Geriatric Care Services Market Size By Service (Home Care, Adult Day Care, Institutional Care {Nursing Homes, Hospitals, Assisted Living, Independent Senior Living}), By Service Provider (Public, Private), By Payment Source (Public Insurance, Private Insu

Geriatric Care Services Market Size By Service (Home Care, Adult Day Care, Institutional Care {Nursing Homes, Hospitals, Assisted Living, Independent Senior Living}), By Service Provider (Public, Private), By Payment Source (Public Insurance, Private Insurance, Out-of-pocket), By Age Group (65-70 Years, 71-75 Years, 76-80 Years, 81-85 Years, 86-90 Years, Above 91 Years), COVID19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 - 2027

The geriatric care services market is expected to witness considerable growth by 2027 driven by the expanding geriatric population in need of care services and rising incidences of infectious diseases. After the COVID-19 outbreak, leading health organizations like Centers for Disease Control and Prevention (CDC) emphasized how much more older adults were prone to hospitalization or death if infected with the novel coronavirus.

As a result, there was a greater demand for geriatric care services among people who were at a higher risk of facing adverse effects of the illness due to certain age-related diseases or co-morbidities. As a result, escalating risk of infection among older adults significantly augmented the business expansion.

The geriatric care services market has been segmented on the basis of service, service provider, payment source, age group, and region. Based on service, the market has further been divided into home care, adult day care, and institutional care.

The adult day care sub-segment was valued at more than USD 144 billion in 2020 and is projected to grow at a 9.3% CAGR through the forecast period. Rising need for social opportunities, coupled with high quality health service that offer improved outcomes, is expected to contribute massively to segmental growth through 2027.

In terms of service provider, the geriatric care services market has been categorized into public and private. In 2020, the public sub-segment valuation exceeded USD 709 billion and is estimated to witness steady growth at a CAGR of 9.7% over the projected timeline. Easy access to quality medical facilities, along with increasing service affordability, is anticipated to fuel segmental expansion over 2021-2027.

From the perspective of payment source, the geriatric care services industry has been bifurcated into public insurance, private insurance, out-of-pocket, and others.

Public insurance payment source size surpassed USD 703 billion in 2020 and is projected to expand at a sizable CAGR of 9.8% over the assessment period. Advantages of public insurance, such as availability of more affordable & comprehensive options that provide significant support to both sufferers and families, are likely to foster segmental outlook in the future.

By age group, the geriatric care services market has been segmented into 65-70 years, 71-75 years, 76-80 years, 81-85 years, 86-90 years, and above 91 years. In 2020, the 71-75 years sub-segment was valued at over USD 68 billion and is projected to register steady growth at a CAGR of 10.8% through the analysis timeframe.

Changing lifestyles as well as increasing awareness among older people pertaining to geriatric care services are speculated to substantially enhance geriatric care services market outlook through the following years.

In the regional landscape, the Middle East & Africa geriatric care services market was valued at over USD 20 billion in 2020 and is calculated to grow steadily at a 11.1% CAGR through the forecast timeframe. Growing awareness regarding issues faced by seniors across many countries in Middle East & Africa is set to propel market adoption in the region over the analysis timeline.