Global Aged Care Market to Expand with Advancements in the Domain of Geriatric Care
The demand within the global aged care market has been rising on account of advancements in the field of geriatric healthcare. Aged care has emerged as a vital domain within the healthcare industry, and it has helped in improving the quality of life for the masses. Aged care, in essence, to refers to provision special residential facilities to elderly people who can no longer live at home. Several reasons including disability, injury, illness, or bereavement can compel these people to leave their homes and live in aged care residences. There is a stellar need for meeting all the necessities including basic medications of the geriatric population. This is a key consideration from the perspective of gauging the growth dynamics of the global aged care market.
This blog by Transparency Market Research (TMR) on the global aged care market is an illustrious account of the forces that have aided market growth.
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Growing Geriatric Population
The global aged care market has been expanding at a stellar pace in recent times. This majorly owes to the responsiveness of the central healthcare authorities towards ensuring a robust framework for geriatric care. Furthermore, the growing population of old people has also created opportunities for growth within the global aged care market.
North America to Lead Market Growth
On the basis of geography, the global aged care market can be segmented into North America, Latin America, the Middle East and Africa, Europe, and Asia Pacific. The aged care market in North America is expanding with advancements in healthcare facilities and infrastructure.
Aged care market can be divided on the basis of services and geography. Services can be classified as home care services and residential care services.
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In home care services, they provide medical or nonmedical benefits which include personal care, skilled-nursing care, companion facilities, physical therapy and medical social services. It also includes in-home hospice care provider.
In residential aged care, they provides well maintained accommodation for those whose care cannot be met in their own homes and thus needs a special care cell. There are again two categories in residential aged care facilities these are respite care and permanent care. Respite care offers short-term and temporary care in a residential aged care facility and supports both the older people and their care givers to live at home for as long as possible. They provide both high and low care facility. On the other hand permanent care offers tailor made individual needs in the residential aged care facility.
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Some of the key players can be divided on the basis of pharmaceutical manufacturer like Pfizer, Novartis, Merck & Co., GlaxoSmithKline, AstraZeneca and Novo Nordisk. On the basis of nutraceutical manufacturer like Alkemists Labs, Asiamerica Ingredients, Inc., Barrington Nutritionals, Nutralliance, Inc., and Proprietary Nutritionals Inc. Senior care furniture manufacturers can be classified as Phoenix Contract, Inc., Flexsteel and Kwalu.
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