The India geriatric care services market is estimated to be valued at US$ 35.2 Bn in 2022 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.
Market Overview:
Geriatric care services in India cater to the healthcare, financial, social, and daily living needs of elderly population aged 60 years and above. Major services include home care, adult day care, and institutional care. Home care services comprise personal care, companion care, nursing care, and more. Institutional care includes senior living communities, nursing homes, and hospitals with dedicated geriatric units.
Market Dynamics:
The growth of the India geriatric care services market is driven significantly by the increasing elderly population in the country. As per United Nations estimates, India's elderly population is expected to grow from 104 million in 2011 to around 319 million by 2050. Rising life expectancy along with decreasing fertility rates are contributing to this demographic shift. Government initiatives are also aiding the growth of the market. The National Programme for Health Care of Elderly launched in 2012 aims to provide geriatric care through primary healthcare facilities. Furthermore, in 2016 the Maintenance and Welfare of Parents and Senior Citizens Act was passed to ensure proper care of parents and senior citizens by their families. This law makes it legally binding for adult children to care for their elderly parents and also provides right to senior citizens to claim maintenance from children.
SWOT Analysis
Strength: India has a large aging population expanding rapidly which leads to increasing demand for elderly care services. Growing awareness about well-being of senior citizens is encouraging more families to opt for geriatric care services. Government initiatives to promote elder care startup will boost market growth.
Weakness: Lack of trained professional caregivers remains a challenge. High cost of availing professional elderly care services restricts its adoption. Limited health insurance coverage for senior citizens increases out-of-pocket expenses.
Opportunity: Untapped rural areas present significant opportunity for market expansion. Rising women workforce participation necessitates reliable elderly care options. Digital technology can help overcome geographic barriers and improve service delivery.
Threats: Preference for traditional joint family systems impedes acceptance of institutional care. Restricted mobility during pandemic negatively impacted operations of elderly care providers.
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 healthcare expenditure and growing senior population in India.
Regional analysis
The India geriatric care services market is currently dominated by West and South India which accounts for nearly 70% of total market share. East India is emerging as the fastest growing regional market driven by rising economic prosperity.
Key players analysis
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. Piramal and Nisarg Care are leading players with pan India presence while other players have regional focus.
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