The geriatric care services market in India involves a wide range of medical as well as non-medical services provided to senior citizens, typically those aged 60 years and above. These services include assisted living facilities, home care services, adult day care, and nursing homes. Assisted living facilities provide senior housing along with personalized support services. Home care services involve personal or medical care delivered at home to senior citizens who need some assistance but not full-time care. Adult day care services provide daytime supervision and activities for elderly individuals in a community-based setting. Nursing homes are facilities that provide residential care along with nursing and personal care services for seniors who require full-time assistance. The need for geriatric care services is expected to rise in India with longevity of the Indian population increasing owing to improved healthcare facilities and economic growth. The global India Geriatric Care Services Market is estimated to be valued at US$ 29.42 Bn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the India geriatric care services market is the rise of home care services as a preferred alternative to nursing homes. With more families preferring to take care of elderly relatives at home, supported by remote patient monitoring technologies and caregiver services, home care service providers are expanding their offerings and capabilities. Telemedicine has also emerged as a trend, allowing geriatric patients to access healthcare from home through video consultations. Mobile health applications that can help monitor vital signs remotely further enhance independent living among the elderly. There is also an increased focus on palliative and hospice care services in recent years, given the growing need for end-of-life care among senior citizens. The development of more retirement communities and senior living facilities is another noteworthy trend, fueled by improved affordability led by tax benefits and increased acceptance of alternative living models. This not only enhances independent living for seniors but also boosts demand for various geriatric care services.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the India geriatric care services market is moderate due to high capital requirements and stringent regulations.
Bargaining power of buyers: The bargaining power of buyers is moderate owing to availability of various service provider options.
Bargaining power of suppliers: The bargaining power of suppliers is low since raw materials and inputs are easily available.
Threat of new substitutes: Threat of new substitutes is low as geriatric care services do not have close substitutes.
Competitive rivalry: The competitive rivalry in the market is high due to presence of large number of established players.
Key Takeaways
The Global India Geriatric Care Services Market Growth is expected to witness high. Institutional care services dominate over home-based care with high preference for assisted living facilities and nursing homes. States like Tamil Nadu, Maharashtra, Kerala have high geriatric population density driving market growth.
Regional analysis: The southern region dominates India geriatric care services market with high growth expected in western and eastern regions. Tamil Nadu followed by Kerala have highest elderly population and market size in southern India.
Key players operating in the India geriatric care services market are Reckitt Benckiser Group Plc, Nestlé S.A., Abbott Laboratories, Groupe Danone, Royal FrieslandCampina, Baxter International Inc., Fresenius Kabi, and B. Braun Melsungen AG.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it