Global gerontology/aging market is anticipated to witness lucrative growth over the forecast period. Key factors for the growth of this market include increasing geriatric population at unfrequented rate and growing number of geriatric care services such as the Elder Care Center and Geriatric society of India. Furthermore, these institutions aim in training professionals to deal with various aspects of geriatric population. Gerontology has gained enormous importance in educational institutions, research institutes that aim in conducting statistical surveys and healthcare centers investigating the issues associated with the geriatric population. Constant improvement in therapeutics that favors in improving life span, nursing courses and healthcare services owing to improve the life expectancy of the aged people. Increasing prevalence of age related disorders is also expected to propel the market growth over the forecast period.
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Gerontology/aging market main application segments include social gerontology, environmental gerontology and biogerontology. Furthermore, gerontology has triggered the scope of applications in healthcare, industries related to business, planned communities, travel (that include hospitality) and fitness and wellness services which are expected to positively reinforce market growth. The market has also attained major achievements with respect to current social research surveys conducted by social communities that deal with public attitudes related to aging population and cutting edge technological developments involved in curbing solutions to make life easier and safer for improved quality care of this population. Social gerontology, this segment is mainly driven by significant factors such as growing demand for home healthcare services and geriatric social work practices over the age of 60 or 65 through communication with their families and communities which helps in maintaining healthy environment. Additionally, growing number of established care centers are expected to facilitate market growth over the forecast period.
Geographical presence of the market is in North America, Europe, Asia Pacific, Latin America and MEA. North America accounted for one of the largest market apparently followed by Europe. Crucial factors contributing to the market growth include favorable reimbursement policies and widespread presence of care centers to assist the issues encountered by aged people. China is anticipated to be the fastest growing regional segment owing to the presence of key factors such as increasing geriatric population coupled with prolonged medical conditions and rising concern for life expectancies among the aged crowd. Growing number of mass retirements and consequently creating a positive impact on healthcare systems is influencing the market growth for this region.
The market is saturated with key players such as the Jewish Family Service, the UF health, National Association of Professional Care Managers, Senior Care Centers, the World Health Organization and the International Association of Geriatric Care. These players constantly participate in awareness programs, mergers and acquisitions to serve the elderly society effectively. Research developments in new areas to improve the healthcare services have attributed to market growth. In addition, growing advent of nuclear family structures in urban areas is also triggering the need for healthcare organizations; presence of such aforementioned factors is expected to boost the market growth.
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