SEATTLE--(BUSINESS WIRE)--According to Coherent Market Insights, the global geriatric care service market was valued at US$ 784.7 million in 2017, and is projected to exhibit a CAGR of 7.9% over the forecast period (2018 – 2026).
Key Trends and Analysis of the Geriatric Care Service Market:
Key trends in the market are rising geriatric population, increasing range of services offered by geriatric care centers, and rising investment in expansion by market players.
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Market players are invested in launching new retirement residences in order to expand their business, enhance their offerings, and strengthen their market presence. For instance, in September 2018, Revera Inc. launched the Green Falls Landing Retirement Residence in Regina (Canada) to offer a range of lifestyle options, including seniors’ apartments, independent and assisted living, and memory care.
Moreover, the rising geriatric population and high dependency ratio of the elderly over the younger population is likely to fuel the geriatric care services market growth. According to World Population Prospects in 2017, global population aged over 60 years was 962 million, which is expected to reach around 2.1 billion by 2050. Globally, population aged 60 or above is increasing faster than younger age groups. This group of population is at an increased risk of age-related diseases such as renal insufficiency, and arthritis, metabolic change, Parkinson's disease, and nervous disorders.
However, the high cost of geriatric care services is expected to hinder the market growth in emerging economies such as India, China and Brazil. For instance, the independent living service cost around US$ 400 -2,000 per month and the cost of Assisted Living Communities cost around US$ 2,500 to US$ 6,000 / month.
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Key Market Takeaways:
- The geriatric care service market is expected to exhibit a CAGR of 7.9% during the forecast period (2018 – 2026), attributed to increasing geriatric population, increasing range of services offered by geriatric care centers, and rising investment in expansions by market players. Moreover, demand for continuing care is increasing rapidly. The risk of chronic diseases such as dementia is higher in the geriatric population, and therefore, continual and skilled nursing care is required. According to the World Alzheimer's Report, 2015, increased longevity is contributing to a greater number of people living with dementia. In 2015, 10.5 million people in Europe were living with dementia, and by 2050 the number is projected to escalate to 18.7 million.
- Market growth is attributed to approval and launch of virtual companion care for senior care. For instance, in 2017, LivHOME introduced a new approach-care technology for senior care. This technology enables seniors and in-home caregivers to video chat with professionals to ensure medication compliance, monitoring of health conditions, and others.
- Key players in the market are focused on adopting merger and acquisition strategies to enhance their product portfolio, which, in turn, is expected to propel the market growth over the forecast period. For instance, in February 2016, Amedisys acquired Associated Home Care and launched its personal care division to accompany already existing home health and hospice services throughout Massachusetts, U.S.
- Key players operating in the global geriatric care service market include, LivHOME, Brookdale Senior Living Solutions, Revera Inc., Senior Care Centers, Amedisys, Genesis HealthCare, Home Instead Senior Care, Extendicare, Portea Medical.
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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.