India Geriatric Care Services Market, by Services (In-Home Care, Hourly Adult Care, Hospice Care, Palliative Care, Assisted Living, and Nursing Home), by Service Provider (Public and Private), and by Disease Indication (Dementia, Parkinson’s Disease, Cancer, Stroke, Osteoarthritis, and Others), is estimated to be valued at US$ 25.7 billion in 2021, and is expected to exhibit a CAGR of 7.0 % during the forecast period (2021-2028).
Increasing number of public campaigns related to geriatric care is expected to drive the growth of India geriatric care services market. For instance, in October 2020, Harsh Vardhan, Union Health Minister of India, launched the Decade of Healthy Ageing (2020-2030), a campaign aimed at mainstreaming elderly issues and deliberating on ways to ensure better and more effective service delivery to them. On the occasion of International Day for Older Persons, Harsh Vardhan reaffirmed the government's commitment to promoting healthy aging.
Market players are focused on strategies such as acquisitions, which is expected to propel the growth of India geriatric care services market during the forecast period. For instance, in August 2021, Age Care Labs, the platform anchored by Lumis, for building, buying, and investing in senior care businesses, announced the completion of its acquisition of Epoch Elder Care, a provider of expert dementia care and assisted living homes for elders based in India. The acquisition broadens the elder care continuum by providing services in both in-home settings (via Emoha Elder Care, a connected community of elders) and assisted living facilities (with Epoch).
India geriatric care services market- Impact of Coronavirus (COVID – 19) Pandemic
The COVID-19 pandemic has affected several markets across the globe and is also expected to hamper the India geriatric care services market. The COVID-19 pandemic has affected the demand and supply of healthcare products in three main ways; by directly affecting the production and demand; by creating disruptions in distribution channels; and due to its financial impact on firms and financial markets.
However, impact of COVID-19 is expected to fuel the growth of India geriatric care services market over the forecast period, owing to low COVID-19 mortality in old age homes in western parts of India. For instance, according to the study published in the British Medical Journal, in December 2020, it was found that 7 out of 44 care homes reported 146 cases of coronavirus infection and four deaths. As a result, the reported COVID-19 case rate was determined to be 928 per 10,000 residents. As per the same source, these old age care homes took significant steps to prevent infection from spreading among their inmates. Administrators at the care home implemented the new policies and followed government guidelines and hence it was reported that care homes in western India appeared to have a very low infection rate and a very low number of deaths.
Browse 25 Market Data Tables and 22 Figures spread through 170 Pages and in-depth TOC on India Geriatric Services Market, by Services (In-Home Care, Hourly Adult Care, Hospice Care, Palliative Care, Assisted Living, and Nursing Home), by Service Provider (Public and Private), and by Disease Indication (Dementia, Parkinson’s Disease, Cancer, Stroke, Osteoarthritis, and Others)
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Key Takeaways of the India geriatric care services market:
- The India geriatric care services market is expected to exhibit a CAGR of 7.0% over the forecast period (2021-2028). Market players are focused on investments and new launches of elderly care facilities, which is expected to drive the growth of India geriatric care services market. For instance, in July 2020, Antara, a subsidiary of the US$ 3 billion Max Group, announced the launch of two new lines of business in the 'Assisted Care Services' space: 'Care Homes' and 'Care at Home.' Antara intends to invest more than US$ 40 million over the next three to four years in these new Assisted Care Services business lines as well as its existing business line of senior residences.
- Some of the 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
