The North America geriatric care services market is expected to be valued at US$ 421.6 billion by the end of 2025, growing at a CAGR of 4.7% during the forecast period. Factors such as ever increasing geriatric population coupled with increased governmental investments for adult day care centers across North America are the prime factors fueling the growth of geriatric care services market in North America.
Geriatric care services, also denoted as elder care management is a process of planning, executing and coordinating an optimum care of the elderly with mental as well as physical impairments to improve their overall quality of life, meet their long term health needs and maintain their independence for as long as possible. It necessitates working with geriatric people and their families in rendering, managing and referring several types of social and health services. Geriatric care services further includes health and psychological care with other required services including home care services, socialization programs, nutritional services, legal and financial planning as well as assistance with activities of daily living. There are three major types of geriatric care services namely home care, adult day care and institutional care.
The North America geriatric care services market is witnessing vivid opportunities owing to increasing consumer spending and per capita disposable incomes coupled with significant economic growth especially in Canada. Moreover, rising number of adult day care centers as well as increasing investments by governments of various economies especially on the development of adult day care centers is some other key aspects fueling the growth of the market. In addition, increasing life expectancy and increasing geriatric population is further anticipated to bolster the growth.
The ever increasing geriatric population is one of the key factors driving the global geriatric care services market. With the increasing age, the cartilages and other connective tissues become prone to strain due to less water content. This leads to cushioning at the joints coupled with other health ailments. Moreover, the heart, lungs, kidneys and other body organs become weak leading to increase in demand for geriatric care services. However, unstable reimbursement policies can be a major factor responsible for hindering the overall growth of the market. Also, increasing number of working women is further augmenting the demand for efficient geriatric care services especially in the states.
The North America geriatric care services market is categorized on the basis of type which includes home care, adult day care and institutional care. The home care segment accounted for the largest share in 2015 and is anticipated to maintain its dominance throughout the forecast period registering a CAGR of 5.5% between 2016 and 2025.
Major players in the North America geriatric care services market are focusing on key strategies such as mergers, acquisitions, partnerships and new product developments in order to strengthen their goodwill in the ever competitive market. Some of the major players profiled in this report include Brookdale Senior Living Inc., Extendicare Inc., Gentiva Health Services Inc., Kindred Healthcare Inc., Senior Care Centers of America, Sunrise Senior Living Inc., Genesis Healthcare Corp., Home Instead Senior Care Inc. and GGNSC Holdings LLC.
Key segments of the North America geriatric care services market
Type Overview, 2015-2025 (USD million)
- Home Care
- Adult Care
- Institutional Care
Regional Overview, 2015-2025 (USD million)
- North America
- United States
Reasons for the study
• The purpose of the study is to give an exhaustive outlook of the North America geriatric care services industry.
• We have been following the overall segmentation of geriatric care services market. The increasing incidences of road accidents and rising number of medical impairments is expected to drive the market.
• Large scale government and private investments for the enhancement of the quality of medical services is providing major growth impetus for the North America geriatric care services market.
What does the report include?
• The study on the North America geriatric care services market includes qualitative factors such as drivers, restraints, and opportunities
• Additionally, the market has been evaluated using the value chain analysis and Porter’s Five Forces’ analysis
• The study covers qualitative and quantitative analysis of the market segmented on the basis of type and region. Moreover, the study provides similar information for the key geographies.
• Actual market sizes and forecasts have been provided for all the above-mentioned segments
• The study includes the profiles of key players in the market with a significant global and/or regional presence
Who should buy this report?
This study is suitable for industry participants and stakeholders in the geriatric care services industry. The report will benefit:
• Executives of geriatric care services companies that are engaged in the distribution and marketing
• Managers within financial institutions looking to publish recent and forecasted statistics pertaining to geriatric care services.
• Government organizations, regulatory authorities, policymakers and financial organizations looking for innovative solutions.
• Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies