by The India geriatric care services market is estimated to be valued at US$ 25.7 billion in 2021 and is expected to exhibit a CAGR of 7.0% over the forecast period 2021-2028, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Geriatric care services refer to a range of support services, including healthcare, social assistance, and long-term care, provided to the elderly population. With the increase in life expectancy and the aging population in India, the demand for geriatric care services is on the rise. These services aim to improve the quality of life of the elderly and provide them with the necessary support to lead a healthy and independent life.
Geriatric care services encompass a wide range of products and solutions, including home healthcare services, retirement communities, assisted living facilities, and specialized medical care. These services are designed to address the specific needs of the elderly population, such as healthcare monitoring, assistance with daily activities, companionship, and social engagement.
B) Market Dynamics:
1. Driver: Increasing Elderly Population
The key driver for the growth of the geriatric care services market in India is the significant increase in the elderly population. According to the United Nations, the number of individuals aged 60 years and above in India is expected to reach around 340 million by 2050. This demographic shift is attributed to advancements in healthcare, nutrition, and sanitation facilities, leading to increased life expectancy. The growing elderly population is fueling the demand for geriatric care services, including long-term care, assisted living, and specialized medical care.
2. Opportunity: Rising Demand for Long-term Care Services
The rising demand for long-term care services presents a significant opportunity for the geriatric care services market in India. Long-term care services include assistance with activities of daily living, such as bathing, dressing, feeding, and mobility, as well as medical and nursing care for individuals with chronic illnesses or disabilities. With the increasing prevalence of chronic diseases among the elderly, the demand for long-term care services is expected to grow. This provides an opportunity for service providers to expand their offerings and cater to the specific needs of the elderly population.
C) Segment Analysis:
The home healthcare services segment dominates the geriatric care services market in India. Home healthcare services provide medical care, nursing care, and assistance with daily activities in the comfort of one’s home. This segment is driven by the preference of the elderly population to receive care in their familiar environment. Additionally, the availability of skilled healthcare professionals and technological advancements in remote patient monitoring further support the growth of the home healthcare services segment.
D) PEST Analysis:
Political: The government of India has introduced various healthcare initiatives and policies to address the needs of the elderly population. These include the National Program for Health Care of the Elderly, which aims to provide comprehensive healthcare services to the elderly.
Economic: The rising disposable income and increasing awareness about the importance of quality healthcare among the middle-class population are driving the demand for geriatric care services in India.
Social: The cultural and social norms in India emphasize filial responsibility, where children are expected to take care of their aging parents. However, changing lifestyles, increasing nuclear families, and migration of the younger generation for better job opportunities have led to a shift in caregiving patterns, increasing the demand for professional geriatric care services.
Technological: Technological advancements, such as telemedicine, remote patient monitoring, and wearable devices, are revolutionizing the delivery of geriatric care services in India. These innovations enable remote healthcare monitoring, reduce the need for hospital visits, and improve access to healthcare services for the elderly population.
E) Key Takeaways:
– The India Geriatric Care Services Market Demand is expected to witness high growth, exhibiting a CAGR of 7.0% over the forecast period.
– The market growth is driven by the increasing elderly population and rising demand for long-term care services.
– Home healthcare services dominate the market, driven by the preference of the elderly population for care in their own homes.
– The government of India has introduced healthcare initiatives to address the needs of the elderly population.
– Technological advancements, such as telemedicine and remote patient monitoring, are revolutionizing the delivery of geriatric care services.
Key players operating in the India geriatric care services market include Emoha Elder Care, Antara Senior Care, 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 players are focused on expanding their service offerings and improving the quality of care for the elderly population in India.
