March 5, 2024
India Geriatric Care Services Market

India Geriatric Care Services Market Driven By Increasing Elderly Population

The geriatric care services market in India is witnessing significant growth owing to the rising elderly population in the country. Geriatric care services include home care, long-term care, rehabilitation, nursing care, and other services to meet the holistic care needs of the elderly population. With improving healthcare infrastructure and high costs of institutional care in the country, geriatric care services help the elderly live independently and get high-quality care at affordable prices. The growing cases of chronic diseases like diabetes, cancer, cardiovascular diseases among the Indian geriatrics is further propelling the need for specialized geriatric care services to manage complications and improve quality of life.

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 key trends

One of the key trends driving the India geriatric care services market is the increasing adoption of digital health solutions. Various players are focusing on leveraging technologies like telehealth, remote patient monitoring, and mobile health applications to enhance geriatric care delivery and enable virtual care. This is allowing senior citizens to connect with doctors and caregivers remotely while limiting physical visits amid the pandemic. Moreover, technologies facilitating medication management, activity tracking, fall detection are gaining traction to help the elderly live independently with required supervision and safety. The markets also witness new startups offering innovative service models integrating digital and offline solutions to offer affordable, accessible and high-quality long-term care to the rapidly growing elderly population.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the India geriatric care services market is moderate. High capital requirements and regulatory barriers pose some challenges for new players. However, growing demand increases opportunities.

Bargaining power of buyers: The bargaining power of buyers in the India geriatric care services market is high due to the availability of alternatives and price sensitivity of customers.

Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the availability of substitute raw materials and suppliers.

Threat of new substitutes: The threat of substitutes is low in the India geriatric care services market as there are limited products that can replace specialized geriatric care services.

Competitive rivalry: The competitive rivalry in the India geriatric care services market is high due to the presence of multiple regional and international players competing on the basis of product quality and price.

Key Takeaways

The global India Geriatric Care Services Market Growth is expected to witness high growth due to the rising elderly population, increasing lifestyle diseases, and growing healthcare expenditure 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 6.4% over the forecast period 2023 to 2030.

Regional analysis: The northern region accounts for the largest share in the India geriatric care services market due to better access to medical facilities and greater awareness. However, the southern region is expected to witness the fastest growth due to improved healthcare infrastructure and initiatives by local governments.

Key players: Key players operating in the India geriatric care services market are Reckitt Benckiser Group Plc, Nestlé S.A., Abbott Laboratories, Groupe Danone, Royal FrieslandCampina, Baxter International Inc., Fresenius Kabi, and B. Braun Melsungen AG. Reckitt Benckiser Group Plc leads the market with innovative home care products for the elderly.

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