India Geriatric Care Services Market is Anticipated to Witness High Growth Owing to Rising Geriatric Population

 

India Geriatric Care Services Market

Geriatric care services provide medical and personal care assistance to elderly population who need help with daily activities due to illness, injury or cognitive decline. It includes home care, assisted living facilities and nursing homes. Aging has become one of the key public health challenges in India due to rising life expectancy and declining fertility rates. The geriatric population over the age of 60 years is increasing rapidly and is projected to reach 240 million by 2050, making India’s elderly population the second-highest in the world. The growing older population in need of long-term medical and personal care is boosting the demand for geriatric care services across the country.

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. These players are focusing on expanding their service offerings and opening new care facilities to tap the market potential.

The key opportunities in the India Geriatric Care Services Market Demand include growing preference for home-based care, increased focus on preventive healthcare, and availability of senior housing projects and retirement communities. With rising healthcare costs and limited hospital beds, home care services are gaining traction in the country.

Global players are looking to enter the Indian market by forming partnerships with regional players or through mergers and acquisitions of local companies. Foreign players see India as an attractive destination due to a large population base and burgeoning demand for quality geriatric care services at affordable costs. International healthcare providers and pharmacy giants are expanding their presence across major Indian cities to cater to this growing patient demographic.

Market Drivers

Rising disposable incomes and growing medical insurance penetration have increased the affordability of geriatric care services in India. This is a key market driver allowing more elderly Indians to opt for long-term professional care.

Market Restraints

Despite the tremendous growth opportunities, shortage of trained healthcare staff, lack of reimbursement policies and concerns around the quality of services offered pose major challenges to the further development of the geriatric care industry in India. High set-up and operational costs also act as a deterrent for many potential providers.

Segment Analysis

The India geriatric care services market is dominated by homecare nursing services sub-segment. This is because, elderly patients prefer homecare services over institutional care as it allows them to stay close to their loved ones in a familiar environment. Homecare nursing services provide non-medical services such as companionship, medication reminders, help with daily chores, transportation, and assistance during activities like bathing, eating etc. This prevents unnecessary hospitalization of elderly and allows them to spend maximum time at their homes with families.

In-home nursing care comprises nurses and other trained professionals providing medical as well as non-medical care services to elderly people at their homes. Services include medication management, wound dressing, injections, rehabilitation and more. This sub-segment will also grow steadily during the forecast period owing to prevalence of chronic diseases among Indian geriatric population requiring continuous medical supervision and care at home.

Global Analysis

The Asia Pacific region is expected to witness the fastest growth in the global geriatric care services market during the forecast period. This is mainly due to growing aging population, increasing healthcare expenditure, rise in median age, and changing lifestyle led diseases in emerging countries like India and China. Additionally, focus of market players on expansion strategies and improvement in healthcare infrastructure will support market growth. For instance, government initiatives to promote home healthcare have increased adoption of personalized senior care services in India and China. North America currently dominates the global market owing to highly developed geriatric care infrastructure and presence of major players.

 

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About Author:

Ravina Pandya, 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, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)