Aging increases the risk of chronic diseases such as diabetes, cardiac disorders, arthritis, and respiratory disorders that require continuous monitoring. Also, aging decreases bone density that makes it a challenge for the geriatric population to continuously manage their medical needs and perform their daily activities. Hence, the need for geriatric care services arises, which to a great extent eases the life of the elderly population. Increasing need for continuous health assistance by the elderly population is driving demand for continuing care.
Elderly population suffering from chronic conditions require frequent physician visits, health monitoring and assistance in performing daily activities. Geriatric care service providers offer end-to-end solutions to the elderly population in need of assistance in order to ease their living. Coordinating with the doctor, assessing any medical or nutritional need, assistance in medical and financial planning, home nursing services, and devising complete medical care plans are some of the services offered by various geriatric care service market players.
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Increasing geriatric population is expected to drive growth of the geriatric care services market
According to the U.S. 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 as of 2015 and is expected to remain the same in the near 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 hinder growth of 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.
Increasing range of services by 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, decisions regarding appropriate housing options, money management, and assistance with moving an elderly to or from different types of housing. LivHome Technology+, by LivHome, Inc., addresses the safety issues, enables social engagement, and medication support. The company has LivHome Connect that includes 24 hour Active Remote Care (ARC) from in-house licensed nurses to the patients in need.
Moreover, traditional family support system is weakening, owing to increase 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 compelling governments to adequately fund healthcare programs and elderly care services. This has further encouraged the establishment of many geriatric care service centers across the globe.
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Growing demand for continuing care in the global geriatric care services market
Geriatric care centers provide services include 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 involvement of more time and workforce in these service types. However, demand for continuing care is increasing rapidly. Elderly population is highly prone to injuries, and therefore require continual care. Also, increasing women labor workforce participation has led to increase in demand for continuing care. The continuing care service type segment in the global geriatric care services market is projected to develop at a CAGR of 4.6% during the forecast period (2016-2024).
Brookdale Senior living, Sunrise Senior Living Inc., Senior Care Centers of America, Kindred Healthcare Inc., GGNSC Holdings, LLC, Extendicare, Inc., Home Instead Senior Care Inc., Gentiva Health Services Inc., and Genesis Healthcare Corp