by India Geriatric Care Services provide comprehensive medical care and assistance to elderly people who require help with daily activities or have multiple chronic conditions. Some of the services offered include home care, adult day care, assisted living facilities and nursing homes. With rising life expectancy and declining family support systems, assisted living facilities are gaining prominence. They provide residential care along with regular supervision and assistance with daily living activities like bathing, dressing, eating etc. in a home-like environment.
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 key trends:
Rising demand for assisted living facilities for the aging population is one of the key trends bolstering the growth of India geriatric care services market. According to Census 2011, there were about 103 million elderly people in India aged 60 years and above. This number is projected to increase to 323 million by 2050. With joint families disintegrating and children migrating to other cities for jobs, elderly people are often left alone without proper care and supervision. Assisted living communities aim to bridge this gap by providing care as well as socialization in a home-like ambience. They allow elderly residents to live independently with some help in daily living activities thus maintaining superior quality of life. This rising demand for assisted living is expected to significantly drive the Indian geriatric care services industry over the forecast period.
SWOT Analysis
Strength: The geriatric care services market in India is expected to witness strong growth on account of rising elderly population and increase in lifestyle diseases among senior citizens. Increased life expectancy along with nuclear families have boosted demand for geriatric care services.
Weakness: Lack of trained professionals and caregivers to address the needs of elderly population remains a key challenge for Indian geriatric care services market. Quality and standardization of services also need improvement across the sector.
Opportunity: Growing affordability and increasing health awareness among elderly population present significant growth opportunities for various assisted living facilities, home care services and nursing homes in India. Rising income levels would lead to higher spending on healthcare and senior living services.
Threats: Lack of a comprehensive regulatory framework regarding geriatric care services in India poses operational challenges. Higher set up and operational costs also act as deterrent for investments and expansion of services by players.
Key Takeaways
The Global India Geriatric Care Services Market Size is expected to witness high growth. 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.
Regional analysis comprises, the India geriatric care services market is projected to grow at a significant pace due to rising senior citizen population, growing lifestyle diseases and nuclear families in the country. Key states such as Maharashtra, Tamil Nadu, Karnataka and Gujarat dominate the market currently owing to increased adoption of geriatric care services.
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. Emoha Elder Care and AntaraSeniorCare capture a major share of the market for assisted living facilities. Other players like Nisarg Care and Tata Trust offer a wide range of elderly care, nursing and home healthcare services across various locations in India.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
