Global Geriatric Care Service Market to Surpass US$ 1.55 Billion by 2026 – Coherent Market Insights
SEATTLE--(BUSINESS WIRE)--May 15, 2019--
According to Coherent Market Insights, the global geriatric care service market was valued at US$ 784.7 million in 2017, and is projected to exhibit a CAGR of 7.9% over the forecast period (2018 – 2026).
Key Trends and Analysis of the Geriatric Care Service Market:
Key trends in the market are rising geriatric population, increasing range of services offered by geriatric care centers, and rising investment in expansion by market players.
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Market players are invested in launching new retirement residences in order to expand their business, enhance their offerings, and strengthen their market presence. For instance, in September 2018, Revera Inc. launched the Green Falls Landing Retirement Residence in Regina (Canada) to offer a range of lifestyle options, including seniors’ apartments, independent and assisted living, and memory care.
Moreover, the rising geriatric population and high dependency ratio of the elderly over the younger population is likely to fuel the geriatric care services market growth. According to World Population Prospects in 2017, global population aged over 60 years was 962 million, which is expected to reach around 2.1 billion by 2050. Globally, population aged 60 or above is increasing faster than younger age groups. This group of population is at an increased risk of age-related diseases such as renal insufficiency, and arthritis, metabolic change, Parkinson’s disease, and nervous disorders.
However, the high cost of geriatric care services is expected to hinder the market growth in emerging economies such as India, China and Brazil. For instance, the independent living service cost around US$ 400 -2,000 per month and the cost of Assisted Living Communities cost around US$ 2,500 to US$ 6,000 / month.
To know the latest trends and insights prevalent in this market, click the link below:
Key Market Takeaways:
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About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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KEYWORD: UNITED STATES NORTH AMERICA WASHINGTON
INDUSTRY KEYWORD: HEALTH FITNESS & NUTRITION HOSPITALS MEDICAL DEVICES MEDICAL SUPPLIES NURSING GENERAL HEALTH MANAGED CARE
SOURCE: Coherent Market Insights
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PUB: 05/15/2019 08:30 AM/DISC: 05/15/2019 08:30 AM