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Geriatric Care Services Market Trends

Report ID: GMI433
Published Date: Dec 2023
Report Format: PDF

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Geriatric Care Services Market Trends

The growing need for personal care for the elderly population affected due to chronic diseases, including high blood pressure, Alzheimer’s, and diabetes among others is a significant factor driving the growth of the geriatric care services industry.

As the global population ages, there is a significant increase in the prevalence of chronic health conditions among the elderly. According to the Alzheimer’s Association, an estimated 6.7 million Americans aged 65 and older will be living with Alzheimer's in 2023, of which 73% are aged 75 or older. These individuals often require specialized care that includes not only medical attention but also personalized assistance with daily activities, medication management, and emotional support.
Geriatric care services often provide ongoing assistance with activities of daily living, medication management, and regular health monitoring, prompting a surge in demand. This includes a spectrum of services such as home healthcare, assisted living, and nursing home facilities, designed to address the multifaceted needs of seniors. According to the estimates of the National Investment Center, there were 717,100 units of assisted living in the U.S. in 2020 which increased to 743,273 units in 2022.
Therefore, the surging demand for personalized care services for the elderly, especially those suffering from chronic diseases like high blood pressure, Alzheimer's, and diabetes, is a compelling force propelling the expansion of the geriatric care services industry.

Authors: Mariam Faizullabhoy , Gauri Wani

Frequently Asked Questions (FAQ) :

The geriatric care services industry was valued at around USD 1.45 trillion in 2023 and is estimated to reach over USD 2.88 trillion by 2032 driven by the growing geriatric population, attractive reimbursement, and insurance policies for the geriatric population, coupled with increasing government funding for elderly care.

The institutional care segment was worth over USD 914 billion in 2023 and is expected to exhibit a robust growth trend during 2024-2032 driven by comprehensive services offered within formal healthcare settings by institutional care providers.

The U.S. dominated North American geriatric care services industry in 2023 and is anticipated to surpass 1.06 trillion by 2032 driven by robust healthcare infrastructure, ageing population, and the demand for specialized care services for seniors.

Brookdale Senior Living Inc, Active Day, Extendicare Inc, St Luke’s Eldercare, Ltd, Kindred Healthcare Inc are some of the major industry contenders.