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
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.
|Base Year:||2020||Market Size in 2021:||US$ 25.7 Bn|
|Historical Data for:||2017 to 2020||Forecast Period:||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR:||7.0 %||2028 Value Projection:||US$ 42.2 Bn|
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
|Restraints & Challenges:||
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.
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.
Geriatric care management integrates health care and psychological care with other necessary services such as housing, home care services, nutritional services, assistance with daily living activities, socialization programs, and financial and legal planning (e.g. banking, trusts). Following a comprehensive assessment, a care plan tailored to specific circumstances is developed, which is continuously monitored and modified as needed.
Increasing funding and investments by government of India is expected to drive the growth of India geriatric care services market over the forecast period. For instance, on 22 December 2021, the Ministry of Social Justice & Empowerment, India, announced that financial assistance in the form of Grant-in-Aids is provided to state government bodies or non-profit organization under the scheme of Integrated Programme for Senior Citizens (IPSr.C) for the operation and maintenance of Senior Citizens Homes. Under this scheme, aid and funding have been given to 119 new Senior Citizen homes with 4945 beneficiaries across the country over the last three years. Financial assistance is also provided under the IPSrC for the upkeep of Continuous Care Homes, which are the facilities that provide senior citizens with a lifetime continuum of care, suffering from Alzheimer's/Dementia.
Increasing launches of old age homes in India is expected to drive the market growth over the forecast period. For instance, in August 2017, NLC (Navratna Government Corporation) India Limited, a public coal mining company, opened ‘Anandam,’ an elderly home in Neyveli. Dr. Sarath Kumar Acharya, CMD, NLCIL, inaugurated the old age home as part of the 71st Independence Day celebrations.
Increasing launches of initiatives and programs for elderly care by market players and non-profit organizations is expected to drive the growth of India geriatric care services market. For instance, in July 2020, Charities Aid Foundation (CAF) India, a leading non-profit organization, in collaboration with Shri Arun Bharat Ram, chairman of SRF Ltd., launched the 'AGE CARE' project, which focuses on elderly care during the COVID-19 pandemic. Over the next three months, the project aims to: 1) provide direct access to food and health security to poor and abandoned elderly living in two old age homes in Badarpur, Delhi, and Garh Mukteshwar, Uttar Pradesh; and 2) raise awareness of COVID-19 symptoms, prevention, and treatment among aged widows living in Vrindavan along with healthy food and medical care.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.