Future Ageing Care: India’s Emerging Silver Economy Market The India geriatric care services market

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Future Ageing Care: India’s Emerging Silver Economy Market
The India geriatric care services market is estimated to be valued at US$ 25.7 Bn in 2022 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.

Market Overview:
India’s aging population is predicted to reach around 300 million by 2050 as life expectancy increases, leading to rising demand for assisted living facilities, home healthcare, adult day care centers and nursing homes. These services provide holistic care and assistance with daily activities to senior citizens who require some form of support.

Market Dynamics:

The key drivers for the growth of the India geriatric care services market include increasing share of the elderly population combined with changing family structures and rising women workforce participation which is rendering family support systems inadequate. As per WHO estimates, India will have around 300 million geriatrics by 2050 compared to just 103 million in 2011 leading to significant business opportunities for care services providers in the country. Nursing homes and other institution-based models help address the challenges of families struggling to care for their elderly at home.

Market key trends:

The India geriatric care services market has been witnessing noticeable growth trends such as rising demand for assisted living facilities and home-based care services. With changing demographic patterns and increasing life expectancy, the elderly population in India is growing rapidly making it one of the youngest nations. As traditional joint families are disintegrating and children are migrating to other cities for jobs, there is a growing need for alternative living arrangements that can provide quality care to senior citizens. Furthermore, factors such as lack of quality elderly care infrastructure and higher costs of nursing homes are driving demand for assisted living facilities that combine independent living with professional caregiving.

SWOT Analysis
Strengths: Growing elderly population presents large market opportunity, increasing awareness about elder care services.
Weaknesses: Lack of standardization in industry, shortage of trained professional caregivers.
Opportunities: Rapid urbanization leading to nuclear families, scope for innovative housing models and technology-enabled care services.
Threats: Absence of legislation governing elderly care, affordability issues limiting access to quality services.

Key Takeaways

The India Geriatric Care Services Market Growth size is expected to witness high growth, exhibiting a CAGR of 7.0% over the forecast period, due to increasing demand for facilitated living and home-based care from nuclear families.

Regional analysis:
The market in West and South India constitutes over 60% share owing to high density of elderly population in states like Kerala, Karnataka and Maharashtra. States like Gujarat and Tamil Nadu are emerging as high growth markets supported by strong GDP growth and increasing healthcare infrastructure development.

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. These players are focusing on facility expansion plans and introducing innovative service models to gain an edge in the evolving market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile