SEATTLE, April 08, 2022 (GLOBE NEWSWIRE) — According to Coherent Market Insights, the Indian geriatric care services market is estimated at US$25.7 billion in 2021 and is expected to show a CAGR of 7.0% during the forecast period (2021-2028).
Key trends and analysis of Geriatric Care Services Market in India:
Major market trends include increasing number of chronic diseases among the elderly, increasing rehabilitation programs by market players, and increasing partnerships among market players.
Rising cases of chronic diseases among the elderly are expected to increase the growth of the Indian geriatric care services market in the near future. According to the First Longitudinal Study on Aging in India (LASI) released by the Union Ministry of Family and Health on January 6, 2020, two out of three elderly people in India suffer from a chronic disease. In addition, according to the report, about 23% of the elderly population (60 years and over) suffers from multi-morbidities; older women are more likely to have multi-morbidity conditions. LASI collected information from over 42,000 households, encompassing over 72,000 elderly people from all states and union territories except Sikkim.
The major players are involved in organizing recovery and rehabilitation programs for the elderly, which is expected to drive the growth of the Indian geriatric care services market. For example, in June 2021, Emoha Elder Care, a comprehensive technology-driven, community-based platform that empowers seniors to age with grace and purpose, announced the launch of #EldersFirstFestival to provide much-needed relief to people older people by inviting them to participate. in unique #ElderHour events scheduled weekly in June on its platform from Tuesday to Saturday. #EldersFirstFestival was a ten-week elder festival that started on June 15, 2021 and ended on August 21, 2021 on World Day of Older Persons. Companies such as OYO, Transport Corporation of India (TCI), HCL, PeopleStrong, TiE Global and Somany Ceramics have contributed to the success of the festival.
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The increase in partnerships among market players and the organization of conclaves to assess the future roadmap for elderly care living in India is expected to drive the growth of the Indian geriatric care services market. For example, in January 2021, the Association of Senior Living India (ASLI), in collaboration with Unmukt – The Senior Hub, announced the 3rd Annual ASLI Aged Care Conclave, which was held virtually from 22 to January 24, 2021 and brought together key players in the aged care industry. The three-day conclave, themed “Reinventing the Aged Care Landscape,” aimed to facilitate discussion and exchange of ideas on key areas affecting elder care through carefully curated sessions and round tables. The conclave brought together knowledge leaders and over 200 key stakeholders from government, senior living operators, healthcare organizations, technology experts, universities and non-governmental organizations to address the needs of industry.
Main market takeaways:
Growing policies related to elderly care, increasing funding and investments in elderly care centers, inorganic activities such as collaborations, agreements, acquisitions and mergers are expected to drive the growth of the Indian market geriatric care services during the forecast period. For example, in October 2021, on the International Day of Older Persons, the Chief Minister of Karnataka, India announced an increase in financial assistance for the operation of nursing homes. The amount has almost doubled from the current US$10,000 per nursing home to US$20,000. announced the Chief Minister while addressing a crowd at a ceremony to commemorate the occasion. In addition, it has created a national helpline for the elderly (14567). The phone number is free.
Key players operating in the Indian 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:
- Home Care
- Hourly Adult Care
- Palliative care
- Palliative care
- life support
- Rest house
- India Geriatric Care Services Market, By Service Provider:
- India Geriatric Care Services Market, By Disease Indication:
- Parkinson’s disease
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