Published By : 01 Dec 2016 | Published By : QYRESEARCH
The growing geriatric population is undoubtedly one of the main factors behind the growth of the geriatric care services market. The falling fertility rates, advancements in medical field, and increase in life expectancy have reduced mortality rates. This has in turn increased the population of the elderly. A key factor driving the demand for geriatric care services is the difficulty in managing old people by family members alone, creating a need for professional and healthcare services for these people. As most families have one or two children, it is difficult to provide care for elderly people, driving the market. In addition to this, the growing divorce rates is expected to make many senior people single and alone, thus requiring geriatric care services.
Dearth of Geriatric Care Workforce to Pose a Problem
The overall geriatric care services industry is dependent on health care workers such as physicians, doctors, licensed practical nurses, physical therapist, certified nurse aides. Geriatric care services also require non-skilled workers such as personal care attendants and home health aides. The increasing number of elderly population is expected to outstrip the number of geriatric care workers. This will create difficulty in providing proper care to the elderly and thus, act as challenge.
Technological Advancements to Help Providers Extract Underserved Business
Advancements in technology is expected to be of enormous help to health care workers. Technological advancements are expected to aid senior people to overcome the various difficulties in performing an activity. Newer products are being developed by players that help elderly people with easy communication, enabling instant response for their needs. The increasing use of technology in geriatric care services market will compensate for shortage of geriatric care workers to some extent.