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) - Size, Share, Outlook, and Opportunity Analysis, 2021 - 2028
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.
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