Global Geriatric Care Services Market share to reach USD 1 Trillion by 2024: Global Market Insights Inc. The global industry report "Geriatric Care Services Market Size By Services (Home Care, Adult Day Care, Institutional Care), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, France, Spain, Japan, China, India, Mexico, Brazil, South Africa), Service type Potential, Competitive Market Share & Forecast, 2016 - 2024" by Global Market Insights, Inc. says Geriatric Care Services Market size is expected to exceed USD 1 trillion by 2024. Increasing healthcare expenditure, rising geriatric population and increasing life expectancy are the major factors driving the global geriatric care services market over the forecast period. Increasing prevalence of chronic diseases associated with old age should augment geriatric care services market share over the forecast period.
Increasing application of robotic technology in geriatric care services and growing demand for innovative solutions for effective geriatric care boost the industry growth. The adult day care services offer various advantages, which includes living at home and skilled nursing care. These benefits are also contributing to the growth of the industry over the forecast timeframe. The affordability and cultural traditions are the factors restraining the growth of geriatric care services market. Home care services represents the most attractive segment, with potential growth opportunities in the coming years. Owing to the rising institutional care expenses such as the costs associated with nursing homes and hospital. The Alliance for Home Health Quality and Innovation (AHHQI) formed in 2008, it is a national association of home health care organizations and providers that raise awareness regarding home health care and its facilities offer better quality, cost effective and patient-centered care. U.S. geriatric care services market share led the industry with maximum revenue share in 2015. The major factors contributing to its major share include the with the existence of wide varieties of long-term care centers all over U.S. coupled with continuous development of reimbursement plans. Quality of care for America’s ageing population is also a concern. According to the report from the U.S. Institute of Medicine (IOM), it was estimated that 55% of adult patients received recommended care to address severe incidents and treat chronic diseases.
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