by The global India geriatric care services market is estimated to be valued at US$ 27.5 Bn in 2022 and is expected to exhibit a CAGR of 7.0% over the forecast period 2023 to 2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Geriatric care services in India include assisted living facilities, home care services and nursing homes that offer medical care as well as assistance with daily tasks like bathing, dressing, meal preparation, housekeeping and transportation for the elderly population above 60 years of age. The demand for geriatric care services is growing in India due to the rising healthcare expenditure and expanding medical tourism industry. Additionally, the increasing life expectancy at birth has also led to rapid growth of elderly population in India which has augmented the demand for old age homes, nursing facilities and home care services for the older adults.
Market key trends:
One of the key trends driving the India geriatric care services market is the growing prevalence of chronic diseases among elderly population leading to increased demand for long-term care services. As per the Population Foundation of India, around 25% of elderly people aged 60 years and above suffer from one or more chronic diseases. Moreover, expanding medical tourism industry and rising immigration of elderly people from developed nations for retirement has also boosted the market growth. The government is also taking initiatives like National Programme for Healthcare of Elderly to promote availability of affordable and quality elderly care services across the country.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low in the India geriatric care services market due to the increasing regulatory requirements and the high costs associated with expanding and upgrading infrastructure for elderly care.
Bargaining power of buyers: The bargaining power of buyers is moderate as geriatric care services have low product differentiation. However, consumers have several options to choose from based on their requirements and budgets.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the availability of several options. Suppliers may negotiate with buyers based on volumes and loyalty.
Threat of new substitutes: The threat of substitutes is low as there are limited substitute options for personalized elderly care services.
Competitive rivalry: The competitive rivalry in the market is high due to the presence of several regional and international players.
Key Takeaways
The global India Geriatric Care Services Market Growth is expected to witness high growth, exhibiting CAGR of 7.0% over the forecast period, due to increasing healthcare infrastructure development and elderly population in India.
Regional analysis: The southern region dominates the India geriatric care services market with a share of around 30%, followed by western and northern regions. This is attributed to better healthcare infrastructure and adoption of new elderly care business models in these regions.
Key players: Key players operating in the India geriatric care services market are Emoha Elder Care, AntaraSeniorCare, Nisarg Care, Tata Trust, Ashiana Housing Ltd., Heritage Eldercare Services Pvt. Ltd., ASLI (Association of Senior Living India), Nema Care, Age Ventures India, Piramal Swasthya, Jeevan Suraksha, and Kriti Elder Care.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
