Geriatric care services market in APAC estimated to reach $361 B by 2023

Asia-Pacific Geriatric Care Services Market was valued at US$ 241.2 billion in 2018 and is anticipated to reach $ 361 billion by 2023, registering a CAGR of 8.4% from 2019 to 2023 driven by an expanding elderly population.

Definition / Scope
Market Overview
Key Metrics
Market Risks
Market Trends
Industry Challenges
Technology Trends
Other Key Market Trends
Market Size and Forecast
Market Outlook
Technology Roadmap
Competitive Landscape
Competitive Factors
Key Market Players
Strategic Conclusion
References

Definition / Scope

The geriatric care is that term that defines the fulfillment of the essential need and demands that are unique to the senior populace. Geriatric care service is a specialized segment of healthcare looking after the old age population in terms of their health, needs, living, and their overall quality of life.

Asia and the Pacific region are home to 60% of the world’s population, with 4.3 billion people and include the world’s most populous countries, China and India.

Between now and 2050 the number of people aged 60 years and older in the region will more than double, reaching 1.3 billion. By the middle of this century, one in four people will be 60 or older, compared to one in ten today.

Due to the increasing old age population and the growing number of care facilities like home care, daycare, and institutional care services across the globe, the geriatric care services market size is quite overtly expected to increase in the coming years.

Owing to the wide-ranging of elderly care found nationally, as well as distinguishing the cultural standpoints on the elderly citizens, cannot be restricted to any one practice.

Moreover, it highlights the social and personal needs of the senior populations who demand some support with the daily activities and health care, but who craving to age with the formality.

Table: Asia-Pacific Geriatric Care Services Market Key Segments

By Product Type	Housing and Assistive Devices Pharmaceuticals
By Service	Home Care Adult Day Care Institutional Care
By Service Provider	Public Private
By Country	Japan Korea Singapore Australia New Zealand Hong Kong Others

Market Overview

The region’s 65-and-older population is expected to spike by 71%, to around 500 million, by 2030. This compares to increases of 55% in North America and 31% in Europe over the same period.

The increase in the geriatric population, rising patient pool for chronic illness in the aging population and rising awareness of home care setting devices will drive the market for senior care services.

The rise in adoption of modern & novel assistive technologies, increase in several players in the region, and expansion of the medical electronics sector drive the market growth in APAC.

Rapidly aging populations and skyrocketing medical costs are set to squeeze Asia-Pacific countries. The region’s annual health care spending on people 65 and older is expected to reach $2.5 trillion by 2030, a fivefold increase from last year.

However, the high cost of geriatric care services will be a major market impeding factor. Also, the lack of proper geriatric care services in developing countries will hinder the growth of business in the long run.

Nonetheless, the increase in the healthcare spending public and private in developed economies and government initiatives to provide cost-effective medical treatment for the aging population are increasing the demand for geriatric care services market.

The geriatric care services market is changing the competitive landscape of industries, as companies are investing in advanced technologies. Further, companies such as Right at Home, LLC, Koninklijke Philips N.V, BAYADA Home Health Care, Encompass Health Corporation, etc. have been able to establish themselves as leaders.

Some of the major players are currently focusing on providing geriatric care products with advanced and innovative technologies. As part of this strategy, the companies are engaging in various acquisitions, strategic partnerships, and focusing on expanding their business through new service additions and geographical presence.

Fig: Asia-Pacific Geriatric Care Services Market Trend (in US$ Billion)

Market Risks

Although the geriatric care services market is growing, it continues to face several obstacles, such as low penetration rate for elderly care products and the high cost of products.

The high cost of geriatric care services and products:

The advent of the high cost of geriatric care services and products has hindered the manufacturers to adopt devices and technologies to increase the overall wellbeing and longevity.
Cost pressures and local country dynamics are forcing a lot of change in the APAC region’s aged care.
The Australian economy, for example, is at a crossroads in its aged healthcare provision with less government funding dedicated to traditional care models already at capacity.
Additionally, due to the high price, several manufacturers prefer to implement devices to maximize efficiency without reduced cost.

The low penetration rate for elderly care products:

The low level of acceptance for elderly care products in the emerging economies and low reimbursement from medical insurers restrain market growth.
Meanwhile, as competition has increased, scrutiny of the quality of care has resulted in governments putting the sector under pressure and investigating care quality in residential facilities, retirement living, and in-home care.
With squeezed margins, a lot of the not-for-profit organizations are struggling.

Variation in national and regional incomes

Unlike their counterparts in high-income countries in the region such as Japan, Korea, and Australia, rising numbers of elderly in the rest of the Asia and Pacific region are occurring at a time when countries are at levels of economic development less likely to permit significantly higher shares of national incomes dedicated to long-term geriatric care services.

Top Market Opportunities

The development of advanced elderly care products is expected to offer productive opportunities for the growth of the market.

Some of the key growth opportunities include:

Increasing the market trend towards elderly care services:

With an increase in the geriatric population brought about by changing global demographics, there has been a sharp rise in demand for elder care services. For instance, in Australia, private investors are building day hospitals with the main hospitals servicing more complex procedures.
Similarly in China, as part of its National Planning Guideline for the Healthcare Service System (2015–2020), the Chinese government is seeking to provide a higher number of community-based senior care and assisted living services.
Likewise, Japan is also looking at how they invest in these care services to bring in specialists and tenants that can provide the service offering.

Technology driving the market provides the opportunity for upcoming players:

Even as APAC countries face growing health and financial challenge associated with larger elderly and non-communicable conditions, new ways of treating and managing patients and of providing support to older individuals are emerging.
With the introduction of the current mobile technology and demand for internet services, the rise of the smartphone and tablet ownership has also increased. Likewise, the care model for geriatric care services has switched towards new technology.
Various devices track diet and nutrition, medical adherence, and health symptoms that require immediate health practitioner attention. Chronic conditions in elderly and preventive care technology are opening up niche markets such as diabetes-targeted applications and messaging.

Rising awareness of homecare setting devices:

Growing demand for home care services among older olds, the prevalence of chronic diseases, patients recovering from surgery is likely to boost market growth during the forecast period.
Moreover, advantages associated with home care services such as the desire to stay at home, independent caretaking and overall fewer care services expenditure are further expected to positively reinforce market growth.
These products comfort the daily activities of aged people, provide them with long-term care needs, and enhance their quality of life. These devices include wheelchairs, walkers, and adult diapers for daily routine.
Geriatric care devices promote nursing at the home level. An increased life expectancy of the population has further augmented this demand in the APAC market, leading to the growth of home care setting devices providing geriatric care services.

New Entrants:

The family structure has moved to a more nuclear system in several countries of the APAC, necessitating the outsourcing of geriatric caregiving to hospitals and healthcare institutions, as the preference of nuclear families is shifting towards different service types such as institutional care and community-based care.
As a result number of US and European retailers are beginning to enter the APAC market such as Koninklijke Philips N.V, St Luke’s Eldercare Ltd, Rosewood Care Group and Encompass Health Corporation.
Smaller APAC brands are also scaling quickly such as Trinity Health and BAYADA Home Health Care. Tech-focused entrants are also breaking into healthcare, acting as facilitators for change and threatening legacy players’ bottom lines. This is likely to grow the geriatric care services market further.

Market Trends

The rise in geriatric population in the Asia Pacific:

Continuous rise in the geriatric population is increasing the financial demands on the APAC health care system. One in four people in the region will be 60 years old or Older by 2050.
The region is experiencing population aging at an unprecedented pace, with the number of older persons expected to more than double, from 535 million in 2015 to about 1.3 billion by 2050. Japan’s older adult population will continue to swell, reaching an estimated 30% aged 65 or older by 2030.
Such an increase in the elderly population will eventually result in the greater application of geriatric care services, hence boosting the market growth.

Growing patient pool for chronic illness in an aging population:

Rising numbers of the elderly have meant a growing prevalence of chronic non-communicable conditions (NCDs).
The overall increase in the prevalence from these conditions has been driven by population aging, owing primarily to declining fertility rates and comorbidities such as diabetes, renal insufficiency, and arthritis, and metabolic changes are quite common amongst the elderly population that makes them more susceptible to infection.
Also, the combination of increased comorbid conditions and the decrease in the activity of the immune system of the elderly population is further driving the market for geriatric care services.

Growing government funding for elderly care:

An increasing number of geriatric care services providers and growing government funding in geriatric care services such as the provision of accessible & affordable social care services to the older generations are expected to increase market penetration rates over the forecast period.
Governments in countries such as China and India have taken several initiatives to provide cost-effective medical treatment for the aging population.
Likewise, countries including Indonesia, Laos, Mongolia, the Philippines, Thailand, and Vietnam are in the process of scaling up NHI coverage to between 80% and nearly all of their population.

Fig: 60+ populations in Key APAC countries (in Percentage)

Industry Challenges

Below are key current and future challenges of APAC geriatric care services market:

Lack of geriatric services in developing countries

Lower availability of alternative options such as assisted living, residential living, hospice, etc. especially in developing countries is expected to limit consumer preferences.
Even as countries face growing health and financial challenge associated with larger elderly and non-communicable conditions, new ways of treating and managing patients and of providing support to older individuals are emerging.
Moreover, aging in APAC is putting pressure on health budgets throughout the region. The tax base to fund healthcare services for the elderly could disappear within 15 years. In Singapore, for example, health inflation is running at 9.6% and health currently counts at 12.6% of its entire spend.

Lack of knowledge and skilled professionals

Lack of awareness regarding geriatric care services in APAC countries is a key factor challenging the growth of the geriatric care services market in the region.
Another challenge for the region is the supply of skilled workers to service expanding demand in the healthcare sector. For instance, in Japan, a shortage of skilled workers has become a serious problem across a range of industries and is particularly acute in aged care and medical services.
Aging populations and declining birth rates in other countries will also make it extremely difficult for Japan to recruit exceptional international workers.

The gap in demand and supply

Even though the demand for geriatric care services is high in APAC, there is a lack of for such service providers. Owing to the shortage of staff and quality services, several elderly care centers don’t meet the standards of geriatric care services.
The region will need an extra 18.2 million professional long-term caregivers by 2030. China alone will need another 9.3 million.
Meanwhile, as competition has increased, scrutiny of the quality of care has resulted in governments across APAC countries putting the sector under pressure and investigating care quality in residential facilities, retirement living, and in-home care. With squeezed margins, a lot of the not-for-profit organizations are struggling.

Sustainability of the elderly care services

Senior care carries its own set of problems that aren’t prevalent in healthcare for younger patients. Arthritis and osteoporosis are common physical conditions among senior citizens that can make it difficult for them to support themselves and live alone. Mental conditions such as Alzheimer’s disease and dementia, while not as common, are devastating to the well-being of the senior population.
That population, by the way, is only showing signs of growth in both the short-term and long-term. It is projected that the number age 65 and older polulation will more than double from 535 million in 2015 to more than 1.3 billion by 2050. All of which leads to the biggest challenge which is the sustainability of geriatric care services.

Technology Trends

Technological advancements assisting the geriatric population who live independently are boosting the market. Digital health is at the forefront of transformation in the healthcare industry, both as a driver of and an answer to the challenges industry players are grappling with.

All of the industry’s key players including payers, providers, and manufacturers are affected by healthcare’s digital disruption. For instance, Fujitsu launched several cloud-based home healthcare services in 2013.

Smartphones and tablets are also multiplying the possibilities of home healthcare. Microsoft Japan has developed software to support home visits by doctors, while Yamada Denki, a Japanese electronics retailer, has released tablet software for home healthcare use.

Medical devices such as blood pressure monitors or cardiographs can be marketed for home use, and the information collected can be sent to the patient’s hospital or clinic. Rural areas are seeing a decline in the number of hospitals and doctors, increasing the need for IT connected home health technologies.

A confluence of forces induced healthcare’s embrace of digital health, including changing consumer expectations, a new and disruptive reimbursement model, and rising healthcare costs. Key digital health solutions like EHRs, digital therapeutics, telehealth, AI, wearable, and blockchain are the foundation of the industry’s digital awakening.

Regulatory Trends

The government is playing an important role while establishing some new and innovated healthcare centers of the senior citizens and forming favorable policies that support the key players in attaining the highest market share in the Asia Pacific region with significant market growth during the forecasted period more effectively.

Various APAC nations have implemented national plans on aging that focus on financial security, health care and nutrition, shelter, education, welfare, participation, protection of life and property, living environment, neglect and abuse with special attention is given to older women and rural older people.

Likewise, various geriatric care services providers are enhancing their capacity such as, in Jan 2016, the Ministry of Health; Singapore approved Pacific Healthcare Nursing Home under the Medical and Elderly Care Endowment Schemes.

In 2014, China government developed guideline on the healthcare service industry which put forward several development goals for the country’s healthcare industry to achieve by 2020.

Altogether, 46 guidelines are established since then with clear roles and responsibilities to accelerate the development of China’ elderly care sector and build nationwide elderly care service system by 2020

Other Key Market Trends

The rising trend of the collaborative consumption business model has applications in geriatric care services and nursing services markets. These services include nursing procedures such as wound management, medical appointment escort with assistance in daily activities.

These services offered on-demand, have convenience for elderly patients who need occasional care support. Such services also initiate cost savings from potential institutionalisation and providing an alternative opportunity for the family caregiver.

Market Size and Forecast

The Asia-Pacific Geriatric Care Services Market was valued at US$ 241.2 billion in 2018 and is anticipated to reach $361 billion by 2023.

With the presence of high unmet needs and large geriatric population bases in countries such as China and India and the growing prevalence of orthopedic, neurological, cardiovascular disorders, the Asia Pacific region is expected to exhibit strong growth in the senior care services market.

The market is anticipated to swell with a CAGR of 8.4% over the forecast period from 2019 and 2023.

ASIA-PACIFIC GERIATRIC CARE SERVICES MARKET KEY SEGMENTS

The Asia-Pacific geriatric care services market is segmented based on the product, service provider, and service.

The market is segmented by product type (Housing and Assistive Devices, Pharmaceuticals), by the service provider (public, private), by service (Home Care, Adult Day Care, Institutional Care) and by geography (Japan, Australia, Singapore, NE Zealand, Hong Kong, South Korea, and others. )

ASIA-PACIFIC GERIATRIC CARE SERVICES BY SERVICE

Home care, adult day care, and institutional care services are the key service segments of the geriatric care services market. Home care services include home health care services and nonmedical home care services.

Adult daycare services are further categorized into healthcare and non-medical healthcare services. Institutional care services include nursing homes, hospital-based services, assisted living and independent senior living.

Institutional Care:

Institutional care is expected to remain the largest segment by service type in the APAC geriatric care services market in terms of revenue, with an estimated 65% market share by the end of 2023.
The institutional care market held the majority of the market share and was valued at US$ 156.78 billion in 2018 and will reach $233.59 billion in 2023. This is due to the 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.

Homecare:

Home care is the second-largest segment, with about 20% value share by the end of 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. The market was worth US$ 48.24 billion in 2018 and will reach $ 79.63 billion in 2023. The home care market is estimated to grow at a robust CAGR of 10.38% during the forecast timeframe.
Recent surveys have shown that about 90% of the older population prefer to stay in their homes for as long as possible. Home care enables patients to remain as independent as they can be. Additionally, according to a study in the Journal of the American Geriatrics Society, home care is associated with longer life and a lower risk of re-hospitalization that will result in enhancing the market growth soon.

Adult Day Care:

The adult day care segment reached a total value of $36.18 billion at the end-user level in 2018. It provides much more adaptable care to older patients where they can be free from rigid timetables, hence accentuating the market segment growth.

The market is then forecasted to expand at a rate of 5.8% compound annual growth rate (CAGR) through to 2023, yielding a total market value of $47.78 billion in that year.

In 2018, under the segment services adult day care segment is growing in the geriatric care services market because daycare is designed and enables elder patients for their comforts and changing family structure with the rising geriatric population in the Asia Pacific countries leading the growth of the market in the forecast period 2019 to 2023.

Fig: Asia-Pacific Geriatric Care Services Market Trend by Service (in US$ Billion)

ASIA-PACIFIC GERIATRIC CARE SERVICES MARKET BY PRODUCT

Housing and Assistive Devices:

In 2018, under the segment product type housing and assistive devices is dominating the growth of the elderly care market, due to the requirement assistive devices in-home care of elderly patients and growing geriatric population, those are not capable of self-assistance fueling the growth of the market in the forecast period 2019 to 2023.
The housing and assistive devices market spending total $156.78 billion in 2018 and will see the fast growth over the forecast period (2019-23) with a CAGR of 9.1 percent.

Pharmaceuticals:

The pharmaceuticals market segment is expected to register a CAGR of 15.1 % over the forecast period of 2019 – 2024.
The pharmaceuticals segment is also predicted to have considerable market share during the forecast period owing to the growing prevalence of orthopedic, neurological, cardiovascular disorders.
The segment was valued at the US $ 84.42 billion in 2018 and will reach $117.22 billion in 2023.

Fig: Asia-Pacific Geriatric Care Services Market Trend by Product (in US$ Billion)

ASIA-PACIFIC GERIATRIC CARE SERVICES MARKET BY SERVICE PROVIDER

he public expenditure segment dominated the APAC geriatric care services market in terms of financing sources in 2018 and the trend is projected to continue throughout the forecast period.

Public Service Provider:

Public and government expenditure is the largest source of financing in the APAC geriatric care services market, projected to grow at a CAGR of 7.9% over the forecast period. The market is estimated to grow from over $175.47 billion in 2018 to over US$ 256.6 billion in 2023.
Such type of healthcare service provider offers quality medical services it to everyone regardless of their ability to pay. The government controls the price of medication, treatment, and medical services through negotiation and regulation and hence, eliminates the administrative costs of dealing with different private health insurers, thereby driving the market growth segment.

Private Service Provider:

The private service provider market is estimated to grow at a considerable CAGR of 9.1% over the projection period.
Private service providers help patients to avoid public hospital waiting lists and patient priority order and grants the ability to choose one’s doctor or surgeon, hence affecting the market growth positively.

Fig: Asia-Pacific Geriatric Care Services Market Trend by Service Provider (in US$ Billion)

ASIA-PACIFIC GERIATRIC CARE SERVICES MARKET BY GEOGRAPHY

Japan became an Aged society in 199. Besides Japan, the aging society is also becoming apparent in Asia-Pacific. Hong Kong, Singapore, Korea became Aged Societies by 2018, and China by 2025.

Australia accounted for the highest share of the market in 2018, followed by New Zealand. Besides, this region is expected to emerge as the area with maximum growth potential due to an ever-increasing population, steadily increased life expectancy, the pervasiveness of chronic illnesses and healthcare technology and assisted living.

Japan

Japan’s population is aging faster than any other country in the world. The people aged 65 or older represent 27.3% of the total population in 2017. Approximately 20% of those seniors will require nursing and/or medical care in 2030.
In 2018, the market was US$ 24.12 billion and it is expected to grow at CAGR of 7% to US$ 33.25 billion in 2023 when the boomer generation reaches the age of 75 or older.

Hong Kong

The geriatric care industry in Hong Kong accounted for US$ 28.94 billion in 2018 is expected to reach US$ 55.1 billion by 2023.
The market is growing at a CAGR of 11.1% due to rising incomes, greater health awareness, and lifestyle diseases and increasing access to insurance.
As Hong Kong becomes an aging society, more senior housing projects by both government bodies and private developers are rising across the country.

South Korea

In 2017, more than 14% of Koreans were aged 65 or older. The rapid aging spells troubles to society but they can be turned into opportunities.
There is a growing need for products, technology, and services to keep the people live longer and stay healthy.
The Korean geriatric care services market was US$ 14.47 billion and it is expected to grow at CAGR of 11.4% to US$ 26.6 billion in 2023.

Australia:

Australia has one of the leading aged care systems in the world and has approx. 36 m senior populations. The most common form of senior living in Australia is Retirement Villages.
Approximately 2,000 retirement villages are supporting 190,000 residents across Australia.
Australia’s geriatric care services market reached US$ 60.3 billion in 2018 growing at CAGR of 11%. And by 2023, Australia’s market is targeted to reach US$ 71.25 billion.

New Zealand:

Population aging is a challenge across the world, and New Zealand is no exception.
New Zealand’s geriatric care services market reached US$ 43.42 billion in 2018 growing at CAGR of 5.7%.
And by 2023, the market is targeted to reach US$ 53.2 billion with every segment from pharmaceuticals to medical devices having more opportunities.

Singapore:

With a senior population of 1.8m, Singapore needs 17k senior care units by 2020. To prepare for the aging population, the government is working towards a successful “aging in place” lifestyle and accessibility as a key enabler.
The government has actively incorporated barrier-free access and “Silver Zones” to enhance road safety for the elderly.
The geriatric care industry in Singapore accounted for US$ 31.36 billion in 2018 is expected to reach US$ 69.35 billion by 2023.
The market is growing at a CAGR of 13.9% due to rising incomes, greater health awareness, and lifestyle diseases and increasing access to insurance.

Others:

The other major economies in Asia-Pacific: Malaysia, China, India, Vietnam, and Thailand are facing an unprecedented rise in healthcare costs in the coming decade.
With the rise in numbers on the ASEAN, demographics front has led to a direct increase in the need and demand for enhanced and amplified senior care services.
It is expected that by 2023, total geriatric care services spending could accelerate up to US$ 52.25 billion from US$ 38.6 billion as of 2018. That means an increment at CAGR of 7.1% will need to be immediately addressed to sustain the future of the industry.

Fig: Asia-Pacific Geriatric Care Services Market Trend by Key Country (in US$ Billion)

Market Outlook

Asia Pacific’s overall geriatric care services market spending is projected to surge to US$ 361 billion by 2023 from US$ 241.2 billion in 2018 at a strong CAGR of 8.4%.

The rise in the adoption of modern & novel assistive technologies, an increase in the number of players in the region, and expansion of the medical electronics sector drive the market growth in countries like India and China.

Besides, robust government initiatives toward the improvement of healthcare facilities through insurance schemes are anticipated to provide lucrative growth opportunities in APAC.

In 2018, the institutional care services market accounted for nearly two-thirds of the revenue. However, the home care services market is expected to witness lucrative growth over the forecast period.

Growing demand for home care services among older olds, the prevalence of chronic diseases, patients recovering from surgery is likely to boost market growth during the forecast period.

Major growing sectors under the market segmentation are as follows:

In 2018, under the segment product type housing and assistive devices is dominating the growth of the elderly care market, due to the requirement assistive devices in homecare of elderly patients and growing geriatric population, those are not capable of self-assistance fueling the growth of the market in the forecast period 2019 to 2023.In terms of CAGR growth, this segment holds the first place recording 9.1% growth from 2019 to 2023.

In 2018, under the category services homecare segment is growing rapidly in the geriatric care services market because homecare is designed and enables elder patients for their comforts and rising geriatric population in the Asia Pacific countries leading the growth of the market in the forecast period 2019 to 2023. The home care market is estimated to grow at a robust CAGR of 10.38% during the forecast timeframe.

In 2018 under the segment service provider, public expenditure is expected to account for the largest share of financing of elder care over the forecast period. However, in terms of CAGR growth, the private spending segment holds the first place recording 9.1% growth from 2019 to 2023.

Technology Roadmap

Certain assisted living and home care facilities are turning into smart homes to aid the aging population. Voice assistants such as the Amazon Echo (aka Alexa) and Google Home are helping seniors remember their daily schedules, such as when to eat, take medicine, or visit their doctors.

Beyond that, motion detectors, smart mattresses, and even personal robots can help make the assisted living experience more palatable.

Some of the key technology outlooks in geriatric care services are:

Digital Disruption in Geriatric Health Care

The labor shortage and sustainability problem is a serious one, but increasing digitization in the healthcare industry can help resolve it. These new digital healthcare technologies can help bring down costs, improve care quality, and create a more sustainable business model for senior care.
One of the most potentially impactful technologies is telehealth in assisted living and home care. Technology has already begun to work its way into elder care, from laptops and smartphones with large buttons and displays designed for easier senior use to personal emergency response service (PERS) tools (think the infamous “I’ve fallen and I can’t get up” commercials).

Business Insider Intelligence

Healthcare providers are beginning to leverage the devices for telehealth applications. Seniors can remotely access their entire care team (primary care physicians, home aides, or even family members and friends) without having to leave their homes. Certain apps can also help seniors optimize their exercise, diet, and medicine.
Wearable devices with sensors can allow physicians to more efficiently monitor senior patients in their homes to check for any irregularities, which cuts down on wasted time and resources. Even PERS tools function as a type of wearable, used primarily for emergencies.

Robotic technology:

The next step in the digital transformation of senior care comes from artificial intelligence, which will eventually be able to predict patterns in seniors’ behavior and prevent falls and other emergencies before they take place.
Elders who do have to go to the hospital will have access to a personalized wellness regimen waiting for them when they return home

Distribution Chain Analysis

There are several local and international key players which are presently functioning in this sector more actively for registering the fastest market growth and registering the handsome amount of share while establishing the new eldercare centers and offering them effective services which further safeguard the interest of senior citizens and deliver a significant shelter,

if somebody need special care then that too be given includes Right at Home, LLC, Koninklijke Philips N.V, BAYADA Home Health Care, Encompass Health Corporation, Kindred Healthcare, Inc., Genesis HealthCare, Econ Healthcare Group, Trinity Health, St Luke’s Eldercare LTD, Rosewood Care Group, Interim HealthCare, United Medicare Pte LTD and several others.

Competitive Landscape

The APAC geriatric care services market is highly competitive. The industry has seen many mergers and acquisitions over recent years. The presence of global players (eg. Right at Home, LLC, Koninklijke Philips N.V, Encompass Health Corporation) operating across the globe makes this market appears highly competitive.

Furthermore, the players of this market are dominating the highest market share in the Asia Pacific region more significant while doing the significant developments in the infrastructure and technological advancement which are used in the treatment of senior citizens more effectively. Owing to this the market leads to effective growth more increasingly in the coming years.

The market is fragmented in nature and is headed towards consolidation. Mergers and acquisitions are a key sustainability strategy adopted by market players.

Competitive Factors

The geriatric care services industry is highly fragmented and fairly competitive. The business space is shared by the biggies as well as the new entrants. The price and quality of service provided by these players will be the major factor to sustain competition.

The coming years will witness interesting developments like strategic collaborations and mergers & acquisitions in this industry that would help catapult the geriatric care services market share higher. Besides, an increase in the number of assistive devices manufacturers investing in R&D activities of these technologies fuels the market growth.

Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnerships & collaborations.

These activities have paved the way for the expansion of business and customer base of market players.

There is a desire to change this and introduce electronic records to improve both healthcare and accountability. Some companies, even those unrelated to the medical sector, are seeking to partner with non-governmental organizations to fund the development of e-health records for medical companies.

Key Market Players

The Key Players Operating inAsia-Pacific elderly care market is segment as below:

Company Profiles of Key Global Players

Right at Home:

Right at Home In-Home Care and Assistance is an international franchise system providing in-home care through independent, locally owned and operated Right at Home franchisee offices.
Based in Omaha, Nebraska, it focuses on caring for the elderly and those with Dementia, Alzheimer’s Disease, Parkinson’s Disease, and hospital recovery.

Koninklijke Philips N.V:

Koninklijke Philips NV is a health technology company focused on improving people’s health across the health continuum from healthy living and prevention, to diagnosis, treatment, and home care.
The Company offers products and services in diagnostic imaging, image-guided therapy, patient monitoring, and health informatics, as well as in consumer health and home care.

BAYADA Home Health Care:

BAYADA Home Health Care Inc. provides health care products and services. The Company provides in-home health care services to children and adults of all ages.
The Facility offers a wide range of medical services such as home health, rehabilitation, adult nursing, therapeutic, pediatrics, disability, chronic illness, and nursing care.

CCX Holdings:

CCX Holdings, Inc. was founded in 2011. It operates as a health and human services technology company.
The Company offers behavioral health, foster care, and adoptions, and integrated care services.

Encompass Health Corporation:

Encompass Health Corporation provides inpatient rehabilitative healthcare services.
The Company operates inpatient rehabilitation hospitals, outpatient and rehabilitation satellites, and home health agencies.
Encompass Health provides treatment on both an inpatient and outpatient basis.

Company Profiles of Key Local Players by Country:

Singapore:

United Medicare Centre:

United Medicare Centre (UMC) provides nursing home services, both private and subsidized nursing care for the elderly community in Singapore.
United Medicare Centre (UMC), Toa Payoh was officially opened in 2003 by the then Minister for Health, Mr. Khaw Boon Wan.
Initiated by the Ministry of Health (MOH) to cater to Singapore’s growing demand for quality nursing care, UMC (Toa Payoh) was established as Singapore’s first purpose-built private nursing home.

National Healthcare Group:

National Healthcare Group Pte. Ltd. provides general medical and healthcare services.
The Company offers services such as anesthesia, cardiology, vascular surgery, diagnostic imaging, Dentistry, neonatology, ophthalmology, and emergency medicine.

ECON Healthcare Group:

Established in 1987, ECON Healthcare Group encompasses a network of healthcare facilities and eldercare services.
As a regional provider for integrated healthcare services, the Group incorporates a chain of medicare centers and nursing homes, a care skill training center, a chain of senior services centers, home care services, physiotherapy services, and traditional Chinese medicine services

Australia:

Rosewood Care Group:

Rosewood Care Group (Inc) provides residential facilities and specialized care for older adults who require assistance in managing their everyday duties.
It has been offering quality, aged-care services for decades, and continually strives to develop facilities to keep contributing to the senior citizen community in Western Australia.

Healthcare Australia Pty. Ltd.:

Healthcare Australia Pty. Ltd. (HCA) provides medical staffing services.
The Company offers recruitment solutions for nurses, aged care workers, and medical specialists for temporary or permanent placement in public and private hospital groups.
HCA serves healthcare employees and employers throughout Australia.

New Zealand:

Geneva Healthcare Limited:

Geneva Healthcare Limited provides healthcare services.
The Company offers home care, nursing, community living, disability, and professional rehabilitation services.
Geneva Healthcare also provides palliative, spinal, brain injury, aged, wound, and dementia care services.
Geneva Healthcare serves patients in New Zealand.

Access Homehealth Ltd:

Access Homehealth Ltd. provides home-based healthcare and support services.
The Company offers services that include aged and disability support, rehabilitation and injury-related services, long-term condition management, clinical and recovery services, in-home respite care, restorative and goals-based support, windmill specialized care, and individualized funding.

Japan:

ASO care Services:

Aso Care Services was founded in 2007. The Company’s line of business includes providing health and allied services.
The Company provides medical due diligence surveying, medical consulting, and other services.
ASO also operates construction consulting, environment treatment, real estate development, and other businesses

Japan Care Service Group Corp:

JAPAN CARE SERVICE GROUP CORPORATION provides nursing care services for the elderly and other patients.
The Company provides its services on dispatch or live-in care basis. Japan Care Service Group also leases and sells nursing equipment and adult diapers as well as operates a nursing home for the elderly.

KOREA:

Fresenius Medical Care Korea:

Fresenius Medical Care Korea Ltd. was founded in 1997.
The Company’s line of business includes the wholesale distribution of surgical and other medical instruments, apparatus, and equipment.

INDIA:

Metropolis Healthcare:

Metropolis Healthcare Limited provides medical and laboratory services.
The Company offers pathology testing, imaging and nuclear medicine, clinical trials, and home healthcare services.

Health Vista Pvt Ltd:

Health Vista, doing business as Portea Medical, provides home healthcare services.
The Company offers physiotherapy, nursing, home health aide, doctor visit, assessments and treatments, senior care packages, nutrition, and basic cancer screening services.
Portea Medical serves communities in India.

CHINA:

Pinetree Senior Care Services:

Pinetree Senior Care Services Co Ltd provides senior care services in China.
The company offers home care, wellness, and insurance services to senior citizens at various stages of life and with various conditions, enhancing their physical and mental health, increasing their confidence and ability to live independently, and reducing medical care expenses.

Strategic Conclusion

Asia Pacific is expected to witness the highest CAGR in the global geriatric care services market during the forecast period. Changing social and economic conditions in many APAC nations are the factors driving the geriatric care services market growth.

The rise in the adoption of modern & novel assistive technologies, an increase in the number of players in the country, and expansion of the medical electronics sector drive the market growth in India.

Growing demand for home care services among older olds, the prevalence of chronic diseases, patients recovering from surgery is likely to boost market growth during the forecast period.

Moreover, advantages associated with home care services such as the desire to stay at home, independent caretaking and overall fewer care services expenditure are further expected to positively reinforce market growth.

Lower availability of alternative options such as assisted living, residential living, hospice, etc. especially in developing areas are expected to limit consumer preferences.

With APAC’s aging population ever increasing, health and MedTech businesses are leading the way in providing cutting-edge solutions to the aging crisis. This challenge is not limited to APAC and the rest of the world is watching.

How the region approaches caring for the elderly and rebalancing its economies will inform other regions and sectors. The one certainty is that demand will only grow, creating rich opportunities for market players.

References

https://asiapacific.unfpa.org/en/node/15207
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https://asia.nikkei.com/Economy/AsiaPacific-Elderly-healthcare-expenditure-to-grow-five-times-by-2030

Appendix

List of abbreviations

AI: Artificial Intelligence
APAC: Asia Pacific Region
CAGR: Compound Annual Growth Rate
NCDs: Non-communicable conditions
NHI: National Health Insurance