The India Geriatric Care Services market is estimated to be valued at US$ 25.7 Bn in 2021 and is expected to exhibit a CAGR of 7.0% over the forecast period 2021-2028, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Geriatric care services are designed to cater to the unique needs of the elderly population. These services encompass a wide range of activities aimed at providing physical, emotional, and social support to older adults. With the increasing geriatric population in India, the demand for geriatric care services has witnessed significant growth. These services include home care, assisted living, independent living, nursing homes, and memory care facilities, among others. Geriatric care services provide numerous advantages such as personalized care, medical assistance, companionship, and improved quality of life for the elderly population.
B) Market Key Trends:
One key trend in the India Geriatric Care Services market is the growing preference for home care services. Many elderly individuals prefer to receive care in the comfort of their own homes rather than moving to assisted living or nursing facilities. Home care services offer personalized care and enable seniors to maintain their independence while receiving the necessary support. This trend has been further accelerated by the COVID-19 pandemic, as elderly individuals and their families are more concerned about the safety and well-being of seniors in communal living settings.
For example, Emoha Elder Care is a prominent player in the India Geriatric Care Services market that focuses on providing home care services. They offer a range of services such as medical assistance, emotional support, companionship, and social engagement to elderly individuals in their own homes.
C) PEST Analysis:
- Political: The Indian government has launched various initiatives and policies to improve the quality of geriatric care services in the country. For instance, the National Programme for Health Care of the Elderly (NPHCE) aims to provide affordable and accessible healthcare services to senior citizens.
- Economic: The rising disposable income and increasing healthcare expenditure in India have contributed to the growth of the geriatric care services market. Additionally, the availability of insurance coverage for geriatric care services has made them more affordable for the elderly population.
- Social: The changing social dynamics, urbanization, and nuclear family structure have resulted in a higher demand for professional geriatric care services. With the busy schedules of working adults, there is a growing need for reliable and trustworthy care options for their aging parents.
- Technological: Advancements in technology have played a crucial role in the growth of the geriatric care services market. Remote monitoring systems, wearable devices, telehealth platforms, and electronic health records have improved healthcare delivery and allowed for more efficient and personalized care for elderly individuals.
D) Key Takeaways:
- The India Geriatric Care Services Market Demand is expected to witness high growth, exhibiting a CAGR of 7.0% over the forecast period.
- The increasing geriatric population, changing social dynamics, and rising demand for personalized care are key drivers of market growth.
- Home care services are gaining traction due to their convenience and personalized approach.
- The western region of India is expected to be the fastest growing and dominating region in terms of geriatric care services, owing to a higher concentration of elderly population and urbanization.
- Key players operating in the India Geriatric Care Services market include Emoha Elder Care, Antara Senior Care, 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.
In conclusion, the India Geriatric Care Services market is witnessing significant growth due to the increasing demand for elderly care services. With the rise in the elderly population and changing social dynamics, personalized and reliable care options are becoming crucial. Home care services, in particular, are gaining popularity among seniors and their families. The market is expected to continue its growth trajectory, driven by factors such as government initiatives, economic factors, societal changes, and technological advancements. Key players in the market are focusing on providing comprehensive and high-quality care services to meet the evolving needs of the geriatric population.