The India geriatric care services market comprises home health care, adult day care, institutional care and nursing home services that cater to the medical, social, and daily needs of elderly population. With rising life expectancy and changes in the disease profiles of the elderly, demand for palliative and long-term medical care is growing steadily. The increasing prevalence of chronic diseases like diabetes, cardiovascular diseases and dementia among senior citizens in India has augmented the need for geriatric care and associated services. 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 2030.
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. These key players are focusing on expanding their service offerings and adopting new technologies to better cater to the health requirements of elderly.
The rising burden of chronic diseases and increasing cost of hospitalization is propelling the demand for preventive and long-term medical care services at home or in day care centers. Adult day care centers are emerging as a viable and affordable option for the families of senior citizens who cannot leave them unattended.
Technological advancements like remote patient monitoring systems, smart assisted living facilities and mobile health solutions are enabling efficient and low-cost geriatric care delivery. Wearables and smart sensors are helping monitor vital health parameters of elderly and ensure timely medical intervention.
Market Trends
In-home care services are gaining popularity as they provide independence and comfort of home environment to elderly individuals. Major players are focusing on launching customized in-home care packages involving nursing, physiotherapy and companion services.
Demand for multi-specialty old-age homes and senior living communities is rising in metro and tier 1 cities of India. These residential facilities offer medical supervision and an active lifestyle at an affordable cost.
Market Opportunities
Rural India presents huge untapped opportunities owing to limited geriatric care facilities and services in hinterlands. There is potential to set up cost-effective day care centers and basic healthcare infrastructure.
Public-private partnerships and government initiatives are crucial to widen the reach and penetration of geriatric care services across socio-economic segments in India. Support in the forms of subsidies, insurance coverage and regulatory approvals can help develop sustainable care ecosystem.
Impact of COVID-19 on Global India Geriatric Care Services Market
The COVID-19 pandemic has significantly impacted the growth of the India geriatric care services market. During the initial lockdown phase, physical visits to homes for the elderly and daycare centers were restricted to control virus spread. This impacted the daily operations and service delivery models of market players. However, with rising awareness about the vulnerability of the elderly population to the virus, demand for online healthcare consultation and remote patient monitoring services increased steadily. Service providers started leveraging digital technologies like telemedicine to provide continuity of care to senior citizens. They consult health experts virtually and deliver essential medicines and diet plans online. With the new normal, market players also intend to offer hybrid care models combining offline and online service delivery going forward. This will help address the location barrier and accessibility issues faced by the elderly, especially those in remote areas. While the pandemic posed short term challenges initially, it accelerated the adoption of digital healthcare technologies and modernized service models. This is expected to boost the long term growth prospects of the India geriatric care services industry in the post COVID period.
Geographical Regions with Highest Market Value in India Geriatric Care Services Market
In terms of value, more than half of the India geriatric care services market is concentrated in Southern and Western regions led by states like Tamil Nadu, Karnataka, Maharashtra and Gujarat. These states have a large elderly population base as well as higher income and healthcare spending. The urban centers of Chennai, Bengaluru, Mumbai and Pune house premium assisted living facilities, geriatric clinics and daycare centers catering to senior citizens requiring long term and palliative care. Availability of advanced medial infrastructure and skilled healthcare workforce also makes these regions preferable destinations for elderly care. The states receive significant foreign investments and have high awareness about global standards of care for the aged population.This positions the Southern and Western regions as current high value markets for players in the India geriatric care industry.
Fastest Growing Region in India Geriatric Care Services Market
The Northern region spanning states like New Delhi, Haryana, Punjab and Uttar Pradesh is projected to emerge as the fastest growing market for geriatric care services in India. This is attributed to rising life expectancy, growing number of seniors with lifestyle diseases and increasing adoption of modern healthcare approaches. Cities like New Delhi and Gurugram are witnessing a rapid proliferation of independent senior living communities that offer comprehensive wellness programs and multi-disciplinary care. Further, greater health insurance penetration is incentivizing the region's elderly population to opt for organized care services for chronic condition management and preventive healthcare. The presence of favorable government policies supporting senior citizen welfare and high economic growth also make the Northern region an attractive emerging hub for geriatric care service providers. This is expected to enable it grow at a faster pace vis-a-vis other regions in the coming years.
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