Global Geriatric Care Services Market Report and Forecast 2024-2032

Global Geriatric Care Services Market Outlook

The global geriatric care services market attained a value of USD 1,141.36 billion in 2023, driven by the increasing aging population and rising demand for specialized healthcare services for the elderly across the globe. The market size is forecasted to grow at a CAGR of 6.5% during the forecast period of 2024-2032 to achieve a value of USD 2,011.73 billion by 2032.

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Ageing Global Population, Ailments Affecting the Elderly, Lack of Geriatric Care Personnel and Facilities Drive Demand

Populations across the globe are ageing rapidly, and such a demographic change would impact almost every societal aspect. Currently, the world has over 1 billion people above 60 years of age; most of which live in low- and middle-income nations. Majority of these people lack access to basic necessities of life, while several others face numerous challenges restricting their participation in society. The COVID-19 pandemic has intensified challenges in providing services to the ageing population. It is estimated that the number of people aged 65 or above would rise from nearly 524 million in 2010 to nearly 1.5 billion in 2050. Developing nations would witness most such increase.

During the early 20th century, major health challenges included parasitic and infectious diseases that proved fatal for infants and children. In this day and age, however, diseases such as diabetes, cancer, heart-disease etc. are major causes of concern, and these more commonly affect adults and older people. Some diseases such as Alzheimer’s Disease (AD), a form of dementia, largely affects only the elderly. According to recent estimates, the number of people living with AD/dementia across the world stands somewhere between 27 million and 36 million. While the incidence of AD is low at younger ages, it nearly doubles with every five years of age after the age of sixty-five.

In the US, people aged 65 and above accounted for 16% of the population in 2019, but this number is expected to rise to stand at over 21.5% of the population by 2040. In the US alone, the population aged 85 and above is expected to rise by nearly 118%, from 6.6 million in 2019 to 14.4 million in 2040 (a 118% increase). In 2019, 22.3% of American people falling between the 65 to 74 age-group evaluated their health as fair or poor as compared to 29.3% of the population aged 75 and above.  Further, majority of older Americans had at least one chronic ailment while several had many such conditions. In the Finger Lakes region, healthcare costs are expected to grow by over 17.5% by 2025. Further, there is a lack of geriatric physicians, nurses, social workers and other allied professionals to meet healthcare challenges related to elderly care.

Developed as well as Developing Nations to See Greater Demand for Services

Countries like Belgium offer well-developed systems for the elderly in need of long-term care. However, as the population continues to age, Belgium is expected to face more demand for long term care for the elderly. According to a model developed by the Federal Planning Bureau, 149,000 to 177,000 beds would be needed in 2025. After 2025, the increase in need is projected to accelerate further.

In India, the number of the elderly has been rising rapidly, and this trend is expected to continue in following decades. Those aged above 60 are projected to increase from over 7.5% percent in 2015 to nearly 19 percent in 2050.

The overall population of India is expected to grow by over 55% while those above the age of 60 would increase by over 325 percent. During the same time, the population aged over 80 would grow nearly 700% percent; such population will be dominated by widowed and highly dependent very old women. Such elderly women would require significant attention and care.

Geriatric care services are expected to be in high demand both developed and developing nations on account of a rapidly ageing population and its medical and psychological needs. Additionally, the various schemes and initiatives by governments for care of the elderly in developed and developing countries are expected to stimulate growth of healthcare, wellness, and insurance firms. At the same time, the sector faces several challenges, especially in those nations that are relatively poor and less developed. Providing quality elderly care warrants superior infrastructure, spending and citizen welfare schemes and facilities, which poorer nations are unable to afford.

Geriatric Care Services Definition and Market Segmentation

Geriatric care services refer to facilities providing medical care for elderly people. Modern definitions of geriatric care have come to include, in addition to medical care and needs, the social and psychological needs of the elderly.

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According to type, the market is segmented into:

• Homecare
• Adult Daycare
• Institutional Care

By region, the market is segmented into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

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Key Industry Players in the Global Geriatric Care Services Market

The report presents a detailed analysis of the following key players in the market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Brookdale Senior Living Inc.
• Extendicare Inc.
• Gentiva Health Services Inc. 
• Genesis Healthcare, Inc.  
• Sunrise Senior Living Inc.
• Others

The EMR report gives an in-depth insight into the industry by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

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