SEATTLE, April 08, 2022 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the India geriatric care services market 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).
Key Trends and Analysis of the India Geriatric Care Services Market:
Key trends in the market include increasing number of chronic diseases in elderly population, increasing rehabilitation programs by market players, and increasing partnerships between market players.
Increasing cases of chronic diseases in elderly population is expected to augment the growth of India geriatric care services market in the near future. According to the first Longitudinal Ageing Study in India (LASI) released by the Union Ministry of Family and Health Welfare on January 6, 2020, two out of every three senior citizens in India suffer from some chronic disease. Furthermore, according to the report, approximately 23% of the elderly population (aged 60 and above) has multi-morbidities; elderly women are more likely to have multi-morbidity conditions. The LASI collected information from over 42,000 households, encompassing over 72,000 older adults from all states and union territories except Sikkim.
Key players are involved in organizing recovery and rehabilitation programs for senior citizens, which is expected to drive growth of India geriatric care services market. For instance, in June 2021, Emoha Elder Care, a technology-powered community-based comprehensive platform that enables elders to age with grace and relevance, announced the launch of #EldersFirstFestival to provide much-needed relief to the elderly by inviting them to participate in one-of-a-kind #ElderHour events scheduled to take place every week in June on its platform from Tuesdays to Saturdays. #EldersFirstFestival was a ten-week-long festival of elders that began on June 15, 2021 and concluded on August 21, 2021 on World Senior Citizen's Day. Companies such as OYO, Transport Corporation of India (TCI), HCL, PeopleStrong, TiE Global, and Somany Ceramics contributed to the festival's success.
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Increase in the partnerships between market players and organizing conclaves to assess the future roadmap for senior care living in India is expected to drive the growth of India geriatric care services market. For instance, in January 2021, The Association of Senior Living India (ASLI), in collaboration with Unmukt – The Senior Hub, announced the 3rd ASLI Annual Senior Care Conclave, which was held virtually from January 22-24, 2021, and brought together key stakeholders in the senior care industry. The three-day conclave, themed 'Reimagining the Senior Care Landscape,' aimed to facilitate discussion and exchange of ideas on key areas affecting senior care through thoughtfully curated sessions and panel discussions. The conclave brought together knowledge leaders and over 200 key stakeholders from government, senior living operators, healthcare organizations, technology experts, academia, and non-governmental organizations to address industry needs.
Key Market Takeaways:
The increasing policies related to senior citizen care, rising funding and investments for senior care centers, inorganic activities such as collaborations, agreements, acquisitions, and mergers are expected to drive growth of India geriatric care services market over the forecast period. For instance, in October 2021, on the occasion of International Day for Older Persons, the Chief Minister of Karnataka, India, announced an increase in financial aid for the operation of old-age homes. The amount has nearly doubled, from the current US$ 10,000 per old-age home to US$ 20,000. Chief Minister announced while speaking to a crowd at a function to commemorate the occasion. In addition, he established a national senior citizen helpline (14567). The phone number is toll-free.
Competitive Landscape:
Key players operating in the 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.
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Market Segmentation:
- India Geriatric Care Services Market, By Services:
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- In-Home Care
- Hourly Adult Care
- Hospice Care
- Palliative Care
- Assisted Living
- Nursing Home
- India Geriatric Care Services Market, By Service Provider:
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- Public
- Private
- India Geriatric Care Services Market, By Disease Indication:
- Dementia
- Parkinson’s Disease
- Cancer
- Stroke
- Osteoarthritis
- Others
Related Market Intelligence Reports:
Global Geriatric Care Services Market - by Service Type (Home Healthcare, Assisted Living Facilities, Adult Day Care Services, Continuing Care, and Skilled Nursing Facilities), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2018-2026
Parenteral Nutrition Market, by Nutrition Type (Carbohydrates, Lipid Emulsion, Amino Acid Solutions, Electrolytes, Vitamins and Trace Minerals, and Others), by Patient Type (Infants, Adults, and Geriatric), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2021 - 2028
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