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The proportion of geriatric population amongst the total population continues to grow and is the single largest driver for the growing global geriatric care services market. Changing family structure in most developed countries has resulted in decrease in time family caregivers can provide. This factor has been crucial in developing and shaping of geriatric care services market. Furthermore, the industrial development and improved job opportunities in the emerging nations of Asia-Pacific have resulted into more people working away from home. This has further led to unavailability of family caregivers which is incentivizing formal care providers. Along with this a large fraction of geriatrics today wish to continue their professional lives but require moderate support from care services. The market in the region has begun developing and returns from geriatric care business in the region are expected to grow in the coming years. The global geriatric care services market was valued at USD 560.4 billion in 2012 and is expected to reach USD 850.0 billion by 2019, growing at a CAGR of 5.9% during the forecast period 2013 to 2019.
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The global geriatric care services market is broadly categorized into home care services, adult daycare services, and institutional care services. The institutional care services market constituted the largest segment in the global geriatric care services market while home care services market is expected to witness fastest growth amongst all the segments during the forecast period 2013 to 2019. The freedom to stay at home and cost containment are the prime reasons which explain the emergence of home care services market in the overall geriatric care services market. This segment of market provides unique advantages such as less expensive, desired stay at home and more independence which is helping to gain traction in the steadily growing global geriatric care services market. The shortage of other available options such as nursing homes and assisted living communities in the developing regions is also propelling the growth of global geriatric home care services market.
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In 2012, North America was the largest market for geriatric care services contributing to larger proportion of the global market followed by Europe region. These two regions are expected to maintain their leading positions in the global market during the forecast period from 2013 to 2019. Although the market for senior care services in the developed nations of North America and Europe is structured, it is yet in a developing phase. Moreover, the market is absolutely in budding stage in other parts of the world, particularly in countries such as China and India where the situation of elderly care is expected to become grave in the coming years. The market dynamics in China are more rapidly changing relative to India since it has more elderly population while India is still known to be a young country. China will be an attractive destination for the international industry players such as Home Instead Senior Care, Inc., as the government has decided to allow private investments in country’s elderly care services market.
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Brookdale Senior Living, Inc., Extendicare, Inc., Genesis HealthCare Corp., Gentiva Health Services, Inc., GGNSC Holdings, Home Instead Senior Care, Inc., Kindred Healthcare, Inc., Senior Care Centers of America, Skilled Healthcare Group, Inc., and Sunrise Senior Living, Inc. are some of the major companies operating in the global geriatric care services market.