INDIA GERIATRIC CARE SERVICES MARKET ANALYSIS

India Geriatric Care Services MarketSize and Trends

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

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

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.