by The geriatric care services market in India involves a range of care services products to support elderly population suffering from age-related health issues. Some of the key products include mobility assistance, fall prevention, bathroom safety, health supplements, and multivitamins. With rising life expectancy and declining child birth rates, the aged population is steadily growing in India. The need for elderly home care and assisted living services is gaining increasing prominence.
The Global 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 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. The key opportunity lies in increasing public awareness and promoting new models of elderly homes and day care centers across cities and smaller towns. Technological advancements in digital health monitoring devices and telehealth platforms are enhancing the accessibility and affordability of healthcare solutions for geriatric patients.
Market drivers
The India geriatric care services market is driven by the rising geriatric population base coupled with increasing healthcare spending. As per United Nations Population Fund, India had about 103 million citizens aged 60 years or above in 2011 and this number is projected to double to 203 million by 2050. Growing prevalence of lifestyle diseases such as diabetes and hypertension among the elderly requiring long-term care is boosting the market growth.
Current challenges in India Geriatric Care Services Market:
The geriatric population in India is rapidly growing which puts a strain on the existing healthcare services and system in the country. There is lack of specialized geriatric care facilities and healthcare infrastructure to cater to the unique needs of elderly population. Due to joint families system breaking down, lack of social support system for senior citizens. There is shortage of caregivers, nurses, doctors trained in geriatric care. Poverty and financial constraints among elderly population restricts their access to quality healthcare.
SWOT Analysis
Strength: Growing health awareness and risk of age-related diseases has increased demand for specialized geriatric care. Government initiatives to promote healthcare for all.
Weakness: Low health expenditure as percentage of GDP restricts expansion of geriatric care infrastructure. Shortage of funding and investments.
Opportunity: Rising incomes would boost expenditure on elderly care. Scope for innovative assisted living and home healthcare models.
Threats: Diseases like dementia and Alzheimer’s on rise poses high treatment cost burden. Social stigma around old-age homes limits their expansion.
Geographical regions of concentration:
The states of Maharashtra, Karnataka, Tamil Nadu, Andhra Pradesh and Gujarat account for over 60% of the market currently due to their large urban elderly population and increasing availability of geriatric care services.
Fastest growing region:
The northern regions of India including New Delhi, Uttar Pradesh, Punjab, Haryana etc. are expected to witness strongest growth in demand for geriatric care over the forecast period. This is due to rapid aging of population coupled with rising incomes enabling greater spend on elderly healthcare.
