The India Geriatric Care Services Market shows Potential for High Growth Due to Rising Elderly Population
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| India Geriatric Care Services Market |
The India geriatric care services
market consists of homecare, adult day care, and institutional care services
offered to elderly population above the age of 65 years. Geriatric care
services help in providing medical care, social support, and personal care to
senior citizens with prolonged illness and limited mobility. Homecare services
include personal care, nursing, and companion services offered at home. Adult
day care services offer older adults supervision, activities, meals, and
therapies during daytime at elder care centers. Institutional care services
include hospice care, long-term care, and palliative care provided at nursing
homes and assisted living facilities. These services help the elderly in
managing disabilities, prolonging independence, and improving quality of life.
Key Takeaways
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 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.
The geriatric care services
market is driven by the growing aging population, increase in life expectancy,
rising prevalence of chronic diseases among the elderly, and focus on independent
living. Additionally, rising spending power, growing awareness about senior
care amenities, and government initiatives are also fueling the demand for
geriatric care services in India.
Major players in the market are
expanding globally by strategically acquiring domestic players to penetrate
untapped markets and increase footprint in existing markets. Market leaders are
also focusing on organic and in-organic growth through new product launches,
partnerships, and collaborations.
Market Drivers
The key driver for the India
geriatric care services market is the increasing healthcare expenditure in the
country. As per government estimates, India's healthcare spending is expected
to rise by over 22% annually to reach US$ 372 billion by 2022. Rising income
levels, health awareness, lifestyle diseases, and better access to insurance
are driving healthcare spending in India. This rising expenditure is expected
to boost demand for geriatric care services including homecare, adult day care
and long-term institutional care.
Impact of geopolitical situation
on the growth of India Geriatric Care Services Market:
The India Geriatric Care Services
Market is witnessing decent growth over the forecast period. However, several
ongoing geopolitical issues could impact its trajectory. India shares borders
with countries like China, Pakistan, Nepal, Bhutan, and Bangladesh. Any
political instability or territorial disputes with the neighboring nations
divert resources that could have otherwise been utilized for developmental
activities. In recent years,relations with Pakistan and China have witnessed
volatility. The ongoing Russia-Ukraine war and rising influence of China in the
Indian Ocean region also introduce uncertainties. Additionally, issues within
India like insurgency in Kashmir pose security challenges. While the government
is making efforts towards regional cooperation and dispute resolution, a
prolonged period of geo-political tensions could dampen investor sentiment and
economic growth. This may negatively impact the purchasing power of customers
and investments towards improving elderly care infrastructure and services.
However, the government considers senior care an important sector and is keen
on transforming India into a developed nation by 2047. Thus, it may try to
minimize external disturbances and resolve domestic issues to support the
growth of this market in the long-run.
The geographical region where the
India Geriatric Care Services Market is concentrated in terms of value:
In terms of value, the India
Geriatric Care Services Market remains concentrated in major metropolitan areas
and cities with higher elderly populations like Mumbai, Delhi, Bengaluru,
Chennai, Kolkata, and Ahmedabad. These urban centers have established senior
housing communities, nursing homes, assisted living facilities, and
availability of professional caregivers. The growing nuclear family system and
migration of young working populations to other cities for jobs have
significantly increased the number of elderly citizens living independently or
in old age homes in large urban localities. Availability of advanced healthcare
infrastructure and elderly care services also make these areas highly
profitable for market players. With nearly 70% of the country's wealth concentrated
in Tier 1 cities, value contribution of metros currently outweighs other
regions for the India Geriatric Care Services space.
The fastest growing region for
India Geriatric Care Services Market:
The Tier 2 cities and emerging
urban clusters of India are expected to witness the fastest growth in the
geriatric care services sector over the coming years. States like Gujarat,
Maharashtra, Tamil Nadu, Karnataka, and Kerala housing multiple Tier 2 centers
have already started witnessing rising senior percentages. The non-metro
regions are gradually improving their medical infrastructure, opening the doors
for greater participation of elderly care players. These areas offer vast
untapped market potential with favorable government support systems in place. Enhanced
connectivity and spread of healthcare awareness is also propelling the growth.
Further penetration of private insurance, lower operating costs than metros,
and growing preference for local care are fueling the momentum here. By 2030,
Tier 2 and 3 locations may emerge as the key demand centers of the overall
market.
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