by 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:
The India geriatric care services market offers a variety of services to support the medical and non-medical needs of elderly people aged 60 years and above. Some key services offered include home care, assisted living facilities, nursing homes, and adult daycare. Home care services involve helping elderly individuals with daily activities inside their homes such as bathing, dressing, cooking, cleaning, and transportation. Assisted living facilities provide personal care and support services in an apartment-style living environment. Nursing homes offer 24-hour skilled nursing services and rehabilitation therapy usually for people with serious medical conditions or disabilities. Adult daycare centers take care of elderly individuals during the day, providing supervision, socialization opportunities, recreational activities, meals, and other supports.
Market Dynamics:
Rising chronic disease prevalence: Chronic diseases such as cardiovascular disease, cancer, diabetes, and respiratory diseases have become more common among the Indian elderly population. As per the World Health Organization report, over 70% of deaths in India are due to chronic diseases. Growing chronic disease burden has increased the demand for long-term senior care services.
Changes in social structure: Earlier generations in India relied on the joint family system for eldercare. However, urbanization, increase in women workforce participation, and migration of younger generations has disrupted such traditional family structures. This has left many elderly individuals without family support, boosting the geriatric care services industry.
Segment Analysis
The India geriatric care services market is divided into two key segments – home-based care and community-based care. Currently, the community-based care segment dominates the market as it offers facilities like assisted living communities, nursing homes and palliative care which address various medical, daily living and social needs of elderly in an affordable way. However, the home-based care segment is expected to witness faster growth during the forecast period due to increasing preference of elders to age with their families, rise in working women population and growing acceptance of homecare as an economical alternative to institutional care.
PEST Analysis
Political: The government has implemented various policies like National Program for the Health Care of the Elderly to promote senior living facilities and palliative care. It offers tax benefits to private players setting up geriatric care infrastructure which is boosting investments.
Economic: Robust GDP growth, increasing life expectancy and expanding elderly population are fueling demand for elderly care services in India. However, high costs remain a key challenge for majority.
Social: Changing social structures like decline of the traditional joint family system, higher divorce rates and migration of children have increased reliance of elders on outside care services for their daily needs.
Technological: Technologies like remote patient monitoring equipment, telemedicine, assisted living software are helping improve accessibility and quality of elderly care. Their rising adoption is enabling efficient management of chronic conditions.
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 healthcare expenditure and senior population in the country. The market size is projected to reach US$ 51.51 Bn by 2030 from US$ 29.42 Bn in 2023.
Regional analysis indicates that South India dominates currently due to presence of a large number of elder care centers across states like Kerala and Karnataka catering to the growing needs of seniors. However, West and North regions are expected to witness fastest gains fueled by rapidly expanding senior citizen bases in major metropolitan cities and changing family structures.
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. They are focusing on expanding service offerings, improving quality and using new technologies to gain customers in the high potential market.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
