Geriatric care services are professional services including nursing care, physiotherapy, occupational therapy, speech therapy, and other services provided to elderly patients and individuals suffering from age-related medical conditions or disabilities. The services aim to improve the overall health and quality of life of aging populations. In India, the geriatric care services industry has witnessed significant growth in recent years driven by rising life expectancy and the growing proportion of the elderly demographic in the country’s total population.

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% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
One of the key drivers for the India geriatric care services market is the rising geriatric population in the country. As per United Nations data, India is the second largest country in terms of elderly population aged 60 years and above. The proportion of people aged 60 years and above in India’s total population is projected to increase from 8.6% in 2010 to 19% by 2050. This rising geriatric demographic has increased demand for professional elderly care services. Additionally, increasing life expectancy and better access to healthcare in India are expected to further fuel the aging of population. The growing elder population dealing with age-related medical conditions and disabilities necessitates specialized geriatric care services for their treatment and quality of life. This rising demand acts as a major growth driver for the market over the forecast period.

SWOT Analysis

Strength: India has a large geriatric population, estimated to reach around 300 million by 2050. This presents a massive market potential. The availability of family support and home care services also strength's India's geriatric care sector. However, growing modernization is reducing family support systems.
Weakness: There is a severe shortage of trained professionals and caregivers in the sector. Most elderly still prefer traditional home care over institutionalised facilities due to cultural reasons. Infrastructure and regulatory frameworks for elderly care also need significant improvements.
Opportunity: Rapid urbanization and migration of youth is increasing the need for institutional eldercare. Rising incomes also allow more elderly to afford professional care services. The government's initiatives to promote eldercare present business opportunities.
Threats: Poverty remains a challenge for many elderly who cannot afford quality care. Diseases like dementia additionally increase care costs. Cultural mindsets resisting institutional care are also a hindrance. Healthcare costs are rising due to increasing life expectancy and lifestyle diseases among the elderly.

Key Takeaways

The Global India Geriatric Care Services Market Size  is expected to witness high growth over the forecast period of 2023-2030. With a projected CAGR of 7%, the market size is estimated to reach US$ 50.72 billion by 2030 from US$ 29.42 billion in 2023.

Regional analysis: The western and southern regions dominate India's geriatric care sector currently due to higher awareness and healthcare investments. However, the northern and eastern regions are emerging rapidly due to government schemes and growing demand from tier-2 and tier-3 cities. Cities like Delhi, Mumbai, Bengaluru, Hyderabad are becoming major hubs for eldercare facilities and services.

Key players: Leading players like Emoha Elder Care, AntaraSeniorCare, Nisarg Care, Tata Trust, Ashiana Housing Ltd., and Heritage Eldercare Services Pvt. Ltd. have a pan-India presence. Meanwhile, ASLI, NEMA Care, Age Ventures India, Piramal Swasthya, Jeevan Suraksha, and Kriti Elder Care are prominent regional or specialized players expanding across India. Strategic collaborations and acquisitions can be expected as consolidation takes shape in the highly fragmented Indian elder care industry.

Explore More Information On This Topic @ https://cmiresearch.blogspot.com/2023/12/the-global-india-geriatric-care.html