July 13, 2024
India Geriatric Care Services Market

India Geriatric Care Services Market Is Expected To Be Flourished By Growing Old Age Population

Geriatric care services in India provide a range of healthcare services and aids to senior citizens including assisted living communities, home care services, adult day care and nursing homes. The major services provided include personal care, health monitoring, medication management, homemaking services and rehabilitation. With rising life expectancy and declining fertility rates, India’s population is aging fast. According to WHO, the population of senior citizens aged 60 years and above is projected to grow from 103 million in 2011 to 300 million by 2050. This rapid growth in the geriatric population suffering from age-related diseases is driving the demand for geriatric care facilities and services in the country.

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 Dynamics:
Growing old age population is one of the key drivers expected to flourish the India Geriatric Care Services Market during the forecast period. As mentioned in the heading, India’s aging population is rising significantly which is increasing the demand for assisted living facilities, home care services, adult day care centers and nursing homes in the country. Additionally, improving healthcare infrastructre and rising healthcare spending are also fueling the market growth. With growing medicalization and awareness, more number of senior citizens are opting for geriatric care services for their treatment and daily assistance needs. This is further propelling the India Geriatric Care Services Market expansion over the coming years.

Segment Analysis
The India Geriatric Care Services Market is dominated by Home-based care sub-segment, which holds around 55% share of the total market. This is because majority of elderly prefer care at home over institutional facilities, due to emotional attachment with their homes and families. Home-based care provides personalized services and attention to the elderly within the comfort of their own homes.

PEST Analysis
Political: The growing elderly population in India is pushing the government to implement favorable policies for their welfare. The National Policy on Older Persons focuses on non-institutional care and advocacy for elderly rights.
Economic: India’s GDP is projected to grow at over 7% annually till 2030, improving affordability of geriatric care services. Rising income and lifestyle diseases is also driving demand.
Social: Joint family systems are disintegrating due to urbanization and careers, reducing caregiver availability for the elderly at home. This is increasing demand for professional homecare services.
Technological: Telemedicine and online consultations are gaining popularity among the elderly population. Wearable health monitors and emergency alert devices also help them live independently with safety.

Key Takeaways
The Global India Geriatric Care Services Market Size  is expected to witness high growth at a CAGR of 7.0% till 2030 to reach a market size of US$ 58.64 Bn.

Regional analysis comprises- North India dominates with over 40% share currently led by states like Delhi NCR and Uttar Pradesh. Preference for joint families provides natural support systems here.

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.

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