eldery care services in india
TRANSCRIPT
05/02/2023 © Finpro 2
Demand for the elderly care services in India
Illustration and Source: Deloitte, 2014
Market Demand
1. What change in the market has opened up this opportunity?• India’s population growth is leading to an ageing problem.• Currently there are about 100 million, +60-year-old citizens in India.• The population over 60-year-old senior citizens will grow to over 300 million by 2050, which will be about
18-19 % of the India’s overall population. (UN 2014), (Times Of India, 2015), (Deloitte, 2014)• Increased healthcare expenditures (overall), due to the rising income levels and India’s economy growth
Elders have more money to invest in their wellbeing.• Lack of sufficient services for the elderly people from the government’s side. Services are depending on
private companies. • Change in family “structure” – nuclear families and NRIs
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Market Demand
2. What is the (estimated) volume of the demand, growth rate and time window? India’s healthcare sector is expected to contribute 6,1 % of its GDP and employ 9 million people in the industry. The health care industry is expected to reach $158 billion by 2017. (FICCI, 2014)
• There is a huge demand to educate nurses/ physiotherapists in this industry.• Currently the health care market’s value is about $7 – 7,5 billion, of which home-based care is estimated at
between $2 and $3 billion. (Deloitte, 2014), (Hindustan Times, 2015)• In 2014, the medical expenditures in India were $13,4 billion and are projected to grow up to $43,7 billion by
2020.
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Market Demand
3. Which offerings (products, services, solutions) are relevant to this opportunity?• Private companies to offer compact services for elders in the care houses or at their home Home care services
including physiotherapy centres. • Indian genome is more prone to NCD – thus geriatric services will be needed in population >50 – even > starting
from 30 - 40 years of age in the future.• Wearable devices and place location (hard or software) for remote monitoring elders.• Implement Saga senior house home-care system into India.• Offer advanced digital solutions to the market to improve the health care/ -record methods.• Offer unique and distinct products to complete elderly homes
• This would bring an another perspective to the markets, where Finnish companies could provide the high technology products for the market. Laurea Applied Sciences
• Co-operation with insurance banks to cover the elders’ medical expenditures. (In 2014, Only 17% of the Indian population had a health insurance. (Swissnex India,2016)
3.1 Other offering for this opportunity: Ambulance and other rescue vehicles:
• Ambulances for the hospitals and institutes* (*for training purposes / AIIMS) Hospitals: Fortis, Medanta, Max Hospital etc..
• Ambulance companies: J5L, Profile Vehicles, TamlansIndoor Air Quality (IAQ) offering
• Provide cleaner air for the elderly care houses, rehab centres, physiotherapists centres, Gyms (for rehabilitation purposes)
• IAQ companies: Genano, Halton, Air0, Naturvention, Alhstrom, Lifa Air, Granlund, Uponor, Terveysilma etc..