A) Market Overview:
The India Geriatric Care Services Market is estimated to be valued at US$ 25.7 Bn in 2021 and is projected to reach substantial growth in the forecast period from 2021 to 2028, with a CAGR of 7.0%. This market report, published by Coherent Market Insights, provides comprehensive insights into the market dynamics, key trends, SWOT analysis, and key takeaways.
The geriatric care services market in India offers a wide range of products and services that cater to the needs of the elderly population. These include home care services, assisted living facilities, healthcare equipment and supplies, and specialized medical care. The market has witnessed significant growth as a result of the increasing geriatric population and the need for personalized care and support.
B) Market Dynamics:
The Indian geriatric care services market is primarily driven by two key factors: the growing geriatric population and the increasing demand for specialized healthcare services for the elderly.
1) Growing Geriatric Population: India is experiencing a significant demographic shift, with a rapidly increasing geriatric population. The advancements in medical science and improved healthcare infrastructure have contributed to increased life expectancy. This has resulted in a greater number of seniors requiring access to quality healthcare services and assistance with daily activities.
2) Increasing Demand for Specialized Healthcare: The aging population is more susceptible to chronic diseases and age-related ailments, leading to a higher demand for specialized medical care. Geriatric care services provide customized healthcare options that address the unique needs of older adults, including regular health check-ups, medication management, and chronic disease management.
C) Market Key Trends:
One key trend observed in the Indian geriatric care services market is the rise of tech-enabled and AI-driven solutions. These innovative technologies are revolutionizing the way geriatric care services are provided. For example, remote patient monitoring systems and health tracking applications allow caregivers and healthcare providers to remotely monitor vital signs and detect any health abnormalities in real-time. This enables timely intervention and improves patients’ overall well-being.
D) SWOT Analysis:
Strength: The geriatric care services market in India has witnessed substantial growth due to the increasing demand for specialized healthcare services for the elderly and the presence of established players in the market.
Weakness: High cost associated with advanced geriatric care services may limit access to these services for a significant portion of the geriatric population.
Opportunity: The market presents ample growth opportunities for healthcare providers and technology companies to innovate and develop cost-effective solutions to address the rising demand for geriatric care services.
Threats: Lack of infrastructure and trained healthcare professionals in remote areas, coupled with the cultural resistance to accepting outside assistance for elderly care, can pose challenges to market growth.
E) Key Takeaways:
The India Geriatric Care Services Market Demand is expected to witness high growth, exhibiting a CAGR of 7.0% over the forecast period. The key drivers for this growth include the increasing geriatric population and the demand for specialized healthcare services.
In terms of regional analysis, urban areas are expected to dominate the market due to better access to healthcare infrastructure and services. However, rural areas present untapped opportunities for market players to expand their reach and provide much-needed geriatric care services.
Key players operating in the Indian geriatric care services market include 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 actively engaged in providing a wide range of services and solutions to meet the diverse needs of the elderly population.
In conclusion, the India Geriatric Care Services Market presents significant growth opportunities driven by a growing aging population and increasing demand for specialized care. Advancements in technology and innovative solutions are reshaping the market and enabling improved healthcare outcomes for the elderly. To thrive in this evolving landscape, market players need to embrace innovation and develop affordable and accessible geriatric care solutions.
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. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.