Geriatric Care Services Market Size, Share, Growth and Trend Analysis Report
by Susan Hill Business ConsultantGlobal geriatric
care services market is expected to reach USD 1,012.02 billion by 2022, according to a
new study by Grand View Research, Inc. Constantly increasing geriatric
population prone to chronic medical conditions is expected to drive market
growth over the forecast period. Presence of favorable reimbursement policies
in the U.S. which are primarily driven by Medicaid, and Medicare is also
expected to positively reinforce market growth. In 2012, according to data
published by the Center of Disease Control (CDC) it has been estimated that
nearly 95% nursing homes, 77% adult day care service centers, 78% home health
agencies and 52% residential care communities were certified to participate in
Medicaid. Furthermore, nearly 99% home health agencies, 100% hospice, and 96.5%
nursing homes were Medicare certified.
Further
key findings from the study suggest:
- The home care services market was valued at 255.36 billion in 2014
and is expected to grow at a healthy rate over the forecast period. Home
care services enable the elderly to stay at home and receive care without
altering their lifestyles. Services include medical and non-medical
services.
- Institutional care services were the leading segment of the market
in 2014. Large presence and high usage rates of institutions offering
geriatric care services such as nursing homes, assisted living facilities,
hospital based geriatric care and independent senior living communities is
a key factor attributing to its market position.
- North America was one of the highest revenue generating regional
market in 2014 majorly on account of favorable reimbursement policies,
large presence of pertinent facilities and high awareness and disposable
income levels. Recent statistics support the aforementioned statement.
Data published by the CDC in 2012, suggest that the total number of long term care facilities and
adult day care centers amounted to 58,600 and 4,800 respectively.
- The Asia Pacific geriatric care services market is expected to grow
at a CAGR of over 8.0% during the forecast period. Presence of high unmet
needs and large geriatric population base in countries such as China and
India and growing prevalence of orthopedic, neurological, cardiovascular
disorders are expected to serve this market as high impact rendering
drivers.
- Key players operating in the geriatric care services market include
Kindred Healthcare Inc., Brookdale Senior living, Senior Care Centers of
America, Extendicare, Inc. and Genesis Healthcare Corp.
Access
full research report on global geriatric care services market:
www.grandviewresearch.com/industry-analysis/geriatric-care-services-market
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Created on Sep 6th 2019 09:10. Viewed 380 times.