Geriatric care services help improve the health and quality of life of the elderly population. They provide care ranging from assistance with daily activities to complete personal and medical care. The services are highly essential for the growing elderly population who may need help due to the impact of age-related medical conditions or disabilities. 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The expanding elderly population is the primary driver boosting the growth of India's geriatric care services market. As per United Nations Population Fund (UNFPA), the population aged 60 years and above in India is projected to increase from 103 million in 2011 to 316 million by 2050. The rising senior population coupled with increasing life expectancy is expected to hike the demand for assisted care, home health providers, and nursing homes during the forecast period. Additionally, the growing geriatric population also indicates a considerable rise in the incidence of chronic and age-related medical conditions demanding quality care services over time. This is further expected to propel the demand for elderly care services in India.
Segment Analysis
The India Geriatric Care Services Market Demand dominated by home-based care services for elderly. The sub-segment accounts for around 60% of the overall market share owing to rising preference among elderly to age at home rather than in nursing homes or long-term care facilities. The home-based care services provide non-medical support like assistance with daily activities, meal preparation, laundry, light housekeeping, and transportation to the elderly people enabling them stay independent and comfortable at their own home.
Key Takeaways
The global India geriatric care services market is expected to witness high growth. The Indian geriatric care services market is projected to grow at a CAGR of 6.4% during the forecast period of 2023-2030 and estimated to reach a value of US$ 29.42 Bn by 2023.
Regional analysis: The Southern region of India dominates the geriatric care services market with around 30% share owing to increasing elderly population and preference of family support in this region. States like Tamil Nadu and Karnataka are emerging as fastest growing markets for home-based elderly care due to rising health awareness and busy lifestyles.
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. Reckitt Benckiser Group Plc is a major player in nutrition and elderly care solutions.
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