Aging increases the risk of chronic diseases such as diabetes, cardiac disorders, arthritis, and respiratory disorders that require continuous monitoring. Thus, it decreases the bone density that makes it a challenge for the geriatric population to continually manage their medical needs and perform their daily activities. The need for geriatric care services, which is the life of the elderly population. Increasing need for continuous health assistance.
Performing daily activities. Geriatric care service providers offer end-to-end solutions to the elderly population. There are many medical service providers who are looking for medical and financial planning services, home nursing services, and complete medical care plans.
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Increasing geriatric population is expected to drive growth in the geriatric care services market
According to the US Census Bureau, 2015, population of age 65 years and above is expected to increase over 60% during 2015 – 2030. It is estimated that the highest growth would be in Asia and Latin America. Africa, on the other hand, is the youngest region of 2015 and is expected to remain in the same future. Therefore, growth of elderly care in respective regions is estimated to follow a similar trend. However, affordability of geriatric care services is expected to increase in the geriatric care services market in emerging economies such as India, Brazil, and China. Therefore, cost-effective products need to be offered by the service providers to attract the relatively cost-sensitive customers in these economies.
Geriatric care centers to improve the geriatric care services market outlook
Geriatric care centers has evolved from being mere psychological support to nursing care and supervision. Geriatric care centers have well-trained specialists for different geriatric care needs. Services include health planning, problem-solving, health assessment and monitoring, home-care services, and personal care assistance. Furthermore, the providers of geriatric care services help customers to choose the most appropriate insurance policies as per their individual needs. The geriatric care managers also offer counseling and support, crisis intervention, management of appropriate housing options, money management, and assistance with different types of housing. LivHome Technology +, by LivHome, Inc., addresses the safety issues, enables social engagement, and medication support.
Moreover, traditional family support system is weakening, increasing the number of women in the workforce and increasing migration in search of employment. Therefore, there is a growing need for long-term care facilities for elderly population. Increasing elderly population is also compellingly funded to adequately fund healthcare programs and elderly care services. This geriatric care service center across the globe.
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Growing demand for continuing care in the global geriatric care services market
Geriatric care centers provide services including home healthcare, assisted living facilities, adult day care services, continuing care recruitment, and skilled nursing facilities. Skilled nursing facilities and home healthcare are the major revenue contributors for providers, owing to more time and workforce in these service types. However, demand for continuing care is rapidly increasing. Elderly population is highly prone to injury and require continual care. So, increasing women labor workforce participation has led to an increase in demand for continuing care. The continuing care service segment in the global geriatric care services market is projected to develop at a CAGR of 4.6% during the forecast period (2016-2024).
Key vendors:
Brooklyn Senior Living, Sunrise Senior Living Inc, Senior Care Centers of America, Kindred Healthcare Inc., GGNSC Holdings, LLC, Extendicare, Inc., Home Instead of Senior Care Inc., Gentiva Health Services Inc., and Genesis Healthcare Corp.
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