Foreseeing substantial growth in the senior care sector
New Delhi: India is set to accommodate up to 17 pc of the global elderly population by 2050. The forecast comes in the report titled ‘Golden opportunities from the silver economy – analyzing the future of senior care in India’ by real estate firm CBRE South Asia Pvt Ltd.
The report also highlights India’s rapid demographic transition, foreseeing substantial growth in the senior care sector propelled by demographic shifts, rising life expectancy, and evolving preferences among the elderly for quality living standards.
“India’s senior population is expected to experience a remarkable 254% growth, making it the fastest-growing demographic segment globally. By 2050, India is projected to house up to 340 million seniors, constituting approximately 17% of the world’s elderly population” said Anshuman Magazine, Chairman & CEO, CBRE, India.
He further added “India has experienced a significant surge in the number of senior living projects over the past decade, reflecting the growing acceptance and demand in this sector”
According to the report India’s senior population growing faster than the overall demographic and the developers are increasingly recognizing the potential of the senior living segment.
The report further highlights a surge in specialized care and lifestyle options for seniors, resulting in a significant uptick in demand for senior living facilities across the country.
Currently, there are 18,000 units of senior living facilities spread throughout India, with the southern region leading the charge by contributing 62% to the overall supply in organized senior living and care segments. This trend is fueled by factors such as higher affordability levels and the prevalence of nuclear family structures, particularly evident in the proportion of elderly living alone compared to northern states.
The report states that major players in the senior care segment are concentrating their efforts in southern tier-I and II cities like Chennai, Coimbatore, and Bangalore. However, other regions such as the north and central zones also hold significant potential, accounting for 25% and 13% of the market share of senior living and care units, respectively.
The report projects the total target for senior living facilities to reach around 1 million in 2024, poised to increase to 2.5 million over the next decade.
India’s current penetration rate for senior living stands at less than 1%, signaling substantial room for growth compared to more mature markets like the UK and the US, where penetration rates exceed 6%. The report emphasizes India’s nascent stage in the senior living market, presenting vast opportunities for expansion and innovation.
The report further added, as acceptance levels rise and affordability improves, the senior living segment is poised for sustained growth and innovation, offering diverse options tailored to the evolving needs of older adults aged 60 and above. With structured care programs, targeted policies, and specialized medical services, India’s senior care sector is well-positioned to meet the demands of an aging population in the years to come. (ANI)
