San Francisco, California, May 5, 2015 (GLOBE NEWSWIRE) -- 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.
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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.
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For the purpose of this study, Grand View Research has segmented the geriatric care services market on the basis of services and region
Global Geriatric Care Services Product Outlook (Revenue, USD Billion, 2012 - 2022)
- Home care
- Medical care
- Physiotherapy services
- Palliative care
- Hospice care
- Non Medical Home Care
- Personal care
- Home making
- Meals and grocery
- Medical care
- Adult day care
- Health care
- Non medical care
- Institutional care
- Nursing Homes
- Palliative Care
- Hospice Care
- Hospital Based
- Assisted Living
- Independent Senior Living
- Nursing Homes
Geriatric Care Services Regional Outlook (Revenue, USD Billion, 2012 - 2022)
- North America
- Asia Pacific
- South Africa
- Latin America
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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Source:Grand View Research