The India Geriatric Care Services Market is estimated to be valued at Us$ 29.42 Bn in 2023 and is expected to exhibit a CAGR Of 7.0% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Geriatric care services provide a range of facilities to senior citizens including assisted living facilities, home care services, nursing homes and adult day care centers. These services help elderly individuals who require assistance with daily activities or have severe medical conditions. The services ensure safety, proper nutrition, medication and overall well-being of older persons.
Market Dynamics:
The India geriatric care services market is primarily driven by the rising geriatric population in the country. As per WHO estimates, the population aged 60 years and above in India is projected to increase from 103 million in 2011 to 323 million by 2050. This growing senior population will propel the demand for geriatric care facilities. Additionally, changing lifestyle patterns and increasing number of seniors who prefer to age independently is another factor boosting the market growth. Further, rising incidence of chronic diseases like dementia and Alzheimer's among elderly also contributes to market expansion. However, lack of funding for long-term care and high costs associated with advanced healthcare services hampers the market growth.
SWOT Analysis
Strength: The India Geriatric Care Services Market has a large pool of caregivers due to cultural reasons. There is high demand for home healthcare services as people prefer aging at home. The government is taking initiatives to promote eldercare services in the country.
Weakness: There is low awareness about various geriatric care services available in the market. Traditional joint family systems are breaking down reducing natural support system for elderly.
Opportunity: Rapid growth of nuclear families increases the demand for professional elder care services. Rising lifestyle diseases and increasing healthcare needs of elderly presents growth prospects.
Threats: High setup and operational costs of eldercare services hampers small players. Scarcity of trained professional in geriatric care services acts as a challenge.
Key Takeaways:
The Global India Geriatric Care Services Market Size is expected to witness high growth, exhibiting CAGR of 7.0% over the forecast period, due to increasing prevalence of lifestyle diseases. Chronic diseases such as diabetes, hypertension etc. requiring long term care is the key driver fueling the market growth.
Regional analysis Regional analysis related content Western and Southern regions dominates the India Geriatric Care Services Market with over 60% share due to availability of advanced facilities inmetros. However, Northern and Eastern regions are expected to witness fastest CAGR owing to growing healthcare infrastructure and increasing elderly population.
Key players related content Key players operating in the India Geriatric Care Services 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. The market is highly fragmented in nature with local small players catering to regional needs. The key players are focusing on mergers and acquisitions to expand service portfolio and geographical reach.
