by The geriatric care services market in India has been witnessing considerable growth over the past few years owing to a rise in life expectancy and the increasing elderly population in the country. Geriatric care provides medical care, social support for physical and mental well-being, and independent living assistance to senior citizens. It helps in catering to the special healthcare needs of the elderly population including management of multiple chronic conditions, rehabilitation services, palliative and end-of-life care.
The Global 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.
Key Takeaways
Key players operating in the India geriatric care services are Reckitt Benckiser Group Plc, Nestlé S.A., Abbott Laboratories, Groupe Danone, Royal FrieslandCampina, Baxter International Inc., Fresenius Kabi, and B. Braun Melsungen AG.
The key opportunities in the India Geriatric Care Services Market Growth include rising demand for home healthcare services, expanding provision of palliative care services, and increasing healthcare expenditure. With rapid urbanization and changing family structures, there is a growing preference among the elderly to opt for home-based care services over institutional care.
The India geriatric care services market is also witnessing expansion in terms of operations and service offerings. Many foreign players are entering the market through joint ventures or acquisitions to capitalize on the high growth potential. Multi-national companies are investing in technologies to develop innovative service models and solutions tailored for the needs of the aging population in India.
Market Drivers
A major driver for the geriatric care services market in India is the rising elderly population. As per United Nations Population Fund (UNFPA), India is projected to have the third largest elderly population globally by 2030. The increased life expectancy and falling fertility rates are contributing to the aging demographic trend. Moreover, cultural norms are reducing joint families, leading more seniors to live alone or be dependent on external care services for their daily requirements. This is further propelling the demand for geriatric care in India.
PEST Analysis
Political: In India, the government has introduced various schemes and programs to support the elderly population such as National Program for Healthcare of the Elderly (NPHCE) in 2010. These initiatives aim to provide basic healthcare facilities to senior citizens.
Economic: The projected growth in the elderly population and rising income levels are driving the demand for geriatric care services in India. However, high medical costs can restrain the market to some extent.
Social: Due to life expectancy increase and declining birth rates, the proportion of elderly people is rising in India. Family structures have also changed which is increasing the need for professional elder care services.
Technological: Advancements in assistive devices are helping elderly people live independently for longer. Technologies like telemedicine are also improving access to healthcare services. Sensor-based systems further allow remote patient monitoring.
Geographical Regions of Concentration
The major markets in India are metro cities like Delhi, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, and Pune due to availability of better elderly care facilities. The share of these regions is over 60% currently due to growing geriatric population, greater healthcare awareness, and higher disposable income levels.
Fastest Growing Region
Rural India is expected to be the fastest growing market for geriatric care services during the forecast period. Government initiatives are boosting basic elder care infrastructure development in tier 2 and tier 3 cities. Additionally, changing attitudes and an increasing willingness to pay are supporting market growth beyond metro areas. The rural CAGR is projected at around 8% from 2024 to 2031
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
