"India Geriatric Care Services Market is Anticipated to Witness High Growth Owing to Rising Geriatric Population"
Market Overview
The India geriatric care services market is a rapidly growing space owing to the rising elderly population in the country. Geriatric care services help provide medical care, assistance with daily activities, social engagement opportunities, and other support services to senior citizens. These services play a vital role in improving the overall wellbeing and quality of life of the elderly population. The geriatric population in India has been rising steadily over the years on account of increasing life expectancy and declining birth rates. Additionally, changing family dynamics have resulted in a lack of structured family support for the aged, thereby driving demand for professional elderly care. Services offered include home care, nursing homes, assisted living communities, and adult day care centers.
India Geriatric Care Services Market is estimated to be valued at US$ 10.72 Bn in 2024 and is expected to exhibit a CAGR of 7.3% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the India Geriatric Care Services 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
The key opportunities in the India Geriatric Care Services Market Forecast include growing lifestyle disease burdens, increasing healthinsurance penetration and growing demand for integrated care facilities. There is also an opportunity for investment and infrastructure development in the elderly care sector.
Globally, many Indian geriatric care service providers are expanding to international markets such as Southeast Asia, the Middle East and parts of Africa to tap into the rising elderly populations abroad and leverage their expertise. Service providers are also partnering with overseas organizations and setup joint ventures to boost global market access.
Market Drivers
The primary driver for the India geriatric care services market is the drastic rise in elderly population driven by increasing life expectancy and improved healthcare access. As per United Nations Population Fund (UNFPA), the senior citizen population in India aged 60 years or above is projected to grow from 103 million in 2011 to about 323 million in 2050. This rapid increase in geriatric demographic presents a huge care requirements gap and demand for specialized elderly care services.
Market Restraints
The key restraint for the India Geriatric Care Services Market Size and Trends is the high cost of quality geriatric care services which makes it unaffordable for a large portion of the population. Additionally, lack of awareness regarding elder care options and the social stigma associated with institutional care also hinders the market growth to some extent. Shortage of trained nursing staff and professionals is another challenge impacting effective service delivery.
Segment Analysis
The India geriatric care services market is dominated by home-based care segment. The segment is expected to grow at a higher rate during the forecast period. Home-based care allows elderly patients to receive medical care and assistance at home rather than moving to nursing homes or assisted living facilities. It provides comfort of staying with family and receives medical supervision. The home-based services include health care services, homemaker services, companion services and others.
Global Analysis
Regionally, southern region holds the highest market share in India geriatric care services market currently. The region has higher elderly population and more awareness regarding elderly care services. States like Tamil Nadu, Karnataka and Kerala spend more in geriatric care facilities. North region is expected to register highest CAGR during the forecast period. Rising elderly population and increasing healthcare expenditure in states like Delhi, Uttar Pradesh and Haryana will mainly drive the market growth in northern region. Awareness regarding geriatric care services is also rising in north India which will support the market expansion. The western region is projected to be the second fastest growing regional market over the coming years.
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