Geriatric Care Services Market to hit $1 Trillion by 2024: Fractovia.org
Global Geriatric Care Services Market is driven by growing emphasis on taking care of the elderly population, growing number of chronic diseases and increasing number of long term care services. The increasing ageing population, which is anticipated to surpass 2,000 billion by 2050 (as per the UN) coupled with rising occurrence of chronic diseases in this demography, is likely to augment the geriatric care services industry growth. In addition to this, rising adoption of urban lifestyles resulting into nuclear family trends is creating a need for care taking facilities and healthcare services for the ageing population. Moreover, growing elderly population intending to live independently is likely to be the key factor favoring the growth of geriatric care services industry. According to Global Market Insights, Inc. “Geriatric Care Services Market size is estimated to witness a CAGR of 5% over the period of 2016-2024.� The geriatric care services provide services such as health care, personal care, aiding with daily activities, etc. to the elderly population diagnosed with chronic illness, cognitive disability, or other disorders. Favorable regulations in regards with Medicare and Medicaid reimbursement policies, developments in health care industry, and advancement in technologies such as robotic assistance will further drive geriatric care services industry share.
Institutional and home care are projected to be the top grossing service types Geriatric care services are broadly classified into home, institutional, and adult day care services. Institutional care service market dominated the service landscape and is the most preferred form of geriatric care service. Home care is another lucrative sector anticipated to generate revenue exceeding USD 480 billion by 2024. Moreover, the affordability of home care services over institutional care services will also fuel the home care services market share over the coming period. Home care is anticipated to register a CAGR of 4.5% over the period of 2016-2024. The home care services segment is poised to witness a fast-paced growth, owing to favorable government reimbursement policies and increased awareness regarding treatment of chronic diseases.
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