India Care Services Industry Overview
The India care services market size was valued at USD 29.4 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 14.87% from 2023 to 2030. The rising need for a better quality of care, increasing geriatric population, shift in trend from communicable to chronic diseases, rapid technological advancements, growing disposable income, and demand for cost-effective care services are likely to drive the market during the forecast period.
According to a report of the technical group on population projections for India and states, India had 138 million elderly persons in 2021. According to joint research by HelpAge India and the UN, the geriatric population size is expected to reach 173 million by 2026. A rise in the geriatric population has increased the demand for hospice, skilled nursing facilities, assisted living facilities, and other healthcare facilities.
Gather more insights about the market drivers, restraints, and growth of the India Care Services Market
Increasing awareness and growing disposable income have enabled geriatric individuals to purchase homes in senior living societies with various types of care services. The government of India is also playing a major role in promoting care services in India. The National Health Policy 2017 targets 2.5% of the GDP for healthcare expenditure to encourage the development of healthcare services in India. Such initiatives are expected to provide considerable opportunities for care services in India. In September 2021, the Government of India launched a national digital health mission to promote the use of electronic medical records for home healthcare, nursing home homes, and hospice, among others.
The use of remote patient monitoring technologies-such as home infusion pumps, home oxygen, heart rate monitoring devices, and glucose monitoring devices, among others-is making home healthcare valuable. The Guardian Connect System, by Medtronic, is the first smart glucose monitoring system in India. The trend of using artificial intelligence for healthcare is growing in India. Artificial intelligence is improving the quality of services at homes, nursing homes, hospices, etc.
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Long-term Care Market - The global long-term care market size was valued at USD 1.11 Trillion in 2022 and is expected to register a compound annual growth rate (CAGR) of 6.62% during the forecast period.
Bariatric Beds Market - The global bariatric beds market size was estimated at USD 282.13 million in 2022 and is estimated to expand at a CAGR of 5.1% from 2023 to 2030.
India Care Services Industry Segmentation
Grand View Research has segmented the India care services market based on type & region:
India Care Services Type Outlook (Revenue, USD Million, 2017 - 2030)
- Skilled Nursing Facility
- Assisted Living Facility
- Hospice & Palliative Care
- Post-Acute Care
India Care Services Regional Outlook (Revenue, USD Million, 2017 - 2030)
- Central India
- North India
- West India
- East India
- Northeast India
- South India
Market Share Insights:
Aug 2021: Healthcare At Home Acquired SuVitas Holistic Healthcare, a transition firm, to reduce the gap between tertiary & home healthcare and facilitate quality chronic care services in India.
March 2020: Portea Medical and Verloop worked with the Government of Goa to develop a chatbot, Cobot-19. The chatbot was designed for providing information to the citizens and to help raise awareness about coronavirus.
Key Companies profiled:
Some prominent players in the India Care Services Industry include
- Apollo Homecare
- Portea Medical
- Nightingales Home Health Services
- India Home Health Care (IHHC)
- Grand World Elder Care
- Healthcare at Home
- Bharath Home Medicare
- Care24
- Medfind
- Swarg Community care
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