Geriatric Care Services Market Is Predicted To Reach USD USD 1,012.02 Billion By 2022: By Grand View Research, Inc.
Global 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.
Global Geriatric Care Services
Market, by product, 2014 - 2022 (USD Billion)
Browse full research report on
Geriatric
Care Services Market
Further key findings from
the report 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.
For
more information: http://www.grandviewresearch.com
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