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 global North America Geriatric Care Services market worth USD 14.53 billio by 2030, growing at a CAGR of 6.7%
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.
America Geriatric Care Services Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2030||USD 14.53 billio|
|Growth Rate||CAGR of 6.7 % during 2022-2030|
|Segment Covered||by Application, Region.|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Asml Holdings N.V., Coherent Inc., Newport Corporation, Sharp Corporation, Sumitomo Electric Industries, Ltd., Trumpf GmbH + Co. Kg, Axcel Photonics Inc., Ipg Photonics Corporation, Han's Laser Technology Industry Group Co. Ltd.|
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