India Care Services Market Analysis: Size, Growth, Share & Trends India Care Services Industry The

Rahul Nikade

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India Care Services Market Analysis: Size, Growth, Share & Trends

India Care Services Industry

The India care services market size is anticipated to reach USD 72.31 billion by 2030 and is projected to grow at a CAGR of 13.76% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market's growth is attributed to the increasing awareness and availability of favorable housing schemes that led to a rise in the number of elderly individuals purchasing homes in senior living communities. These communities offer various types of care services contributing to the growing demand for such facilities across the country. This trend is expected to drive the market growth due to the increasing importance of these care services.

The changing societal views on aging and retirement have increased the need for senior living options. Many seniors desire lively and active lifestyles with access to amenities, recreational activities, and social interactions. Hence, investors are funding this senior living communities that provide a variety of services and facilities to improve residents' overall quality of life. For instance, in May 2024, Columbia Pacific Communities, a U.S.-based company, invested about USD 24.1 million (INR 200 crore) to construct 2 million square feet of senior housing projects across India in the coming two years. Moreover, the company planned to have eight communities, which include over 2,000 homes on sale across nine cities in India.

Home healthcare services are gaining increasing importance in India due to their convenience and cost-effectiveness. According to the NITI Aayog article published in the Investment Opportunities in India's Healthcare Sector report in 2020, the home healthcare market expansion is driven by the ability of home healthcare to achieve a 15% to 30% reduction in infrastructure and operational costs compared to hospital-based care for similar requirements.

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India Care Services Market Segments Highlights:

Based on type, the hospice & palliative care segment held the largest market share in 2023. This can be attributed to the increasing prevalence of chronic and terminal illnesses and a growing awareness of the benefits of palliative care.
Based on region, the west region dominated the market with the largest market share in 2023 owing to the rising number of nuclear families, the presence of multiple service providers, and rise in urbanization.
In February 2024, assethomes.in, a real estate developer, partnered with Columbia Pacific Communities to set a new benchmark in senior living by offering better standards in design, amenities, and services. They plan to launch four projects in the starting phase in Kozhikode, Kottayam, Thiruvananthapuram, and Kochi.

India Care Services Market Report Segmentation

Grand View Research has segmented the India care services market based on type, and region:

India Care Services Type Outlook (Revenue, USD Billion, 2018 - 2030)