Technological Innovations Reshaping Geriatric Care Services: By...

Technological Innovations Reshaping Geriatric Care Services: By 2022 to 2032

Posted 2023-12-07 09:58:59

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The global geriatric care services market is on a significant upsurge, with a projected Compound Annual Growth Rate (CAGR) of 6.0% between 2022 and 2032. According to a recent market study, the geriatric care services market is anticipated to reach US$ 954 Million by 2032, a substantial increase from US$ 534 Million in 2022.

The study attributes this growth to several factors, including the concerted efforts of various governments worldwide. Initiatives aimed at providing easily accessible and affordable social care services to the elderly population are gaining momentum. Additionally, the introduction of favorable reimbursement policies is significantly contributing to the market's expansion.

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Key findings of the study highlight a notable shift in global healthcare priorities, emphasizing the need for specialized care for the elderly. The rising number of older adults seeking support for various health and social needs has propelled the growth of the geriatric care services market.

The forecasted growth from US$ 534 Million in 2022 to US$ 954 Million in 2032 signifies a substantial opportunity for stakeholders in the geriatric care services sector. Service providers, policymakers, and investors are keenly observing this burgeoning market, aiming to offer innovative solutions and support to meet the escalating demand.

Key Takeaways from the Market Study:

Global geriatric care services market to be valued at US$ 534 Million by 2022-end
The U.S to account for the highest value share of US$ 332.5 Million of global market demand for geriatric care services in 2032
From 2017 to 2021, geriatric care services demand expanded at a CAGR of 10.5%
By service, the adult day care category constitutes the bulk of geriatric care services market with a CAGR of 6.9%.
By application, geriatric care services for diabetes to witness maximum growth, at a CAGR of 6.8%
Global market for geriatric care services to flourish 1.8x from 2022 to 2032

“Governments are taking several initiatives to provide easily accessible and affordable social care services to the elderly population. This, in confluence with the introduction of favorable reimbursement policies, is contributing to the market growth,” remarks an FMI analyst.

Competitive Landscape:

Players in the global Geriatric Care Services Market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:

In March 2022, Alexion, AstraZeneca’s Rare Disease group, has closed an exclusive global collaboration and licence agreement with Neurimmune AG for NI006, an investigational human monoclonal antibody currently in Phase Ib development for the treatment of transthyretin amyloid cardiomyopathy (ATTR-CM), an underdiagnosed, systemic condition that leads to progressive heart failure and high rate of fatality within four years from diagnosis.
In January 2022, Century Therapeutics and Bristol Myers Squibb announced a research collaboration and license agreement (the “agreement”) to develop and commercialize up to four induced pluripotent stem cell (“iPSC”) derived, engineered natural killer cell (“iNK”) and / or T cell (“iT”) programs for hematologic malignancies and solid tumors. The first two programs include a program in acute myeloid leukemia and a program in multiple myeloma, which could incorporate either the iNK or a gamma delta iT platform.

By Key Players: