Global Geriatric Care Services Market is set for significant growth, expected to hit USD 954 million by 2032

The global geriatric care services market is experiencing a remarkable surge in demand, fueled by a projected Compound Annual Growth Rate (CAGR) of 6.0% from 2022 to 2032. This substantial growth trajectory is expected to propel the market to reach USD 954 Million by 2032, up from USD 534 Million in 2022.

This surge in demand underscores an increasing need for specialized services tailored to the well-being of the elderly population worldwide. With aging demographics becoming more prevalent globally, there is a growing imperative to provide comprehensive and high-quality care for seniors.

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Governments across the globe are taking proactive measures to ensure that social care services are both accessible and affordable for seniors. This initiative not only addresses the needs of the aging population but also creates a supportive environment for the geriatric care industry, fostering its continued expansion.

Furthermore, favorable reimbursement policies are playing a pivotal role in driving the growth of the geriatric care services market. These policies not only incentivize healthcare providers to offer quality care to seniors but also facilitate easier access to essential services for elderly individuals.

The projected growth of the geriatric care services market signifies a significant opportunity for stakeholders to contribute to the well-being of aging populations worldwide. By leveraging innovative solutions and fostering collaboration across the healthcare ecosystem, stakeholders can ensure that seniors receive the care and support they need to lead fulfilling lives.

Key Takeaways from the Market Study:

• Global geriatric care services market to be valued at USD 534 Million by 2022-end
• The U.S to account for the highest value share of USD 332.5 Million of global market demand for geriatric care services in 2032
• From 2017 to 2021, geriatric care services demand expanded at a CAGR of 10.5%
• By service, the adult day care category constitutes the bulk of geriatric care services market with a CAGR of 6.9%.
• By application, geriatric care services for diabetes to witness maximum growth, at a CAGR of 6.8%
• Global market for geriatric care services to flourish 1.8x from 2022 to 2032

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Competitive Landscape:

Players in the global Geriatric Care Services Market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:

• In March 2022, Alexion, AstraZeneca’s Rare Disease group, has closed an exclusive global collaboration and licence agreement with Neurimmune AG for NI006, an investigational human monoclonal antibody currently in Phase Ib development for the treatment of transthyretin amyloid cardiomyopathy (ATTR-CM), an underdiagnosed, systemic condition that leads to progressive heart failure and high rate of fatality within four years from diagnosis.
• In January 2022, Century Therapeutics and Bristol Myers Squibb announced a research collaboration and license agreement (the “agreement”) to develop and commercialize up to four induced pluripotent stem cell (“iPSC”) derived, engineered natural killer cell (“iNK”) and / or T cell (“iT”) programs for hematologic malignancies and solid tumors. The first two programs include a program in acute myeloid leukemia and a program in multiple myeloma, which could incorporate either the iNK or a gamma delta iT platform.

By Key Players:

• Endo Pharmaceuticals Inc.
• Merck & Co. Inc.
• AstraZeneca PLC
• Pfizer Inc.
• Allergan Inc.
• Bristol-Myers Squibb Company
• Regeneron Pharmaceuticals Inc.
• AstraZeneca PLC
• F. Hoffmann-La Roche AG
• Octapharma AG
• Epoch Elder Care
• St Luke’s ElderCare Ltd.
• Korian Group
• ProVita International Medical Center

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Key Segments Covered In The Geriatric Care Services Market Report:

Geriatric Care Services Market by Service:

• Home Geriatric Care Services
• Adult Geriatric Day Care Service
• Institutional Geriatric Care Services

Geriatric Care Services Market by Payment Source:

• Geriatric Care Services Payment via Public Insurance
• Geriatric Care Services Payment via Private Insurance
• Out-of-Pocket Geriatric Care Services Payment
• Geriatric Care Services Payment via Other Sources

Geriatric Care Services Market by Application:

• Geriatric Care Services for Respiratory Diseases
• Geriatric Care Services for Diabetes
• Geriatric Care Services for Heart Diseases
• Geriatric Care Services for Neurological Diseases
• Geriatric Care Services for Kidney Diseases
• Geriatric Care Services for Cancer
• Geriatric Care Services for Other Applications

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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