Merging Cost-efficiency and Convenience, Home Care Services Set to Shape Global Geriatric Care Services Market
The global geriatric care services market consists of elder care management services. Common procedures require coordinating and planning of health issues and activities for the elderly. This includes taking care of their mental and physical handicaps in the long run. The core of the global geriatric care services market lies in improving the quality of life of senior citizens.
The global geriatric care services market is exhibiting a CAGR of 5.90% from 2013 to 2019. The market’s recorded value in 2012 was US$560.4 bn. The global geriatric care services market is expected to reach US$850 bn by the end of 2019.
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Global Geriatric Care Services Market Rides on Home Care Services Segment
Currently, home care services are the fastest growing segment in the global geriatric care services market. The largest segment in the global geriatric care services market in 2012 was institutional care services, while adult daycare services held a smaller market share. The home care services segment now stands as the key segment that will fuel the global geriatric care services market, mainly due to the high utility of its core offerings. Home care services aim to make life a lot more comfortable for the elderly. Market competitiveness is creating a greater focus on cost-efficiency, while the fundamental convenience of receiving medical care in one’s own home remains highly lucrative for elderly people. Another reason for the rapid growth of this segment is the lack of nursing homes for the elderly in many countries.
Home care services are gaining increasing acceptance from multiple healthcare organizations. The latest to join the global geriatric care services market is Apollo Hospitals Group, which has announced that it will create a separate division for home care services. The organization has revealed plans to launch its program in more than a dozen cities in India over fifteen months commencing from October 2015. Apart from Apollo Hospitals, the auditor-general of Ontario has said that there will be a greater focus laid on the manner in which home care services are delivered. Also from Canada is the Liberal leader Justin Trudeau, who recently promised that he will allot more money for home care services.
Baby Boomers Boost North America and Europe Geriatric Care Services Markets
A key reason for the current growth rate of the global geriatric care services market is the growing population of the elderly itself. The global geriatric care services market in 2012 was led by North America, which was followed closely by Europe. Both regions are expected to maintain their leading positions in the global geriatric care services market for quite a few years to come.
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In the Asia Pacific geriatric care services market, China and India are in the lead, although the region is still rather new to the global geriatric care services market. Among the two Asia Pacific regions mentioned above, China is showing a much higher rate of growth than India.
Overall, the global geriatric care services market is set to make giant strides in developed economies, while developing countries will need a bit more time for this market to flourish.