The global market for geriatric care services is witnessing stiff competition owing to prominent players trying to outshine one another on the basis of cost, quality of services provided, and insurance coverage. The savvy players are mostly on the lookout for strategic mergers and acquisitions in order to bolster their outreach. Leveraging such measures, the companies that have come to hold dominant position in the market are Amedisys Inc., GGNSC Holdings LLC, Genesis HealthCare LLC, Brookdale Senior Living Inc., Home Instead Senior Care Inc., Senior Care Centers of America, Gentiva Health Services Inc., Sunrise Senior Living LLC, Extendicare Health Services Inc., Skilled Healthcare Group Inc., and Kindred Healthcare Inc.
A recent report on the global geriatric care services market published by Transparency Market Research finds that its worth would become US$850.0 bn by 2019.
Among the various kinds of geriatric care services in the market, the segment of home care services is growing at the fastest clip. This is because of the convenience it accords – the option to stay at home and get proper care, which has particularly helped the elderly, whose population is growing by the day. Besides, limited number of assisted living communities and nursing homes are also benefiting this segment. From a geographical standpoint, North America is a leading region not just because of a large geriatric population in the region but also because of the numerous players, providing state-of-the-art facilities, being domiciled in the region.
Changing Family Structures in Western World Majorly Fuels Market
At the forefront of driving demand in the market for geriatric care services is obviously a large pool elderly people worldwide which is growing by the day. Elaborates the lead analyst of the report, “The change in the family structure, particularly in the developed nations, has led to the lessening of the care provided by family members. This again is mainly because of the busy lifestyle of the younger population. This coupled with their increasing incomes and government funding in building and operating such facilities for the elderly has resulted in many of them opting for geriatric care services.”
Powered by China and India, Asia Pacific Market Looks Primed for Good Growth
While the advanced western nations mainly centered in the regions of North America and Europe are main revenue generators, the market is Asia Pacific is catching up to them fast. This is because of the rising industrialization and urbanization in the region. This has put more money and less time in the hands of people thus creating a pressing need for professional geriatric care services. The market in the region is still in a nascent stage but seems poised to explode in the near term. China and India are the two nations at the forefront of driving demand in Asia Pacific. Between the two, China is holds out more opportunity because of its relatively larger size of senior citizens’ population. This has made it an attractive destination for keen players looking for greener pastures.
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This review is based on the findings of a TMR report, titled, “Geriatric Care Services Market (Type – Home Care (Health Care (Medical Care, Physiotherapy Services, Telehealth, Palliative Care, and Hospice Care)), Non-medical Home Care (Personal Care, Home Making, Meals and Grocery, and Rehabilitation), and Adult Day Care (Health Care and Non-medical Care)) and Institutional Care (Nursing Homes (Palliative Care and Hospice Care), Hospital Based, Assisted Living, and Independent Senior Living) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013–2019.”
The report segments the Global Geriatric Care Services Market into the following:
Global Geriatric Care Services Market, by Type
- Home Care Health Care Medical Care
Non-Medical Home Care Personal care
Meals and Grocery
Adult Day Care Health Care
- Institutional Care Nursing Homes
Independent Senior Living
Global Geriatric Care Services Market, by Region
- North America
Rest of Europe
Rest of Asia-Pacific
- Rest of the World (RoW)
Rest of RoW