Geriatric care definition is the medical care of older or elderly people. The scope of the care has changed to include not just the medical needs, but also the psychological and social needs of seniors. More than ever before, geriatric care encompasses a holistic approach to coping with aging and its effects. Geriatric care management integrates health care and psychological care with other needed services such as: housing, home care services, nutritional services, assistance with activities of daily living, socialization programs, as well as financial and legal planning (e.g. banking, trusts). A care plan tailored for specific circumstances is prepared after a comprehensive assessment has taken place, and is continuously monitored and modified as needed. Home care, adult day care, and institutional care services are the key product segments of geriatric care services market. Home care services include home health care services and nonmedical home care services. Adult day care services are further bifurcated into healthcare and non-medical healthcare services. Institutional care services include nursing homes (palliative care & hospice care), hospital-based services, assisted living and independent senior living.
Covid-19 Scenario analysis:
COVID-19, the disease caused by the new coronavirus, older people are especially vulnerable to severe illness. Research is showing that adults 60 and older, especially those with pre-existing medical conditions, especially heart disease, lung disease, diabetes or cancer are more likely to have severe — even deadly — coronavirus infection than other age groups. Globally, COVID-19 has impacted several lives and is steadily increasing its reach. While various Governments have taken stringent actions to contain the spread of COVID-19, including nation-wide lockdown, it is also critical for each one of geriatric care givers to follow the protocols and take necessary measures and precautions to break the chain of transmission of the disease. Elderly people are at a higher risk of COVID-19 infection due to their decreased immunity and body reserves, as well as multiple associated comorbidities like diabetes, hypertension, chronic kidney disease and chronic obstructive pulmonary disease. Also, course of disease tends to be more severe in case of elderlies resulting in higher mortality. This extra care and requirements of social distancing are causing strain on the care services also because of shortage of labour as the majority of health care services are concentrated towards fighting Pandemic the Geriatric care services market can be compromised.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact analysis:
Increase in Geriatric population:
A substantial increase in the geriatric population across the globe has strengthened the demand for skilled nursing care services worldwide. The increasing number of patients suffering from Alzheimer’s along with high incidence of dementia, a common form of Alzheimer’s, is one of the key factors fuelling the growth of global skilled nursing care services market. On a global scale, around 47.5 million people suffer from dementia, and 7.7 million new cases are reported each year, according to the World Health Organization (WHO). Moreover, ongoing research shows that an increase in conditions such as diabetes, stroke, high blood pressure, and other lifestyle factors has led to an increased incidence of Alzheimer’s, thereby driving the market for skilled nursing care services. On the contrary, high costs of skilled nursing care services, along with low acceptance of these services have been restraining the market.
Continuous rise in geriatric population is increasing the financial demands on our health care system. According to the Global Health and Aging report by the World Health Organization, people aged 65 and above is projected to grow from an estimated 524 million in 2010 to nearly 1.5 billion in 2050, specifically in developing nations. Such increase in the elderly population will eventually result in greater application of geriatric care services, hence boosting the market growth.
Moreover, comorbidities such as diabetes, renal insufficiency and arthritis, and metabolic changes are quite common amongst the elderly population that makes them more susceptible to infection. In addition, the combination of increased comorbid conditions and the decrease in activity of the immune system of elderly population is further driving the market for geriatric care services. Also, recent technological evolution in geriatric care services will benefit the growth of geriatric care services market in the upcoming years.
The presence of various long-term care services providers coupled with favourable reimbursement policies are few factors expected to boost the growth of the geriatric care services market.
High cost of Geriatric care services will be a major market impeding factor. Also, the lack of proper geriatric care services in developing countries will hinder the growth of business in the long run.
Also the violence continues to occur and is most prevalent in emergency departments, behavioural health facilities, intensive care units, waiting rooms and geriatric care units. Approximately half of the nurses responding to a 2011 survey conducted by the Emergency Nurses Association (ENA) believe violence is simply part of their everyday work environment. Between 8% and 13% of emergency room nurses are victims of physical violence every week. Thus this violence can cause a bad shadow on Care services and people will not opt for them affecting market growth.
North America holds dominant position in the global geriatric care service market, owing to increasing number of geriatric care agencies, converging trends of aging population, favourable reimbursement policies, and technological advancements. According to the Centres for Disease Control and Prevention’s Estimates in 2014, a number of patients who received care worldwide was around 4.9 million in 2013, with 12,400 home healthcare agencies in the U.S.
Key benefits of the report:
- This study presents the analytical depiction of the global Geriatric care services industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global Geriatric care services market share.
- The current market is quantitatively analyzed to highlight the global Geriatric care services market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global Geriatric care services market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the Geriatric care services Market research report:
- What are the leading market players active in the Geriatric care devices market?
- What the current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Geriatric Care Services Market Report Highlights
By End User
Key Market Players
Samvedna Senior Care, Living Assistance Services, Inc, ProVita International Medical Center, St Luke's ElderCare Ltd, Home Instead, Inc, Cascade Healthcare, Epoch Elder Care, Econ Healthcare Group, India Home Health Care, LLC (NMC Healthcare), Korian Group
Rosewood Care Group Inc.