According to Transparency Market Research’s latest report on the global geriatric care services market for the historical period 2017–2019 and forecast period 2021–2028, ongoing enhancements related to geriatric care services, including availability & skills of care workers, professional education, transparency regarding the quality of care, and remote patient management are anticipated to fuel the market
Rise in Geriatric Population in Asia Pacific to Boost Geriatric Care Services Market: Key Driver
- Increase in geriatric population in Asia Pacific is one of the major factors driving the market. The number of geriatric people in Asia Pacific is increasing at a significant pace, and the region is at the forefront of the global phenomenon of aging population.
- As per the recent research article, the geriatric population in the region is slated to reach around 1.3 billion by 2050. Rising life expectancy, declining fertility rates, and geriatric care services are major drivers of aging population in some countries across Asia Pacific.
- As per the World Health Organization, the proportion of people aged 60 years or above was around 9% in 2017, and it is estimated to augment to more than 13% and 20% by 2030 and 2050, respectively. Health concerns among the geriatric population include non-communicable diseases, mental health, and injuries.
- Demand for these services that could diagnose, evaluate and manage clinical comorbidities is rising, as the number of older people increases. Thus, countries in the region are focusing on access to health facilities without financial burden for the geriatric population.
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Multiple Benefits Offered by Public Insurance Policies in Geriatric Care Services to Propel Industry
- The public insurance segment of the geriatric care services market is driven by the several benefits associated with public insurance such as more affordable options, tax benefits associated with purchasing the policy, and comprehensive medical insurance for senior citizens
- Medical insurance offers significant support for both families and sufferers. For instance, the New India Assurance Health Insurance launched a government senior citizen Mediclaim policy for elderly people. It includes various features such as cover for pre-existing disease and pre & post-hospitalization costs.
- Older individuals may receive various benefits from these public insurance coverage attribute to retiring age, rising health concerns, and irregular source of income. Health insurance ensures better possible treatment with minimum out-of-pocket costs, as insurance offers coverage for major disorders such as cancer, cardiovascular diseases, organ transplant, etc.
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Asia Pacific to Lead Geriatric Care Services Market
The Asia Pacific geriatric care services market is expected to dominate the global market due to rapidly rising geriatric population in the region. The rising number of elderly people in Asia Pacific countries is contributing to the market growth. Some of the other factors responsible for the rapid market expansion are healthcare advancement, increasing life expectancy, declining fertility rates, etc. There is an increasing demand for geriatric care services from the countries such as India, China, and Japan due to rising health concerns among the geriatric population. Aging people need extensive care due to rising health issues such as non-communicable diseases, mental health, and injuries. Accurate diagnosis of diseases and treatment is needed. Geriatric care service providers are focusing on disease diagnosis services with proper treatment without financial burden on the geriatric population.
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