India is set to become a dominant player in the global senior care market, with estimates suggesting that by 2050, it will be home to 17 percent of the world's elderly population.
A recent report by real estate consulting firm CBRE highlights India's rapid emergence as the fastest-growing "silver economy" globally, driven by a significant increase in the elderly population and the corresponding demand for senior living facilities.
According to the CBRE report, India's senior care sector is experiencing exponential growth, with the southern region leading the charge by contributing 62 percent of the overall supply in organized senior living and care segments.
Factors such as higher affordability levels and the prevalence of nuclear family structures are fueling this growth, alongside the presence of prominent healthcare facilities and a well-trained workforce in the healthcare sector.
Cities like Chennai, Coimbatore, and Bangalore are emerging as hotspots for senior living facilities, with significant investments pouring into these regions.
While sates like Haryana, Rajasthan, and Uttar Pradesh are witnessing a surge in the establishment of senior care units, accounting for a substantial market share.
The CBRE report forecasts a significant expansion in the senior living sector, with an estimated target of 1 million senior living facilities by 2024, set to increase to 2.5 million in the next decade. This growth aligns with projections of India's elderly population, which is expected to soar from 150 million to 230 million over the next 10-12 years.
The COVID-19 pandemic has also accelerated the growth of the elderly care market in India, with a sharp rise in demand for specialized care services.
Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa, CBRE, stated, "India’s senior population is expected to experience a remarkable 254 percent growth, making it the fastest-growing demographic segment globally."
However, challenges persist, including the prevalence of chronic illnesses among senior citizens, with almost 70 percent suffering from conditions like diabetes, vision-related ailments, and hypertension.
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