by Geriatric care services in India mainly include home care, adult day care and institutional care for the growing elderly population. Home care services provide non-medical support like assistance with daily activities such as bathing, dressing, meal preparation, housekeeping etc. at home. Adult day care centers offer healthcare, rehabilitation services and social engagement for elders during the day while family members work. Institutional care or long-term care facilities include nursing homes, palliative care and hospice services for people who require around-the-clock medical attention or rehabilitation. With rising lifestyle diseases, increasing life expectancy and decline in joint family systems, the demand for geriatric care services is growing rapidly in India.
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 6.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
One of the key drivers for the growth of the India Geriatric Care Services Market is rising healthcare expenditure in India. Healthcare spending in India is expected to rise significantly from the current 1.5% of GDP to around 5-6% of GDP by 2025. This rise in healthcare spending will boost the demand for geriatric care services as more funds become available to support elderly care. Rising healthcare expenditure coupled with increasing aging population that require long-term care is expected to drive the growth of the geriatric care services market in India over the forecast period.
Another factor fueling the market growth is the rapid urbanization in India. As per Census 2011, over 31% of India’s population lives in urban areas. It is estimated that by 2050, over half of India’s population will be residing in urban areas. With more people migrating to cities for work, the tradition of joint families is diminishing. This has reduced the availability of informal family care for elderly. This has increased the dependence on formal geriatric care services like home care, adult day care centers and old-age homes in cities. Rapid urbanization is thus providing a thrust to the demand for geriatric care services in India.
Segment Analysis
The India Geriatric Care Services Market Growth is dominated by the home care services segment, which holds around 60% share. An increasing number of older adults in India prefer home care services over institutional care facilities due to comfort of staying at home along with family and caregivers providing familiar homely support. The rising preference for home-based care is the major factor propelling growth of this segment. The assisted living facilities segment is expected to witness fastest growth during the forecast period owing to increasing availability of variety of assisted living housing options for elderly in India.
PEST Analysis
Political: The Indian government has introduced various policies and regulations to streamline the geriatric care sector such as the National Programme for Healthcare of the Elderly and tax incentives for senior living projects. This is encouraging private players to invest in elder care services.
Economic: India is experiencing growing economy and rising per capita income which is increasing the affordability of families to spend on elderly care. Out-of-pocket healthcare spending of household on elder care is witnessing consistent rise.
Social: Declining joint family system and migration of children away from parents due to employment reasons is steering high demand for non-familial elder care options. Additionally, life expectancy of Indian population is increasing which is expanding the aged population base.
Technological: Telemedicine and smart assistive technologies are gaining acceptance in geriatric care services. Wearable seniors monitoring devices and technologies enabling remote patient supervision are supporting independent living of elderly population.
Key Takeaways
The global India geriatric care services market is expected to witness high growth during the forecast period of 2023 to 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 6.4% over the forecast period 2023 to 2030.
Regional analysis: Southern region of India dominates the country’s geriatric care services market with around 35% value share. States including Karnataka, Kerala and Tamil Nadu have high concentration of elderly population and are emerging hubs for elderly care facilities and services.
Key players: Key players operating in the India geriatric care services market include Reckitt Benckiser Group Plc, Nestlé S.A., Abbott Laboratories, Groupe Danone, Royal FrieslandCampina, Baxter International Inc., Fresenius Kabi, and B. Braun Melsungen AG. These major players are focusing on expanding their service portfolio as well as facility network across India to cater to the growing needs of aging population.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
