Elder Care and Geriatrics Services Market Size & Share | 2031

Report Description

The global elder care and geriatrics services market size was valued at nearly USD XX Bn in 2022 and is anticipated to reach USD XX Bn by 2031, expanding at a CAGR of XX% during 2023 – 2031. The growth of the market is attributed to the rising geriatric population and favorable government policies regarding health for senior citizens around the world.

Elder care and geriatrics services are services provided to elderly people. It includes numerous activities such as personal care, housekeeping, cooking, and transportation. The services are aimed at making the lives of the elderly easier by assisting them physically as well as emotionally. Elder care and geriatric services are inclusive of hospice, assisted living, home care, adult day care, and long-term as well as short-term care. These facilities house the elderly as well as those with disabilities.

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Elder care services are broadly classified as medical and non-medical. Medical services involve plans for coordinating treatments for various health disorders faced by old aged patients. Neurodegenerative or emotional care is included under both non-medical as well as medical services.

Post-surgery recovery or injury healing services fall under the medical category of service offerings. The introduction of digitization in elder care has benefitted in countering the shortage of workforce. Physicians can remotely track wearable devices with sensors for effective elderly patients’ monitoring.

Elderly home care service offers superior treatment for various diseases without the necessity to visit hospitals. Care for arthritis, osteoporosis, neurological, respiratory, cancer, kidney diseases, heart diseases, and diabetes is provided for elderly patients. It provides flexibility in managing diet plans and exercise routines for diabetic patients.

The market report finds that the COVID-19 pandemic moderately impacted the elder care and geriatrics services market. The market growth increased, as the focus of private healthcare providers to help the elderly through non-medical support has raised during the pandemic. However, the market growth slowed down to a certain level, due to the labor shortage, as the majority of the healthcare service providers shifted their focus on COVID-19 patients.

Elder Care and Geriatrics Services Market Dynamics

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Major Drivers

Growing geriatric population across the globe is a major factor driving the market. According to the Global Health and Aging report published by the World Health Organization, people aged 65 and above are expected to reach nearly 1.5 billion by 2050 from an estimated 524 million in 2010.

Rising conditions such as high blood pressure, diabetes, and stroke among the geriatric population are likely to boost the demand for home healthcare for daily monitoring. Elder care services provide assistance when needed, which empowers elders to do things on their own. The service provides personalized care at home, which increases comfort and reduces unnecessary visits to hospitals. It enhances the quality of life by offering one-on-one care.

Existing Restraints

High cost associated with elder care and geriatrics services is expected to hinder the market in the coming years.  These services offer personalized care in a home setting, which makes them costlier and not everyone can avail of it, especially people with low income, which hinder the market in the coming years. Furthermore, the lack of trained professionals coupled with the proper geriatric care services is likely to restrain the market.

Emerging Opportunities

Increasing various reimbursement policies for the geriatric population to provide a quality life is likely to create lucrative opportunities in the market.

• For instance, in 2020, the National Insurance Company introduced a policy “Varistha Mediclaim Policy” for senior citizens between the ages of 60 and 80. The policy covers all the expenses of medical services including emergency transportation, medication, and nursing costs.

Scope of Elder Care and Geriatrics Services Market Report

The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Elder Care and Geriatrics Service Market Segment Insights

Service Segment Analysis

Based on service, the elder care and geriatrics service market is divided into institutional care, home care, and adult day care. The adult daycare segment is anticipated to hold a key share of the market, as it allows the geriatric population to receive care and attention without changing their lifestyles. It provides a safe and secure setting for adults who need supervision during the day. The rising adoption of adult day care services in post-surgery recoveries is likely to boost the market.

The home care segment is expected to expand at a significant growth rate in the coming years, as it provides comfort and flexibility. It delivers healthcare and supportive services at a home setting, which reduces the risk of rehospitalization. Home-based service includes a wide range of medical and non-medical services. Increasing demand for personalized care is further expected to boost the segment.

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Service Provider Segment Analysis

In terms of service provider, the market is bifurcated into private and public. The private segment is expected to register a robust growth rate during the forecast period, owing to the availability of highly skilled and trained workers. Private service providers offer enhanced service to consumers. The availability of a wide network of experienced doctors, privacy, and ample availability of drugs are likely to drive the segment.

Payment Source Segment Analysis

Based on payment source, the elder care and geriatrics services market is segmented into preventive healthcare packages, out-of-pocket, public insurance, private insurance, and others. The public insurance segment is expected to expand at a considerable CAGR during the projection period, as it provides many tax benefits compared to others, including health and medical insurance.

It covers hospitalization costs and existing disease coverage. The segment growth is further attributed to the growing requirement for cost-effective healthcare delivery, due to the rising healthcare costs. The preventive healthcare packages segment is expected to grow at a rapid pace in the coming years, as it covers the pre- and post-hospitalization costs.

It covers the overall cost required for treatment, including the cost of clinical laboratory tests, scans, and imaging, which reduces the financial burden of expensive treatment. Preventive healthcare packages include a wide variety of packages for several diseases, such as cardiac packages, cancer packages, diabetes packages, pediatric packages, and fertility check-ups

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Regional Analysis

In terms of region, the global elder care and geriatrics services market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the projection period, due to the rapidly growing aging population in the region and increasing tendencies to spend on healthcare.

The market growth is further attributed to the presence of advanced medical facilities and the rising home healthcare institutes at a rapid pace. The market in Asia Pacific is projected to grow at a rapid pace in the coming years, owing to the rising geriatric population at a rapid pace and increasing government reimbursement policies to provide healthcare services.

• For instance, in 2017, the Indian government introduced a scheme “Rashtriya Vayoshri Yojana” for ages 60 and above who fall under the BPL (Below Poverty Line) category. This scheme offers medical help and provides all funding required for treatment.

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