increasing demand for specialized care and management services. For instance, in July 2024, Medtronic introduced a new line of heart disease management devices specifically designed for older patients, reflecting the growing demand for advanced cardiovascular care. Furthermore, in June 2024, government health initiatives, such as the United States Centers for Disease Control and Prevention (CDC) launched a heart disease prevention program, emphasize the importance of managing chronic conditions among seniors. While heart disease is a critical factor, the overall market growth is also driven by other conditions such as diabetes and osteoporosis, which are prevalent among the aging population.
Meanwhile, the diabetes segment is expanding at the fastest rate, owing to an increase in diabetes prevalence among seniors and increased awareness about how to manage the condition. Advancements in diabetes care technologies and the increasing availability of specialized diabetes management programs are driving the growth, reflecting the critical need to address this widespread issue in the aging population.
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Country/Region-wise Acumens
Will Rising Demand for Specialized Elder Care Services in North America Drive the Geriatric Care Services Market?
The increasing demand for specialized elder care services in North America is a major driver of the geriatric care services market. As the baby boomer generation ages, there is a growing demand for specialized healthcare and support services that address the unique challenges that older adults face. This demand applies to a wide range of services, including home health care, assisted living facilities, memory care units, and specialized medical treatments. In July 2024, According to a report released by the United States Census Bureau, the number of Americans aged 65 and older is expected to reach 80 million by 2040, accounting for nearly 21% of the total population.
In June 2024A JAMA study revealed that older adults aged 75 and older require specialized geriatric care services 30% more frequently than a decade ago, with a high demand for chronic disease management and cognitive health. The launch of 50 new specialized clinics, coupled with growing awareness of geriatric-specific care, is driving substantial growth in the North American geriatric care services market.
Will Rapid Economic Developments in Asia-Pacific Propel the Geriatric Care Services Market?
The Asia-Pacific region’s economic growth is propelling the geriatric care services market, fueled by an aging population and rising disposable incomes. The Asian Development Bank predicts that the market will reach USD 385 Billion by 2030, growing at a 9.2% CAGR between 2024 and 2030, outpacing the global average.
Furthermore, The Lancet Regional Health – Western Pacific in June 2024 examined healthcare spending patterns in ten Asia-Pacific countries. The study discovered that spending on geriatric care services increased by an average of 12% per year between 2020 and 2023, with particularly rapid growth rates in countries such as Vietnam, Indonesia, and India. Furthermore, in July 2024, Japan, which has one of the world’s oldest populations, implemented new regulations to promote the integration of AI and robotics in elderly care, with the goal of addressing labor shortages in the sector are propelling significant growth in the Asia-Pacific geriatric care services market.
Competitive Landscape
The competitive landscape of the geriatric care services market is characterized by a diverse range of service providers and business models. Companies are increasingly differentiating themselves through specialized care programs, innovative service delivery methods, and integration of technology. Service providers include a mix of long-term care facilities, home healthcare agencies, and telemedicine platforms, each focusing on enhancing the quality of care and operational efficiency. Competitive strategies often involve adopting advanced technologies such as electronic health records (EHRs) and remote monitoring tools to improve patient outcomes and streamline operations.
Some of the prominent players operating in the geriatric care services market include:
- Endo Pharmaceuticals, Inc.
- Merck & Co., Inc.
- AstraZeneca PLC
- Pfizer, Inc.
- Allergan, Inc.
- Bristol-Myers Squibb Company
- Regeneron Pharmaceuticals, Inc.
- AstraZeneca PLC
- Hoffmann-La Roche AG
- Octapharma AG
Latest Developments
- In May 2024, Encompass Health launched a new suite of rehabilitation services designed specifically for elderly patients recovering from surgery or illness, with an emphasis on personalized care plans and advanced therapeutic techniques.
- In April 2024, Senior Helpers expanded its franchise network by opening several new locations across the United States. This expansion aims to meet the growing demand for in-home care services while also providing more localized support to seniors.
- In February 2024, The Village at Home launched a virtual reality (VR) program to help seniors with cognitive impairments engage in stimulating activities and improve their overall well-being, reflecting a growing trend of integrating technology into geriatric care.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2021-2031 |
| Growth Rate | CAGR of ~7.98% from 2024 to 2031 |
| Base Year for Valuation | 2024 |
| Historical Period | 2021-2023 |
| Forecast Period | 2024-2031 |
| Quantitative Units | Value in USD Billion |
| Report Coverage | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Players | Endo Pharmaceuticals, Inc., Merck & Co., Inc., AstraZeneca PLC, Pfizer, Inc., Allergan, Inc., Bristol-Myers Squibb Company, Regeneron Pharmaceuticals, Inc., AstraZeneca PLC, Hoffmann-La Roche AG, Octapharma AG |
| Customization | Report customization along with purchase available upon request |
Geriatric Care Services Market, By Category
Product Type:
- Housing & Assistive Devices
- Pharmaceuticals
Service:
- Homecare
- Institutional Care
Application:
- Respiratory Diseases
- Diabetes
- Osteoporosis
- Heart Diseases
Region:
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
Research Methodology of Verified Market Research:
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Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
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Customization of the Report
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Frequently Asked Questions
1 INTRODUCTION OF GLOBAL GERIATRIC CARE SERVICES MARKET
1.1 Overview of the Market
1.2 Scope of Report
1.3 Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources
4 GLOBAL GERIATRIC CARE SERVICES MARKET OUTLOOK
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
4.5 Regulatory Framework
5 GLOBAL GERIATRIC CARE SERVICES MARKET, BY PRODUCT TYPE
5.1 Overview
5.2 Housing & Assistive Devices
5.3 Pharmaceuticals
6 GLOBAL GERIATRIC CARE SERVICES MARKET, BY SERVICE
6.1 Overview
6.2 Homecare
6.2.1 Health Care
6.2.2 Non-Medical Care
6.3 Institutional Care
6.4 Adult Day Care
7 GLOBAL GERIATRIC CARE SERVICES MARKET, BY APPLICATION
7.1 Overview
7.2 Respiratory Diseases
7.3 Diabetes
7.4 Osteoporosis
7.5 Heart Diseases
7.6 Neurological Diseases
7.7 Kidney Diseases
7.8 Arthritis
7.9 Cancer
7.10 Others
8 GLOBAL GERIATRIC CARE SERVICES MARKET, BY GEOGRAPHY
8.1 Overview
8.2 North America
8.2.1 U.S.
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 U.K.
8.3.3 France
8.3.4 Rest of Europe
8.4 Asia Pacific
8.4.1 China
8.4.2 Japan
8.4.3 India
8.4.4 Rest of Asia Pacific
8.5 Rest of the World
8.5.1 Latin America
8.5.2 Middle East and Africa
9 GLOBAL GERIATRIC CARE SERVICES MARKET COMPETITIVE LANDSCAPE
9.1 Overview
9.2 Company Market Share
9.3 Vendor Landscape
9.4 Key Development Strategies
10 COMPANY PROFILES
10.1 LivHOME
10.1.1 Overview
10.1.2 Financial Performance
10.1.3 Product Outlook
10.1.4 Key Developments
10.2 Brookdale Senior Living Solutions
10.2.1 Overview
10.2.2 Financial Performance
10.2.3 Product Outlook
10.2.4 Key Developments
10.3 Home Instead Senior Care
10.3.1 Overview
10.3.2 Financial Performance
10.3.3 Product Outlook
10.3.4 Key Developments
10.4 Extendicare
10.4.1 Overview
10.4.2 Financial Performance
10.4.3 Product Outlook
10.4.4 Key Developments
10.5 Portea Medical
10.5.1 Overview
10.5.2 Financial Performance
10.5.3 Product Outlook
10.5.4 Key Developments
10.6 Kindred Healthcare Inc.
10.6.1 Overview
10.6.2 Financial Performance
10.6.3 Product Outlook
10.6.4 Key Developments
10.7 Revera Inc.
10.7.1 Overview
10.7.2 Financial Performance
10.7.3 Product Outlook
10.7.4 Key Developments
10.8 Senior Care Centers
10.8.1 Overview
10.8.2 Financial Performance
10.8.3 Product Outlook
10.8.4 Key Developments
10.9 Amedisys
10.9.1 Overview
10.9.2 Financial Performance
10.9.3 Product Outlook
10.9.4 Key Developments
10.10 Genesis HealthCare
10.10.1 Overview
10.10.2 Financial Performance
10.10.3 Product Outlook
10.10.4 Key Developments
11 Appendix
11.1 Related Research
Report Research Methodology
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This additionally supports the market researchers in segmenting different segments of the market for analysing them individually.
We appoint data triangulation strategies to explore different areas of the market. This way, we ensure that all our clients get reliable insights associated with the market. Different elements of research methodology appointed by our experts include:
Exploratory data mining
Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.
All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.
For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.
Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.
Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
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Econometrics and data visualization model
Our analysts offer market evaluations and forecasts using the industry-first simulation models. They utilize the BI-enabled dashboard to deliver real-time market statistics. With the help of embedded analytics, the clients can get details associated with brand analysis. They can also use the online reporting software to understand the different key performance indicators.
All the research models are customized to the prerequisites shared by the global clients.
The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.
Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.
Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.
Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:
- Market drivers and restraints, along with their current and expected impact
- Raw material scenario and supply v/s price trends
- Regulatory scenario and expected developments
- Current capacity and expected capacity additions up to 2027
We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.
The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.
Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:
- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
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