India Geriatric Care Services Market is Estimated to Witness High Growth Owing to growing demand for better healthcare s

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Geriatric care services refer to a variety of healthcare services that are specially designed to meet the medical, functional and psychosocial needs of the elderly population. Aging population, rising prevalence of chronic conditions and lack of family support have created substantial demand for specialized geriatric care services in India. Various geriatric care service models including home-based care, community-based care and residentialcare facilities are helping senior citizens lead independent, comfortable and quality lives. Geriatric care involves medical care, nursing care, rehabilitation, home care and social care primarily focusing on improving quality of life for the elderly.

The global 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 Opportunity:

The demand for better healthcare services tailored to the unique needs of senior citizens is driving the growth of geriatric care services market in India. With increasing life expectancy and declining family support systems, there is a growing need for quality long-term and palliative care among the elderly population. The rising prevalence of chronic diseases like diabetes, cancer, cardiovascular diseases and respiratory illnesses among the aged has necessitated specialized treatment and management services. Additionally, the shifting social trends towards nuclear families have reduced the number of caregivers available for the elderly at home. This factor along with increasing women participation in the workforce is anticipated to further propel the adoption of residential elderly care facilities and home healthcare services over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants into the India geriatric care services market is low due to high capital requirements and stringent licensing and regulations. The market already has established companies operating at economies of scale with strong brands and distribution networks.

Bargaining power of buyers: The bargaining power of buyers is high due to the availability of wide range of options available for elderly care. Buyers can choose between homecare, assisted living or nursing home based on their need and budget.

Bargaining power of suppliers: The bargaining power of suppliers remains moderate as there are many suppliers for ingredients, equipment, medicines and services. However, switching costs are low.

Threat of new substitutes: Threat from substitutes remains low as there are limited product substitutes for geriatric care services. However, in-home care provided by family is considered a substitute.

Competitive rivalry: The competition in the market is high due to presence of established players.

SWOT Analysis
Strength: The India geriatric care services market is supported by India's significantly large aging population, rising lifestyle diseases, increasing health awareness. Care services provide independence and improve quality of life for elderly.

Weakness: Lack of caregiver training, less number of elder care facilities in India, high cost of services remain barriers. Social stigma associated with institutional care.

Opportunity: Growing demand for home-based care, rise of nuclear families, tax benefits and government initiatives present opportunities for growth.

Threats: Economic slowdown, insufficient health infrastructure, less number of nursing staff pose threats. Lack of proper regulations and accreditation are challenges.

Key Takeaways

The Global India Geriatric Care Services Market Size  is expected to witness high growth owing to rapid increase in aging population and life expectancy. As per UN population fund, India will have the third largest elderly population by 2030. The global 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.

Regional analysis: The western and southern regions dominate India's geriatric care services with states like Maharashtra, Karnataka, and Kerala having higher elderly rates. These states also have better elder care facilities. The northern and eastern regions lag but are expected to grow fastest due to government support for infrastructure development.

Key players: 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 major players focus on expanding service offerings and accessibility through partnerships.

 

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