- The increased population of baby boomers in the United States of America is one of the prime components, driving further demand for the geriatric care services market. The market was predicted to have collected an income of about USD 560 billion in 2012. It is estimated to expand at around 6 percent CAGR during 2013 to 2019. This phase marks the forecast period. The geriatric care services market is likely to earn a revenue of around USD 850 billion by the end of the forecast period.
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Geriatric care services are inclusive of various individual care, healthcare and helpful services. The services ensure that the requirements of the elderly are met. These elderly have restrictions for self care owing to chronic illnesses, injuries, mental, physical or cognitive disabilities or other health connected problems. The services are also inclusive of aid with daily living activities, like grooming, dressing, bathing, eating, etc. These services assist people in enhancing or upholding the finest living quality and physical functioning.
Rising old population attempting to live on their own and innovations in technologies for geriatric population are also estimated to add income to the geriatric care services market. In addition to these, the growing population of oldest people susceptible to illnesses, like neurological and breathing disorders is also accountable for pushing the market ahead.
Categories And Leaders
The geriatric care services market is segmented in view of two categories. These are services and geographies. The services market includes adult day care, home care, and institutional care. The sector of institutional care occupied the biggest share in 2012. Home care followed institutional care and landed the second spot with respect to income in the geriatric care services market. It is expected to grow further during the forecast period. Institutional care is the most expensive of all care services. It offers quality care services and has been the most technologically advanced and biggest sector.
However, the feeling of being left out by the family among the elderly and high costs of institutional care are estimated to hinder the pace of this sector in the geriatric care services market. Adult day care is also anevolving sector and is estimated to notice further growth in the future. It provides various benefits. Some of these are home living, improved life quality, social communication, refreshment and skillful nursing services. These benefits augur well for the sector and steer it forward. They even promote further growth of the geriatric care services market.
The worldwide geriatric care services marketis also fragmented on account of various regions. These are Europe, rest of the world, Asia Pacific and North America. North America and Europe are anticipated to dominate the geriatric care services market through the forecast period. In urbanized countries, like Canada, the United States, Germany, Spain, France and Italy, the market is experiencing decent expansion. This is on account of the growing elderly population choosing geriatric care services.
Chronic diseases among old people, rising life expectation and restrictions in performing useful and reasoning activities are the other apparent causes for the further development of the geriatric care services market in industrialized countries.
Information Source: Grand View Research
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