June 17, 2024

Rising Healthcare Expenditure To Fuel Growth In The India Geriatric Care Services Market

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 7.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The India geriatric care services market includes assisted living facilities, home health care and other supporting elder care services. Geriatric care aims to improve the health and quality of life for elderly people through medical care, social care and public health services. Assisted living facilities provide personal care services like help with daily activities, medication management, transportation and social engagement, recreational activities to maintain healthy aging. Home health care services include both medical and non-medical services provided at home to allow elderly to age in place with better quality of life. Growing chronic diseases, increasing life expectancy and rising healthcare costs are driving demand for affordable geriatric care services in India.

Market key trends:

India has a growing elderly population suffering from age-related chronic ailments. As per data, India’s population aged 60 years and above is expected to increase to 300 million by 2050 from 138 million in 2021. Also, average life expectancy in India has risen significantly from 61 years in 2001 to 70 years in 2019. These demographic and longevity trends are expected to boost the demand for geriatric care services such as assisted living communities, home health care and chronic care management over the forecast period. Lack of family support systems, growing rates of dementia and joint disorders among the old population will further escalate the need for quality elder care services. Rising health awareness and disposable income are also increasing the adoption of preventive healthcare and wellness services for productive aging. Key players are focusing on expanding assisted living facilities and home care networks to address the growing needs of aging population in India.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate. The geriatric care market requires substantial investments and expertise to establish operations. However, the high demand opens opportunities for new players.

Bargaining power of buyers: The bargaining power of buyers is moderate. Senior care services have inelastic demand making customers less price sensitive. However, availability of several options provides some bargaining power.

Bargaining power of suppliers: The bargaining power of suppliers is moderate. Caregivers and healthcare professionals are important resources. However, the growing demand balances their bargaining power.

Threat of new substitutes: The threat of new substitutes is low. No major substitute exists for quality assisted living and healthcare services for the elderly.

Competitive rivalry: High due to presence of several regional and national players vying for market share through service quality and differentiation.

Key Takeaways

The Global India Geriatric Care Services Market Size is expected to witness high growth, exhibiting CAGR of 7.0% over the forecast period, due to increasing lifestyle diseases and rising elderly population. The market size for 2023 is estimated to be US$ 29.42 Bn.

Regional analysis: Western and Southern regions dominate the India geriatric care services market owing to higher healthcare spending and increasing elderly population in major cities. Northern and Eastern regions are fastest growing due to growing awareness.

Key players operating in the India Geriatric Care Services 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. Key players focus on service expansion and partnerships to strengthen presence.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it