December 23, 2018: Adroit Market Research launched a study titled, “North America Geriatric Care Services Market Size 2017 by Service Type (Home care, Adult Day Care and Institutional Care), by Country and Forecast 2018 to 2025”. The study covers the North America geriatric care services market value for a period ranging between 2012 to 2025, where 2012 to 2017 imply the actual annual revenue with forecast between 2018 and 2025. The North America geriatric care services report also includes qualitative insights of the market such as drivers, restrains, PEST analysis and regulatory framework.
By 2025, the North America geriatric care services market is expected to reach USD 421.6 billion, driven by increasing life expectancy in the region. Rising advancements in technologies leading to the availability of improved healthcare services and advanced treatments alternatives is in turn increasing the life expectancy especially in the U.S. Rising health awareness among people and the adverse medical events among the geriatric population is accelerating the growth of the North America geriatric care services market.
The geriatric care service industry is comprised of home healthcare agencies, skilled nursing facilities, continuing care facilities, assisted living facilities and social services agencies. The market will be growing at a substantial rate driven by the increased number of baby boomers entering the retirement years and the changing demographics of the country. Furthermore, modifications in the federal regulations, specifically for the Medicaid and medicare payments, is permitting flexible and increased payment alternatives. Most of the geriatric population require long term support and services including assistance with daily activities; for instance, dressing and bathing because of cognitive or physical impairment.
On the basis of service type, geriatric care services market is segmented into home care, adult care and institutional care. In 2017, home care segment accounted for the largest share of nearly 40% registering a CAGR of 5.5%. Increasing preference towards home care services when compared to institutional care services is a key factor expected to result in a significant growth of the health care services market. Home care segment is expected to witness the highest growth potential over the forecast period owing to rising inclination of consumers towards choosing hygienic and relatively more comfortable options for their treatment. Also, increasing investments by governments as well as increasing number of favourable policies by several healthcare organizations is anticipated to drive the growth of adult day care segment over the forecast period. Further, adult day care segment is anticipated to foresee a significant growth of nearly 5% between 2018 and 2025.
This growth is attributed to improvements in the existing care models. Healthcare giants are becoming costumer centric by focusing on improving service quality rather than just increasing the revenues. Also, private owners are operating various small scale nursing homes and residential homes for elderly population. Mergers and acquisitions are also playing a major role in the growth of the geriatric care services market in North America. For instance, Genesis healthcare acquired Sun healthcare group which created the largest skilled nursing provider in US.
Some of the major players profiled in this report include Gentiva Health Services, Inc., Genesis HealthCare Corp., GGNSC Holdings, Kindred Healthcare and Home Instead Senior Care Inc.
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
- Canada