Global Geriatric Care Services Market Insights Forecasts to 2033 

• The Global Geriatric Care Services Market Size was Valued at USD 1,102.54 Billion in 2023
• The Market Size is Growing at a CAGR of 6.46% from 2023 to 2033 
• The Worldwide Geriatric Care Services Market Size is Expected to Reach USD 2,062.78 Billion by 2033 
• Asia Pacific is Expected to Grow the fastest during the forecast period.   

The Global Geriatric Care Services Market Size is anticipated to exceed USD 2,062.78 Billion by 2033, Growing at a CAGR of 6.46% from 2023 to 2033.

Market Overview

The field of geriatrics care, sometimes known as geriatric medicine, is dedicated to improving the health of the elderly. By preventing and treating age-related illnesses and disabilities, it supports the healthy development of senior citizens. Providing care for older patients in their homes, hospitals, or specific facilities like nursing homes or psychiatric hospitals is a component of geriatric nursing. Geriatric care is important because it enables older people to receive specialized treatment that understands and takes into account their particular needs. Older adults frequently suffer from a number of chronic ailments that require specialized care management because as people age, their bodies no longer react to medications in the same manner that they did in the past. Additionally, the market is expected to rise as a result of several factors, including increased government assistance, the frequency of chronic infectious diseases, the emphasis on preventative healthcare for the elderly population, and favorable long-term reimbursement policies for senior housing.

Report Coverage

This research report categorizes the global geriatric care services market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global geriatric care services market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global geriatric care services market.  

Driving Factors

Rapid developments in the geriatric area of healthcare are a major factor driving the global market for geriatric care services. Market expansion has been facilitated by the public's growing concerns about the declining health of the elderly population. One of the main factors driving demand in the global market for geriatric care services is the remarkable expansion of the healthcare sector worldwide. A broad range of services are included in elder care with the goal of raising the health of the elderly population. With the growing number of senior people, the field has gained popularity recently. Globally, one in six individuals will be 60 or older by 2030. As of right now, there will be 1.4 billion people over the age of 60, up from 1 billion in 2020. By 2050, there will be twice as many individuals (2.1 billion) in the globe who are 60 years of age or older. Between 2020 and 2050, there will likely be three times as many people 80 years of age or older, totaling 426 million. Since there will be a greater need for home care services, long-term care facilities, and specialized healthcare services to serve the aging population, the market for geriatric care services is anticipated to rise as a result of the notable increase in the older population.

Restraints & Challenges

The absence of geriatric care services in many countries, particularly developing ones, may have an effect on the market's expansion by discouraging people from obtaining and using these helpful services. The establishment of specialized geriatric care facilities and services is difficult in developing nations because of their frequently inadequate healthcare infrastructure.

Market Segmentation

The global geriatric care services market share is classified into service and market route of administration.

• The institutional care segment is expected to hold the largest share of the global geriatric care services market during the forecast period.                           

Based on the service, the global geriatric care services market is categorized as home care, adult day care, and institutional care. Among these, the institutional care segment is expected to hold the largest share of the global geriatric care services market during the forecast period. These facilities offer a variety of services, including 24-hour medical supervision, help with everyday tasks, specialist medical care, and individualized treatment for long-term illnesses. There were an anticipated 1,435,446 nursing care units in the United States in 2022, according to the National Investment Center. In order to protect the wellbeing of senior citizens, institutional care settings are dedicated to safety and security, outfitted with emergency response systems and skilled personnel.

• The 86-90 years segment is expected to grow at the fastest CAGR during the forecast period.       

Based on the age group, the global geriatric care services market is categorized as 65-70 years, 71-75 years, 76-80 years, 81-85 years, 86-90 years, and above 91 years. Among these, the 86-90 years segment is expected to grow at the fastest CAGR during the forecast period. The normal aging process usually results in an increase in healthcare needs for those between the ages of 86 and 90. This includes the need for more thorough and specialized care, an increased risk of chronic illnesses, and age-related health problems.

Regional Segment Analysis of the Global Geriatric care services Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is projected to hold the largest share of the global geriatric care services market over the forecast period.

North America is projected to hold the largest share of the global geriatric care services market over the forecast period. The ongoing evolution of reimbursement regulations and the abundance of diverse long-term care facilities across the United States are important factors contributing to its high share. Around 237,400 people were registered in adult day services centers (ADSCs) in the United States in 2020, according to the National Library of Medicines. Furthermore, in industrialized nations like the United States, medical insurance providers like Medicare and Medicaid have concentrated their efforts on creating reimbursement guidelines for the elderly population with a variety of chronic illnesses.

Asia-Pacific is expected to grow at the fastest CAGR growth of the global geriatric care services market during the forecast period. The Asia-Pacific area is leading the world in the aging population phenomena, with an unparalleled pace of increase in the number of elderly individuals.  Furthermore, in several countries in the region, the main causes of the aging population are geriatric care services, decreased fertility rates, and rising life expectancy. Rapid expansion in nations like China, India, and Japan can be attributed to a number of factors, including an aging population with chronic illnesses, rising disposable income, and increased knowledge of these healthcare facilities.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global geriatric care services market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• 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
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Key Market Developments

• In January 2023, Pennsylvania will see the addition of 34 nursing facilities, according to a statement from Genesis Healthcare Inc. By using this expansion approach, the company may be able to improve its market presence and generate more money overall.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global geriatric care services market based on the below-mentioned segments: 

Global Geriatric Care Services Market, By Service

• Home Care
• Adult Day Care
• Institutional Care

Global Geriatric Care Services Market, By Age Group

• 65-70 Years
• 71-75 Years
• 76-80 Years
• 81-85 Years
• 86-90 Years
• Above 91 Years

Global Geriatric Care Services Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa