Geriatric Care Services Market To Benefit from Rapid Technological Advancements During Forecast Period 2022 – 2031 : Fact.MR

The global geriatric care services market is anticipated to rise at a CAGR of 5.3% from 2021 to 2028. This research analysis by Fact.MR found the market to be valued at US$ 400 Mn in 2020, which is anticipated to increase to a market valuation of US$ 700 Mn by the end of 2028.

There has been substantial rise in the aging population across the world over the past decade, and this is prominently driving demand for institutional elderly care services.

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Key Segments Covered in Geriatric Care Services Industry Research

  • Geriatric Care Services Market by Type:
    • Home Care
      • Health Care
        • Medical Care
        • Physiotherapy Services
        • Telehealth
        • Palliative Care
        • Hospice Care
      • Non-medical Home Care
        • Personal Care
        • Home Making
        • Meals and Grocery
        • Rehabilitation
        • Others
    • Adult Day Care
      • Health Care
      • Non-Medical Care
    • Institutional Care
      • Nursing Homes
        • Palliative Care
        • Hospice Care
      • Hospital-Based
      • Assisted Living
      • Independent Senior Living
  • Geriatric Care Services Market by Region:
    • North AmericaGeriatric Care Services Market
    • Latin America Geriatric Care Services Market
    • Europe Geriatric Care Services Market
    • East Asia Geriatric Care Services Market
    • South Asia & Oceania Geriatric Care Services Market
    • MEA Geriatric Care Services Market

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Competitive Landscape

Key geriatric care service providers are focusing on establishing new and advanced care centers and institutions to accommodate the growing aging population on a global scale. Care providers are also launching new initiatives to increase accessibility to geriatric services for the aging population.

  • On 12th April 2022, The Symbiosis University Hospital and Research Centre announced the launch of an initiative that is geared toward elderly care. This initiative is aimed at taking care of senior citizens without making them feel unwanted, and providing them with the required medical and social assistance needed.

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How Did COVID-19 Affect the Geriatric Care Services Industry?

Widespread coronavirus infections led to a global pandemic situation across the world. This created an adverse situation and led to lockdowns in multiple nations which restricted the majority of activities and caused markets to crumble. Demand for geriatric care services was high during the pandemic but this demand was not met due to restrictions imposed to curb the spread of infections.

The geriatric care services market is expected to see steady growth in the post-pandemic era as the focus on geriatric care increases and experiences an upward trend. Increased healthcare awareness in aging population after the COVID-19 outbreak is expected to be a prominent trend driving market potential in the post-pandemic era through 2028.

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