India, currently one of the youngest countries, is estimated to house 17 percent of the world's elderly by 2050. Real estate consultancy, CBRE, in its report on the future of senior care in India, said India is the fastest growing „silver economy” in the world. This makes the future growth of the country's senior living and care sector promising.
The senior population is witnessing significant growth, the report added, and so is the demand for senior living facilities.
There are 18,000 units nationwide as the senior care landscape continues to evolve rapidly. The South leads the way in contributing 62 percent of the overall supply in the organized senior living and care segments, driven by several factors, including higher affordability levels and adoption of nuclear family structures.
„Additionally, the southern states boast of major healthcare facilities, ease of access to tertiary healthcare and awareness of geriatric care services. Also, the presence of trained staff further enhances the quality of senior care through the region's focus on healthcare,” it said, adding that key players They are concentrated in cities like Chennai, Coimbatore and Bengaluru.Senior care units are also coming up in Chennai, Bangalore, Hyderabad, Coimbatore, Pune and NCR.
Haryana, Rajasthan, Uttarakhand, Uttar Pradesh and Himachal Pradesh account for 25 percent of the market share in the senior living and care segments.
Maharashtra, Gujarat, West Bengal and Madhya Pradesh have 13 per cent senior citizens, while the distribution is lower in northern and western regions, including cities such as Delhi-NCR, Pune and Jaipur.
The estimated goal for senior living facilities in 2024 is about 1 million, which is expected to rise to 2.5 million over the next 10 years.
At present, India has about 150 million senior citizens, which is expected to rise to 230 million in the next 10-12 years. The elderly care market is steadily increasing especially after the COVID-19 pandemic.
The CBRE report said that India's senior population is growing faster than the overall population and there is also an increase in nuclear families. The elderly dependency ratio is expected to rise from 16 percent in 2020 to 34 percent in 2050. Nearly 70 percent of senior citizens in India have chronic diseases, including diabetes, vision-related ailments and high blood pressure.
Anshuman Magazine, President and CEO – India, Southeast Asia, Middle East and Africa, CBRE, said, “India's senior population is expected to experience a remarkable 254 percent growth, making it the fastest growing population segment globally. By 2050, India will have 340 million senior citizens. It is estimated that this is approximately 17 percent of the world's elderly population.India has seen a significant surge in the number of senior living programs in the last decade, reflecting the growing acceptance and demand in this sector.
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