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.
Furthermore, nearly 99% home health agencies, 100% hospice, and 96.5%
nursing homes were Medicare certified.
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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.
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About Grand
View Research
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America based market research and consulting company that provides
off-the-shelf, customized research reports and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
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technology to chemicals, materials and energy. With a deep-seated understanding
of varied business environments, Grand View Research provides strategic
objective insights. For more information, visit http://www.grandviewresearch.com/
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