by The geriatric care services market in India has been witnessing significant growth over the past few years owing to the increasing elderly population in the country and growing focus on preventive healthcare measures. Geriatric care services help improve quality of life of elderly people through a range of products and solutions primarily focused on mobility assistance, nutrition & hydration, personal care, and health monitoring of aged individuals. The market comprises products such as mobility aids, bathroom safety equipment, nutritional & dietary supplements, and telehealth solutions that help aged population to live independently and reduce burden on their caregivers as well as healthcare system.
The India Geriatric Care Services Market is estimated to be valued at US$ 33.9 Mn in 2024 and is expected to exhibit a CAGR of 6.4% over the forecast period 2024 to 2030. 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.
Key Takeaways
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. These players are focused on expanding their product portfolio and healthcare services to tap growing opportunities in the Indian market.
Growing demand
The demand for geriatric care services is expected to significantly grow in India over the forecast period. Factors such as increasing life expectancy, rising per capita income, and growing awareness about preventive healthcare are anticipated to drive the demand for elderly care products and solutions across India.
Global expansion
Leading players in the geriatric care services market are focusing on global expansion by strengthening their distribution networks across smaller towns and cities in India. Companies are launching new affordable products tailored to the requirements of aged population in rural areas to expand consumer base.
Market key trends
Customizable healthcare solutions as per individual needs and requirements is one of the key trends being observed in the India geriatric care services market. Major players are offering personalized care packages and customized products or tools to provide elderly population better management of chronic conditions. This trend allows seniors to get specialized services designed specifically for their health conditions.
Porter’s Analysis
Threat of new entrants: Low capital requirements and threats of substitution open doors for newcomers. Bargaining power of buyers: Large number of buyers available with moderate bargaining power due differences in quality of service. Bargaining power of suppliers: Suppliers have relatively low bargaining power as there are many suppliers who provide raw materials and equipment. Threat of new substitutes: Products such as home healthcare are substitutes with moderate threat as these services complement institutional care. Competitive rivalry: High as competitors compete for market share based on service quality and pricing.
Geographical regions
India accounts for the largest market share in terms of value owing to increasing geriatric population, changing social and family structures and rising healthcare infrastructure in the country. North America is the fastest growing region due to favorable healthcare reforms, increasing investment in elderly care services and rising focus on quality of life for senior citizens.
