Global Adult Day Care Services Market: Snapshot
The demand in the global adult day care services market is projected for a robust growth rate during the forecast period of 2016 to 2024, which would be a reflection of a number of factors, such as growing elderly population, attractive reimbursement policies, availability of low term care service providers, increasing life expectancy, change in family structure among the urban population, and increasing disposable income. On the other hand, looming shortage of geriatric care workforce and high cost of private senior care services is hindering the market from attaining its true potential.
As per the estimations of the National Institute of Aging, 8.5% of the world’s population in 2015 comprised geriatrics, roughly 617 million people, which will escalate to over 1.6 billion by the end of 2050, and account for nearly 17% of the world’s population. This escalating population base and growing awareness among the urban population to take insurance for elderly care will ensure the demand in the global adult day care services will stay substantial throughout the forecast period.
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This report on the global adult day care services market includes comprehensive assessment of all factors that will define the demand in the near future, gauges the potential of various regional and other segments, and overviews the business of several prominent companies operating in this market to represent the competitive landscape.
Adult Day Care Services Market: Overview
Adult day care services, also known as adult day care center, is an important type of services, which comprises non-resident support and services related to daily living, nutritional, healthcare and social support. These services are provided to adults and elder people, by the strong network of professional and trained people and nursing staffs. Adult day care services play an important role in the provision of transitional care and rehabilitation services, usually required after hospital discharge. In the most usual way, day care centers operate for 10-12 hours in a day and provide various supportive services to adult population, such as meal, medication, general supervision and moral and physical support.
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Many of the adult day care centers offer specialized focus on particular disease treatment and provide services related to that disease, such as, cardiovascular diseases, services for physically or mentally disabled persons. In addition to support services, many of the adult day care services have taken the initiative to develop a diagnostic and treatment center for the patients present in their center. Such diagnostic services play a vital role in case of chronically ill patients, such as, patient with Alzheimer’s disease, patient in coma and other similar situations. Due to proper treatment in the adult day care center, hospitalization probability have been decreased in last few years.
Adult Day Care Services Market: Drivers and Trends
The market for adult day care services is expected to grow in a lucrative fashion, in the forecast period 2013 – 2019. This growth is driven by market drivers, such as increasing aging population of the world, rising medical expenditure, growing demand for day-care services due to rising prevalence of chronic diseases, ‘Patient Protection and Care Act’ and growing concern of global population towards the specialized day care services.
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Increasing geriatric population is one of the most important market growth propellers. According to Center for Diseases Control and Prevention (CDC), as of 2030, the population of Americans aged 65 years or older is expected to rise to 72 million, constituting around 20% of total population of the U.S.
Further, due to increased aging population, it imposes a heavy burden of the healthcare and associated services, which causes depletion of quality in those healthcare medical infrastructures. Henceforth, day care services have found their applications in minimizing the burden on the healthcare services in an efficient manner. In addition, increased chronic disorders associated with aging population also fuels the market growth of day care services. For instance, according to Alzheimer’s Association, as of 2013, 5 million people from the U.S. are suffering from Alzheimer’s disease and the disease is the 6th leading cause of death in the U.S. Hence, such rise in chronic diseases also contributes towards the growth of day care services market in an exponential way.
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Adult Day Care Services Market: Restraints and Key Players
Major restraints of the market include high cost associated with the services, limited availability of technically competent persons and nurses and lack of preference and awareness in the certain region of the world. Limited technically compatible people availability is the most important hurdle in the market growth, since these services need technically and socially strong personnel, in order to carry out the activities and services smoothly. Major opportunities in the market include the development of training programs for the persons who wish to enter in this sector, development of high quality services and atmosphere in order to raise the revenue and morale of patient as well as the employees.
Major players operating in this market include National Adult Day Services Association (NADSA), Alzheimer Association Day Care Center among others.
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