Geriatric care refers to a specialized branch of healthcare that focuses on the needs of elderly people and aims to provide medical care and other services to improve the quality of life of senior citizens.
Geriatric care refers to a specialized branch of healthcare that focuses on the needs of elderly people and aims to provide medical care and other services to improve the quality of life of senior citizens. The increasing aging population, rising lifestyle diseases, and growing preference for home healthcare are driving the demand for geriatric care services in India.
The global India Geriatric Care Services Market is estimated to be valued at US$ 29.42 Billion in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
The expansion of home healthcare services is one of the key trends that is expected to fuel the growth of the India geriatric care services market during the forecast period. Home healthcare refers to a range of medical and non-medical services that are provided to patients residing at their homes. Factors such as the growing need to reduce healthcare costs, rising preference among elderly patients to get treated at home, and increasing focus on patient-centric care are encouraging healthcare providers to offer in-home services. Moreover, initiatives by both government as well as private players to promote home healthcare are leading to significant market opportunities. This is expected to augment the demand for geriatric care services in India over the next few years.
Segment Analysis
The India geriatric care services market is dominated by home care services sub-segment. Growing awareness about benefits of home care services such as comfort of home, cost effectiveness compared to nursing homes, and availability of personalized care is driving the growth of this sub-segment. Further, increase in life expectancy and nuclear families have increased preference for home care services among elderly population in India.
Key Takeaways
The global India geriatric care services market is expected to witness high growth. Care homes sub-segment is expected to witness fastest growth over the forecast period. Increasing adoption of western life style, growing nuclear families and shortage of caretakers at home are fueling the demand for care homes in India. The global India Geriatric Care Services Market is estimated to be valued at US$ 29.42 Billion in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030.
Regional analysis
Western region accounts for over 35% share of the India geriatric care services market due to availability of better facilities and presence of major players. Moreover, growing elderly population, increasing life expectancy and aging population in states like Gujarat and Maharashtra are contributing to the dominant position of western region.
Key players
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 leading player with wide range of in home care products for elderly.
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