Global Geriatric Care Services Market Poised for Remarkable Growth, expected to hit USD 954 million by 2032

The global geriatric care services market is set to experience significant growth, driven by a robust Compound Annual Growth Rate (CAGR) of 6.0% from 2022 to 2032. The market, valued at USD 534 million in 2022, is projected to surge to USD 954 million by 2032, reflecting an accelerating demand for specialized care services tailored to the elderly population.

Growing Demand for Elderly Care:

The increasing prevalence of aging demographics worldwide has created a pressing need for comprehensive and high-quality geriatric care services. Governments across the globe are implementing proactive measures to make social care services more accessible and affordable for seniors, fostering a supportive environment for market expansion.

Role of Reimbursement Policies:

Favorable reimbursement policies are a key driver behind the market’s growth. These policies not only incentivize healthcare providers to deliver quality care but also enhance access to essential services for elderly individuals, contributing to the overall market expansion.

Key Market Insights:

• Market Size & Growth: The global geriatric care services market, valued at USD 534 million in 2022, is anticipated to grow at a CAGR of 6.0%, reaching USD 954 million by 2032.
• Regional Insights: The U.S. is expected to account for the highest value share, with an estimated USD 332.5 million of the global market demand by 2032.
• Service Demand: Adult day care services are leading the market, with a CAGR of 6.9%. Services for diabetes are expected to witness the maximum growth, with a CAGR of 6.8%.
• Market Expansion: The market is projected to flourish 1.8 times from 2022 to 2032.

Competitive Landscape:

Key players in the geriatric care services market are focusing on global expansion through partnerships and collaborations. Recent developments include:

• Alexion and Neurimmune AG: In March 2022, Alexion closed an exclusive global collaboration with Neurimmune AG for the development of NI006, an investigational monoclonal antibody for transthyretin amyloid cardiomyopathy.
• Century Therapeutics and Bristol Myers Squibb: In January 2022, they announced a research collaboration to develop and commercialize stem cell-derived natural killer and T cell programs for treating hematologic malignancies and solid tumors.

Discover the Full Insights: Find the Complete Geriatric Care Services Market Report

Key Players:

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

Market Segmentation:

• By Service: Home Geriatric Care, Adult Geriatric Day Care, Institutional Geriatric Care
• By Payment Source: Public Insurance, Private Insurance, Out-of-Pocket, Other Sources
• By Application: Respiratory Diseases, Diabetes, Heart Diseases, Neurological Diseases, Kidney Diseases, Cancer, Other Applications

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