India Geriatric Care Services Market To Witness Significant Growth Owing To High Prevalence Of Chronic Diseases Among Aging Population
Geriatric care services provide medical care and assistance to aging individuals who may require help with daily activities or have chronic health issues. Services can include assisted living, nursing home care, adult daycare, home healthcare and more. With rising life expectancy in India coupled with declining fertility rates, the aging population is growing rapidly. Chronic diseases such as cardiovascular issues, diabetes, cancer and respiratory illnesses have become more prevalent among the elderly. The growing burden of multiple morbidities, disability and economic stress associated with high medical costs is driving demand for geriatric care services in India. 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 Dynamics:
High prevalence of chronic diseases among the aging population is one of the major drivers of the India geriatric care services market. India is undergoing a rapid demographic transition with rising life expectancy and declining fertility levels. As per UN population projections, the number of elderly persons aged 60 years and above is expected to grow from 103 million in 2011 to 324 million in 2050. Non-communicable diseases such as cardiovascular disorders, diabetes, cancer and respiratory illnesses have emerged as significant health issues among Indian seniors. It is estimated that over 75% of deaths in India are caused by chronic conditions related to aging. Increasing burden of multiple morbidities and disabilities has created a parallel demand for long-term care infrastructure and home healthcare assistance.
SWOT Analysis
Strength: The geriatric population in India is growing rapidly which is creating high demand for geriatric care services. There is increasing awareness among families to take care of elderly members which is driving the market. Government initiatives to promote elder care facilities is also boosting the market.
Weakness: Lack of trained professionals and caregivers is a major challenge faced by the industry. High set up and operational costs of elder care centers limits their reach. Providing personalized care and medical supervision to each senior citizen is difficult.
Opportunity: Rising income levels is enabling nuclear families to avail professional elder care. Growing demand for home based care and assisted living services provides new opportunities. Technological advancements in elder care gadgets will support independent living of elderly.
Threats: Cultural preferences for families to take own care of elderly can reduce demand for paid services. Lack of uniform regulations and standards across states creates confusion. Changes in government policies regarding senior care facilities can impact investments.
Key Takeaways
The Global India Geriatric Care Services Market Share is expected to witness high. The geriatric population in India is growing rapidly at a CAGR of 6.4% from 2023 to 2030. The market size is forecasted to reach US$ 29.42 Billion by 2023.
Regional analysis: The southern region of India dominates the geriatric care services market currently due to higher awareness levels and income. States like Tamil Nadu and Karnataka have the highest number of elderly homes and day care centers. But northern states are witnessing faster growth in geriatric population indicating future market potential.
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 continue expanding service offerings and forging collaborations to gain higher market share.
Get more insights on this topic: https://www.newswirestats.com/india-geriatric-care-services-market-size-and-share-analysis-growth-trends-and-forecasts/
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