February 25, 2024

India Geriatric Care Services Is Expected To Be Flourished By Need For Palliative Care Services

The geriatric care services market involves providing medical and personal care services to the elderly population. Geriatric care services include medicinal administration, disease prevention and management, nutrition management, palliative care, rehabilitation, and various therapies to enhance mobility and daily functioning. With rising life expectancy and declining fertility rates, the aged population is increasing rapidly in India. As per the estimates, the population aged over 60 years will double to approximately 319 million by 2050. This raises the need for palliative and long-term care for elderly patients. Palliative care aims to relieve pain and improve the quality of life for patients with serious illnesses. It provides humane and dignified care to help patients and families cope with advanced disease states or conditions. The global geriatric care services market is estimated to be valued at US$ 29.42 billion in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
The geriatric care services market in India is driven by the need for palliative care services and rapid growth of the aged population. Palliative care has gained prominence in recent years due to its focus on enhancing the quality of life of elderly patients suffering from chronic conditions. It provides an added layer of care and support over and above conventional medical treatment. Various initiatives have been undertaken by both public and private organizations to promote palliative care in India. For instance, the government aims to establish at least one palliative care center per sub-district by 2022. Additionally, the rising prevalence of chronic diseases such as cancer, cardiovascular diseases, diabetes, and respiratory diseases has increased the need for palliative and long-term care services. According to WHO estimates, chronic diseases account for approximately 60% of all fatalities in India. This has accelerated the demand for geriatric care solutions that offer comfort and relief from symptoms, pain, or stress of serious illness.

Segment Analysis
The India Geriatric Care Services Market Size is segmented into home healthcare, adult day care services, and institutional care. The institutional care segment dominates the market and accounts for over 50% share due to high availability of nursing homes and other long-term care facilities for elderly citizens. There is significant requirement of inpatient care for seniors suffering from dementia, alzheimer’s and other chronic conditions.

Pest Analysis
Political
: The government is taking initiatives to enhance healthcare infrastructure and promoting availability of affordable and quality care services for senior citizens. Various policies support investment in elder care facilities.
Economic: Rising income levels and growing medical inflation is encouraging people to opt for healthcare plans for elderly family members. Out-of-pocket spending on geriatric ailments is contributing to the market growth.
Social: Changing social structures with adult children settling abroad is driving the demand for institutional care. Also increasing life expectancy is leading to growth of geriatric population base requiring medical supervision and assistance.
Technological: Advanced healthcare facilities, telemedicine, remote patient monitoring solutions are helping improve access and standards of elderly care. Wearable medical devices provide safety and enable independent living.

Key Takeaways
The India geriatric care services market size was valued at US$ 29.42 Bn in 2023 and is anticipated to reach over US$ 50 Bn by 2030, expanding at a CAGR of 6.4% during the forecast period.

Regional analysis shows that western India leads driven by states like Maharashtra and Gujarat having strong elderly care infrastructure and support systems.

Key players operating in the India geriatric care services are Reckitt Benckiser Group Plc, Nestlé S.A., Abbott Laboratories, Groupe Danone, Royal FrieslandCampina, Baxter International Inc., Fresenius Kabi, and B. Braun Melsungen AG. Reckitt Benckiser is the market leader due to its wide portfolio of adult nutrition products, hydration solutions, medicines and hygiene products for geriatric wellness.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it