India Geriatric Care Services Market Is Estimated To Witness High Growth Owing To Increasing Government Initiatives & Growing Elderly Population
India Geriatric Care Services Market |
The India
Geriatric Care Services market is estimated to be valued at US$ 25.7 billion in
2021 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.
A) Market Overview:
Geriatric care services in India focus on providing specialized care, support,
and assistance to the elderly population. These services include home care,
nursing care, assisted living facilities, and hospice care. The market is
driven by the increasing elderly population in India, which is expected to
reach around 340 million by 2050, as well as the growing awareness and
acceptance of geriatric care services among the population.
B) Market Dynamics:
1. Increasing government initiatives: The Indian government has implemented
various initiatives to improve the quality of life for the elderly population.
For instance, the National Program for Health Care of the Elderly (NPHCE) aims
to provide accessible, affordable, and high-quality healthcare services to the
elderly. Such government initiatives are driving the demand for geriatric care
services in the country.
2. Growing elderly population: The aging population in India is increasing at a
significant rate, resulting in a higher demand for geriatric care services.
This is attributed to factors such as improved healthcare facilities,
advancements in medical technology, and increasing life expectancy. As the
elderly population grows, the demand for specialized care services is also
expected to rise.
C) SWOT Analysis:
- Strengths:
1. Rising disposable income: With an increasing number of elderly people in
India, there is a growing pool of individuals with disposable income who can
afford geriatric care services.
2. Improving healthcare infrastructure: The healthcare infrastructure in India
is improving, with the establishment of more specialized care facilities for
the elderly.
- Weaknesses:
1. Lack of awareness: Despite the growing elderly population, there is still a
lack of awareness about the importance and availability of geriatric care
services in India.
2. Affordability: Geriatric care services can be expensive, making them less
accessible to a significant portion of the population.
- Opportunities:
1. Technological advancements: The integration of technology in geriatric care
services can provide innovative solutions to address the challenges faced by
the elderly population.
2. Expansion of services: There is an opportunity for companies to expand their
services to provide comprehensive and specialized care to the elderly,
including mental health support and palliative care.
- Threats:
1. Competition: The geriatric care services market in India is becoming
increasingly competitive, with the entry of new players. Existing players need
to differentiate their services to stay ahead.
2. Regulatory challenges: The regulatory landscape for geriatric care services
in India is still evolving, which can pose challenges for market participants.
D) 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, due to increasing
government initiatives and the growing elderly population.
- In terms of regional analysis, urban areas are expected to dominate the
market due to better infrastructure and higher awareness about geriatric care
services.
- Key players operating in the India Geriatric Care Services market include
Emoha Elder Care, Antara Senior Care, 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 expanding their services and
investing in technological advancements to cater to the growing demand.
In conclusion, the India Geriatric Care Services market is expected to grow
significantly in the coming years due to increasing government initiatives and
the rising elderly population. However, challenges such as lack of awareness
and affordability need to be addressed to ensure widespread access to geriatric
care services.
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