Geriatric care services refer to a range of healthcare services designed to support older adults address issues related to aging or who require assistance due to loss of complete or partial physical or mental abilities. The services range from assisted living communities and nursing homes to adult daycare and home care services. The services aim to provide medical care, social support and personal care to elderly patients. The growing elderly population, coupled with rising life expectancy and increasing prevalence of chronic and lifestyle diseases such as diabetes, cardiovascular diseases and cancer are some of the key factors driving the demand for these services across India.
The global Geriatric Care Services Market in India 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 Dynamics
The rising life expectancy and prevalence of age-related diseases are major factors influencing the growth of the India geriatric care services market. According to the Census Report released by the Government of India, the number of elderly people aged 60 years or above is expected to grow from 103 million in 2011 to 323 million by 2050. The growing elderly population will subsequently increase the demand for long term care services. In addition, the increasing prevalence of chronic diseases among the geriatric population also fuels the need for continued care and monitoring. For instance, as per the estimations of India Council for Medical Research, nearly 60 million people were suffering from diabetes in India in 2019 and this number is projected to reach 123 million by 2030. Another major driver for the market growth is the increasing acceptance of nuclear families which often lack adequate support systems for elderly parents. This has necessitated reliance on professional geriatric care services for assistance with daily living activities and healthcare needs.
SWOT Analysis
Strength: The India geriatric care services market is experiencing a rise in the aging population which is increasing the demand for various elderly care services. There is also a rapid change in the lifestyles and increased prevalence of chronic diseases among the elderly population. The Indian government is taking initiatives to enhance healthcare infrastructure which is positively impacting the market growth.
Weakness: Lack of awareness among citizens about geriatric care services is one of the major challenges. There is also shortage of skilled professionals and caregivers. High costs associated with availing various elderly care services can limit the market growth to some extent.
Opportunity: Growing focus on palliative and home-based healthcare presents an opportunity for market players. Rise in lifestyle diseases is fueling the demand for post-acute care services. Favorable government initiatives to develop and promote elder care facilities across the country can further boost the market revenue.
Threats: Cultural mindset where families take responsibility of elderly care can hamper the industry growth. Lack of health insurance also limits spending on geriatric care services.
Key Takeaways
The global India Geriatric Care Services Market Growth is expected to witness high growth. The market size for 2024 is projected to reach US$ 29.42 Bn registering a CAGR of 6.4% during the forecast period of 2023 to 2030.
Regional analysis
The geriatric care services market in India is dominated by Southern region currently owing to presence of a large aging population as well as higher per capita healthcare expenditure. Northern region is also expected to grow at a significant pace over the next few years supported by rising medical tourism and increasing healthcare infrastructure development initiatives by both government and private players.
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. These players are focusing on new service launch and partnerships to strengthen their market position.
Check below related articles on this topic: https://www.pressreleasebulletin.com/india-geriatric-care-services-market-propelled-by-growing-geriatric-population/
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