by The India geriatric care services market is estimated to be valued at US$ 35 Bn in 2028 and is expected to exhibit a CAGR of 7.0% over the forecast period from 2021 to 2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Geriatric care services in India include home healthcare, adult day care centers, and nursing homes. Home healthcare services provide a continuum of healthcare services to patients in their home, which helps in preventing hospitalization and decreasing healthcare costs. Adult day care centers offer elder care in an outpatient setting such as recreational activities, healthcare supervision, and meals. Nursing homes provide 24/7 care to elderly people who require constant medical attention or assistance with daily activities.
Market Dynamics:
India has a large elderly population base that is projected to grow further in the coming decades. According to the World Population Prospects report by the United Nations, the population aged 60 years and above in India is projected to increase from 103 million in 2015 to 300 million by 2050. The increasing elderly population will propel the demand for geriatric care facilities in India. Furthermore, improving medical facilities and rising healthcare expenditure will support market growth over the forecast period. Various government initiatives such as the National Programme for Healthcare of the Elderly (NPHCE) and Rashtriya Vayoshri Yojana (RVY) are aimed at providing medical facilities and financial assistance to senior citizens. Such favorable initiatives are expected to boost the adoption of geriatric care services in India.
Segment Analysis
The India geriatric care services market is dominated by the home-based care segment. According to recent estimates, this segment accounts for over 60% share of the total market due to the increasing preference among elderly to remain independent and stay at home for as long as possible. Home-based care services include household assistance, medication assistance, personal care, transportation services, etc. which allow seniors to maintain their daily routines in a familiar environment surrounded by family.
PEST Analysis
Political: The government of India has launched several initiatives such as National Programme for Healthcare of Elderly to promote elderly care services across the country. Various tax benefits are also provided to NGOs operating old-age homes.
Economic: India is undergoing rapid aging of the population with over 17% of total population estimated to be over 60 years by 2050. This will drive steady demand for geriatric care services over the coming decades. With rising incomes, families are willing to spend more on quality healthcare and support for elderly members.
Social: Changing social trends such as prevalence of nuclear families and dual working parents have reduced the traditional support system for senior citizens. This has increased the outsourcing of elderly care needs to professional service providers.
Technological: Technologies focused on remote patient monitoring, telehealth solutions, preventive care tools are helping improve access and quality of geriatric care services. Companies are utilizing digital platforms to provide different services for senior wellness and well-being at home.
Key Takeaways
The global India Geriatric Care Services Market Growth is expected to witness high growth, exhibiting CAGR of 7.0% over the forecast period, due to increasing loneliness and lack of familial support among the elderly population.
Regional analysis indicates that Southern India dominates the geriatric care services market currently owing to presence of major cities, availability of diverse services, and increased healthcare expenditure. States like Kerala, Tamil Nadu, and Karnataka account for over 40% share of the total national market.
Key players operating in the India geriatric care services market are Emoha Elder Care, AntaraSeniorCare, Nisarg Care, Tata Trust, Ashiana Housing Ltd., Heritage Eldercare Services Pvt. Ltd., ASLI (Association of Senior Living India), Nema Care, Age Ventures India, Piramal Swasthya, Jeevan Suraksha, and Kriti Elder Care. These leading operators offer a wide range of services including old-age homes, day care centers, home-based care, and nurse care to address the evolving needs of aging population in India.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
