The increased
population of baby boomers in the United States of America is one of the prime
components, driving further demand for the geriatric care services market. The
market was predicted to have collected an income of about USD 560 billion in
2012. It is estimated to expand at around 6 percent CAGR during 2013 to 2019.
This phase marks the forecast period. The geriatric care services market is
likely to earn a revenue of around USD 850 billion by the end of the forecast
period.
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Geriatric
care services are inclusive of
various individual care, healthcare and helpful services. The services ensure
that the requirements of the elderly are met. These elderly have restrictions
for self care owing to chronic illnesses, injuries, mental, physical or
cognitive disabilities or other health connected problems. The services are
also inclusive of aid with daily living activities, like grooming, dressing,
bathing, eating, etc. These services assist people in enhancing or upholding
the finest living quality and physical functioning.
Rising old
population attempting to live on their own and innovations in technologies for
geriatric population are also estimated to add income to the geriatric care
services market. In addition to these, the growing population of oldest people
susceptible to illnesses, like neurological and breathing disorders is also
accountable for pushing the market ahead.
Categories And Leaders
The geriatric care
services market is segmented in view of two categories. These are services and
geographies. The services market includes adult day care, home care, and
institutional care. The sector of institutional care occupied the biggest share
in 2012. Home care followed institutional care and landed the second spot with
respect to income in the geriatric care services market. It is expected to grow
further during the forecast period. Institutional care is the most expensive of
all care services. It offers quality care services and has been the most technologically
advanced and biggest sector.
However, the feeling
of being left out by the family among the elderly and high costs of
institutional care are estimated to hinder the pace of this sector in the
geriatric care services market. Adult day care is also anevolving sector and is
estimated to notice further growth in the future. It provides various benefits.
Some of these are home living, improved life quality, social communication,
refreshment and skillful nursing services. These benefits augur well for the
sector and steer it forward. They even promote further growth of the geriatric
care services market.
The worldwide
geriatric care services marketis also fragmented on account of various regions.
These are Europe, rest of the world, Asia Pacific and North America. North
America and Europe are anticipated to dominate the geriatric care services
market through the forecast period. In urbanized countries, like Canada, the
United States, Germany, Spain, France and Italy, the market is experiencing decent
expansion. This is on account of the growing elderly population choosing
geriatric care services.
Chronic diseases
among old people, rising life expectation and restrictions in performing useful
and reasoning activities are the other apparent causes for the further
development of the geriatric care services market in industrialized
countries.
About Grand View Research
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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
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range of industries, from technology to chemicals, materials and healthcare.
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