By 2050, India is projected to house up to 340 m senior citizens, constituting approximately 17% of the world’s elderly population, a new report showed today.

With an increasing number of seniors seeking specialised care and lifestyle options, the demand for senior living facilities has surged significantly in the country in recent years, according to the report by a real estate consulting firm.

“In India, the segment is witnessing substantial growth, driven by favourable demographics, rising chronic conditions, and increasing awareness,” the findings showed.

Currently, the senior care landscape is rapidly evolving, with 18,000 units spread throughout the nation.

The southern region distinctly leads by contributing about 62% to the overall supply in organised senior living and care segments.

The total estimated target for senior living facilities in 2024 is around 1 m, projected to increase to 2.5 m in the next 10 years.

“India’s senior population is expected to experience a remarkable 254% growth, making it the fastest-growing demographic segment globally,” said the Chairman and CEO of the firm.

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, he added.

Future expansion of senior care units by major players is concentrated in the cities of Chennai, Bengaluru, Hyderabad, Coimbatore, Pune and Delhi-NCR.

For enhanced geriatric care in India, several policy initiatives such as National Programme for Healthcare of Elderly (NPHCE), National Health Policy and community-based programmes are undertaken by the government.

“Industry leaders emphasise the booming potential of the senior care sector in India, recognising the need for structured care programmes, targeted policies, and specialised medical services to meet the evolving preferences of the ageing population,” said the managing director of the firm.

(Source: IANS)

- Edited for style

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