INDIA GERIATRIC CARE SERVICES MARKET ANALYSIS

Geriatrics, also known as geriatric medicine, is a medical specialty focused on improving the health of elderly people. It promotes healthy aging in older adults by preventing and treating disease and disability that often accompany aging. Geriatric care is a broad term that refers to the management of healthcare for the elderly. The geriatric care includes both medical and non-medical/personal care services. It entails providing assistance to older adults at their homes, hospitals, or special institutions such as nursing homes, psychiatric institutions, and so on. Services such as occupational therapy, physical therapy, dialysis, and IV therapy are examples of medical geriatric care.

Non-medical geriatric care includes more services that fall under home care, such as personal care (help in the bathroom), driving, meal preparation, fall prevention, social care, and others.

India Geriatric Care Services Market - Impact of the Coronavirus (COVID-19) Pandemic

Coronavirus (COVID-19) outbreak was first reported on December 31, 2019, in Wuhan, China. The World Health Organization declared COVID-19 as pandemic on March 11, 2020. According to the Coronavirus (COVID-19), Weekly Epidemiological Update by the World Health Organization, over 258 million cases and 5.16 million deaths due to coronavirus (COVID-19) were reported till November 24, 2021, across the globe.

Impact of COVID-19 on Demand and Supply of Geriatric Care Services

The COVID-19 pandemic and lockdown in various countries across the globe has impacted the financial status of businesses across all sectors including private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry mainly due to strict lockdown in several regions. The COVID-19 pandemic has affected the economy of various regions across the globe in three main ways; 1) by directly affecting the production and demand; 2) by creating disruptions in distribution channels; and 3) through its financial impact on companies and financial markets.

Several elderly people who did not live with their children in COVID-19 hotspots or containment zones faced difficulties in managing their households during the Covid-19 pandemic. In contrast, in a geriatric care center, all of the elderly's needs were met, there are medical services available, and there were some essential staff residing within the campus of center during the early stages of the pandemic to ensure no one entered or exited from the facility, making it safe and sound. Thus, the impact of COVID-19 accelerates the growth of the geriatric care services market in India, owing to the benefits of living in a geriatric care center and launch of different programs related to elderly care. For instance, according to the article published in IntechOpen journal, in January 2021, the Public Health Foundation of India launched a program for training primary health care professionals in Geriatric health care, demonstrating the distant vision of government in India's health care delivery system.

The India geriatric care services market is estimated to be valued at US$ 25.7 Bn in 2021, and is expected to exhibit a CAGR of 7.0 % over the forecast period (2021-2028).

Figure 1: India Geriatric Care Services Market Share (%) Analysis, By Drug Class, 2021

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The increasing geriatric population in India is expected to drive growth of the market over the forecast period

Increasing geriatric population in India is expected to drive the market growth of India geriatric care services market over the forecast period. For instance, a technical Group was constituted by the National Commission on Population (NCP) to prepare the population projections for the period 2011- 2036 with the mandate of reviewing the methodology of population projections adopted in the past and to prepare fresh projections up to the year 2036. According to the Technical Group, India, on Population Projections for India and States 2011-2036, India was estimated to have nearly 138 million elderly people in 2021, with 67 million males and 71 million females. Moreover, according to the same source, an increase of nearly 34 million elderly persons was seen in 2021 over the Population Census 2011 and is further expected to increase by around 56 million elderly persons in 2031.

Figure 2: India Geriatric Care Services Market Value (US$ Bn), by Region, 2017-2028

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Increasing Range of Services by Geriatric Care Centers

New entrants in the industry focus on initially offering services such as diagnostic services, doctor consultation, and 24x7 service, which is expected to aid in the growth of India geriatric care services market over the forecast period. Ventures such as Nisarga Care, AntaraSeniorCare, and Healthcare at Home offer home healthcare facilities that save a lot of cost for the providers as well as the consumers. Increasing competition has led to provision of skilled nursing facilities, daycare services, and continuing care. Service providers are reaching out to the target population with all possible services and facilities to offer convenience for carrying day-to-day activities.

Restraint- India Geriatric Care Services Market

Lack of geriatric care centers in rural areas is expected to be a major factor hampering the growth of India geriatric care services market. For instance, according to a public health review published in the International Journal of Public Health Research, in 2019, elderly people living in rural areas are at a greater disadvantage due to a lack of geriatric care-focused health services. The morbidity profile and perception of health problems among rural elderly differ significantly from those of urban elderly. Lower socioeconomic status (SES) and financial stability, in contrast to their urban counterparts, may also impede health seeking behavior in rural elderly. Such limitations are frequently exacerbated in rural elderly and elderly women, who are more likely to be unemployed or living alone.

India Geriatric Care Services Market – Competitive Landscape

Major players operating in India 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.