India Geriatric Care Services Market is driven by rising burden of...

India Geriatric Care Services Market is driven by rising burden of chronic and age-related diseases

Posted 2024-06-28 14:01:36

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The 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 2031.

Growing prevalence of lifestyle diseases such as diabetes, hypertension, cardiovascular disorders, and respiratory diseases has created a huge demand for geriatric care services in India. Moreover, changing family dynamics and rise in dual income households have increased reliance on professional elder care services.

Key Takeaways
Key players operating in the India geriatric care services are Reckitt Benckiser Group Plc, NestlÃ© S.A., Abbott Laboratories, Groupe Danone, Royal FrieslandCampina, Baxter International Inc., Fresenius Kabi, and B. Braun Melsungen AG. These players are focusing on strengthening their product portfolio and expanding service offerings to gain a competitive edge in the market.

The demand for India Geriatric Care Services Market Size is growing rapidly owing to the rising healthcare needs of the expanding elderly population base. As per current estimates, there are nearly 139 million elderly people aged 60 years and above in India accounting for around 10% of the total Indian population. This number is expected to touch nearly 324 million by 2050.

Major players in the India geriatric care services market are eyeing new opportunities in tier 2 and tier 3 cities led by increasing medical tourism and adoption of nuclear family systems. Companies are investing heavily in developing nationwide networks of care communities, old age homes, palliative care facilities and home healthcare agencies to cater to the requirements of senior citizens pan India.

Market Drivers
The key driver for the India geriatric care services market is the rapidly rising burden of chronic and age-related diseases among the geriatric population in the country. According to WHO estimates, non-communicable diseases account for nearly 60% of total deaths in India with cardiovascular diseases, cancer, chronic respiratory diseases and diabetes being the major contributors. Genetic predisposition and adoption of sedentary lifestyle among the elderly has aggravated medical issues leading to greater reliance on assisted living and homecare services.

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