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| India Geriatric Care Services Market |
The India geriatric care services market is estimated to be valued at US$ 29.3 Bn in 2022 and is expected to exhibit a CAGR of 7.0% over the forecast period 2023 to 2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Geriatric care services aid in providing medical care and assistance to the
elderly population suffering from different age-related health issues and
disabilities. These services include assisted living facilities, nursing homes,
hospice and home care services. The services provide medical care, assist in
activities of daily living such as bathing, dressing and grooming, administer
medication and nursing services as required. The geriatric services sector in
India is expanding steadily due to the increasing life expectancy and growing
aging population in the country.
Market key trends:
The geriatric population is witnessing a surge in India. As per United Nations
estimates, India's geriatric population (aged 60 years and above) will double
to around 300 million by 2050 from an estimated 140 million in 2021. This rapid
increase in aging population coupled with lack of family support systems is
boosting demand for geriatric care services such as home healthcare, daycare
centers and nursing homes across India. Further, increasing life expectancy and
rising prevalence of chronic diseases like diabetes, cardiovascular diseases
and Alzheimer’s among the elderly group is also driving the India geriatric
services market growth over the forecast period.
Porter's Analysis
Threat of new entrants: Low capital requirements and availability of contract
nursing staff poses low threat. However, branding and hospital tie-ups provide
advantages to existing players.
Bargaining power of buyers: Growing demand for senior care services and
availability of various players increases buyer options and bargaining power.
Bargaining power of suppliers: Skilled nursing staff and therapists are crucial
suppliers. Shortage of trained professionals increases their bargaining power.
Threat of new substitutes: Limited substitutes considering specialized
healthcare needs of elderly. However, increased home care options pose mild
threat.
Competitive rivalry: Presence of various local and national players intensifies
competition. Differentiation in service quality, offerings, and connectivity
with hospitals and insurance companies are key competitive factors.
SWOT Analysis
Strengths: Growing elderly population, changing mindsets towards senior care,
hospital partnerships for patient referrals.
Weaknesses: High operating costs, lack of trained staff, infrastructural
challenges in smaller cities.
Opportunities: Government incentives for senior living communities, untapped
rural areas, partnerships with private healthcare providers.
Threats: Underdeveloped regulatory framework, medical cost inflation,
preference for home care over institutions by some elderly.
Key Takeaways
The global India
Geriatric Care Services Market Growth is expected to witness high
growth, exhibiting CAGR of 7.0% over
the forecast period, due to increasing health awareness and demand for
specialized senior care facilities in the country. The market size is projected
to reach US$ 43.3 Bn by 2028 from
US$ 25.7 Bn in 2021.
Regional analysis: The northern region dominates India's geriatric care
services market currently owing to higher elderly population concentration and
urbanization. Southern region is expected to witness fastest growth led by
states like Kerala and Karnataka with expanding senior housing and care
communities.
Key players: Key players operating in the India geriatric care services market
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. Players are focusing on strategic tie-ups with
hospitals, insurance companies, and townships to gain scale and market share.
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