Global
geriatric care services market is expected to reach USD 1,012.02 billion by
2022. Constantly increasing geriatric population prone to chronic medical
conditions is expected to drive market growth over the forecast period.
Presence
of favorable reimbursement policies in the U.S. which are primarily driven by
Medicaid, and Medicare is also expected to positively reinforce market growth. .
In
2012, according to data published by the Center of Disease Control (CDC) it has
been estimated that nearly 95% nursing homes, 77% adult day care service
centers, 78% home health agencies and 52% residential care communities were
certified to participate in Medicaid.
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Furthermore,
nearly 99% home health agencies, 100% hospice, and 96.5% nursing homes were
Medicare certified.
Further
key findings from the study suggest:
The
home care services market was valued at 255.36 billion in 2014 and is expected
to grow at a healthy rate over the forecast period. Home care services enable
the elderly to stay at home and receive care without altering their lifestyles.
Services include medical and non medical services.
Institutional
care services were the leading segment of the market in 2014. Large presence
and high usage rates of institutions offering geriatric care services such as
nursing homes, assisted living facilities, hospital based geriatric care and
independent senior living communities is a key factor attributing to its market
position.
North
America was one of the highest revenue generating regional market in 2014
majorly on account of favorable reimbursement policies, large presence of
pertinent facilities and high awareness and disposable income levels. Recent
statistics support the aforementioned statement.
Data
published by the CDC in 2012, suggest that the total number of long term care
facilities and adult day care centers amounted to 58,600 and 4,800
respectively.
The
Asia Pacific geriatric care services market is expected to grow at a CAGR of
over 8.0% during the forecast period. Presence of high unmet needs and large
geriatric population base in countries such as China and India and growing
prevalence of orthopedic, neurological, cardiovascular disorders are expected
to serve this market as high impact rendering drivers.
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