The growing elderly population in the country
By 2050, 17 percent of the world’s elderly will be in our country
Increasing demand for their amenities and senior living homes
CBRE report revealed
India is also one of the largest economies in the world. India, which is currently the fifth-largest economy, is moving forward with the goal of becoming the third-largest economy soon. Currently, our country is running towards a silver economy. That means an increase in all economic activities, products, and services designed to meet the needs of people over 50. Simply put, if the number of senior citizens increases, the products and services suitable for their needs will have to be increased.
Currently, the number of elderly people is increasing worldwide. The number of senior citizens is also increasing in our country. By 2050, 17 percent of the world’s elderly population will be in India, according to CBRE, a leading real estate consulting firm. The demand for senior citizen living facilities has also increased recently due to the increasing number of elderly people who want special care and lifestyles. The senior care landscape segment on a pan-India basis is also evolving. This is evidenced by the fact that they are spread across around 18,000 units across the country. South India dominates the institutional senior living and care segment with a share of 62 percent of the total supply. There are many reasons for this. The number of elderly people living alone is higher in the South than in the North, particularly due to higher affluence and the prevalence of microfamilies. Another reason is that southern states have prominent health care centers. Increasing awareness of geriatric care services, greater availability of trained personnel, and the region’s focus on the health care sector have further improved the quality of senior care. The key players in this segment are mainly focused on southern tier-1 and tier-2 cities like Chennai, Coimbatore, and Bengaluru. There is a possibility for it to spread to Chennai, Bengaluru, Hyderabad, Coimbatore, Pune, and Delhi in the future.
Apart from South India, there are senior living and care units in Haryana, Rajasthan, Uttarakhand, Uttar Pradesh, and Himachal Pradesh. They account for 25 percent of the total market share. The share of senior living units in the central zone comprising Maharashtra, Gujarat, West Bengal, and Madhya Pradesh is 13 percent. Their share is very low in the northern and western regions, including cities like Delhi and Pune. They are also very limited in Jaipur. While the target of providing living facilities for the elderly in 2024 is 10 lakh, it is expected to reach 25 lakh in the next 10 years. Currently, there are about 15 crore elderly people in our country. It is expected to increase to 230 million in the next 10 to 12 years. The elderly care market has grown significantly in our country since the COVID pandemic. There are many reasons for the massive growth of this segment. They are:
India’s senior population is growing faster than the total population.
Microfamilies are increasing. About 29 percent of seniors live alone or with a spouse.
A significant increase in dependency ratio is expected in old age. It will be 16 percent in 2020. It is expected to reach 34 percent by 2050.
About 70 percent of the country’s senior citizens suffer from chronic illnesses. They are mainly suffering from CVDs, diabetes, vision-related disorders, and hypertension.
Healthcare groups are also entering this segment. They are playing an active role in the assisted living department.
34 crore elderly people…
India’s senior population is expected to grow by 254 percent. It has become the fastest-growing population segment worldwide. By 2050, India is expected to be home to 34 crore elderly people. It accounts for 17 percent of the world’s elderly population. The number of senior living projects in India has grown significantly in the last decade. This reflects the demand in this segment. Developers in this segment are optimistic about the future of the senior living segment. The growing demand for special care and lifestyle choices among the elderly is mainly mentioned. They recognise the market’s potential for constant expansion and innovation. This is evident in their expansion plans, CBRE India CEO Anshuman Magazine shared.
Senior Care in Hyderabad
Athulya Senior Care, Kites Senior Care, Second Innings, PP Reddy Retirement Homes, Kshetra, and HCAH Services.
