Eldery care services in india by Gurvinder Paul

1. Eldery Care services in India
Gurvinder Paul gurvinder.paul@finpro.fi

2. Demand for the elderly care services in India
6/20/2016 © Finpro2 Illustration and Source:
Deloitte, 2014

3. 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
6/20/2016
© Finpro3

4. 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.
6/20/2016 © Finpro4

5. 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, Tamlans
Indoor 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..
6/20/2016 © Finpro5