NEW DELHI: India is about to accommodate as much as 17 laptop of the worldwide elderly population by 2050. The forecast comes in the report titled ‘Golden alternatives from the silver financial system – analyzing the long run of senior care in India’ by actual property agency CBRE South Asia Pvt Ltd.
The report additionally highlights India’s fast demographic transition, foreseeing substantial development in the senior care sector propelled by demographic shifts, rising life expectancy, and evolving preferences among the many elderly for high quality residing requirements.
“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” stated Anshuman Magazine, Chairman & CEO, CBRE, India.
He additional 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 rising quicker than the general demographic and the builders are more and more recognizing the potential of the senior residing phase.
The report additional highlights a surge in specialised care and life-style choices for seniors, ensuing in a big uptick in demand for senior residing services throughout the nation.
Currently, there are 18,000 models of senior residing services unfold all through India, with the southern area main the cost by contributing 62% to the general provide in organized senior residing and care segments. This pattern is fueled by elements reminiscent of greater affordability ranges and the prevalence of nuclear household buildings, notably evident in the proportion of elderly residing alone in comparison with northern states.
The report states that main gamers in the senior care phase are concentrating their efforts in southern tier-I and II cities like Chennai, Coimbatore, and Bangalore. However, different areas such because the north and central zones additionally maintain vital potential, accounting for 25% and 13% of the market share of senior residing and care models, respectively.
The report tasks the whole goal for senior residing services to succeed in round 1 million in 2024, poised to extend to 2.5 million over the following decade.
India’s present penetration charge for senior residing stands at lower than 1%, signaling substantial room for development in comparison with extra mature markets just like the UK and the US, the place penetration charges exceed 6%. The report emphasizes India’s nascent stage in the senior residing market, presenting huge alternatives for growth and innovation.
The report additional added, as acceptance ranges rise and affordability improves, the senior residing phase is poised for sustained development and innovation, providing numerous choices tailor-made to the evolving wants of older adults aged 60 and above. With structured care applications, focused insurance policies, and specialised medical companies, India’s senior care sector is well-positioned to fulfill the calls for of an getting old population in the years to come back.
The report additionally highlights India’s fast demographic transition, foreseeing substantial development in the senior care sector propelled by demographic shifts, rising life expectancy, and evolving preferences among the many elderly for high quality residing requirements.
“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” stated Anshuman Magazine, Chairman & CEO, CBRE, India.
He additional 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 rising quicker than the general demographic and the builders are more and more recognizing the potential of the senior residing phase.
The report additional highlights a surge in specialised care and life-style choices for seniors, ensuing in a big uptick in demand for senior residing services throughout the nation.
Currently, there are 18,000 models of senior residing services unfold all through India, with the southern area main the cost by contributing 62% to the general provide in organized senior residing and care segments. This pattern is fueled by elements reminiscent of greater affordability ranges and the prevalence of nuclear household buildings, notably evident in the proportion of elderly residing alone in comparison with northern states.
The report states that main gamers in the senior care phase are concentrating their efforts in southern tier-I and II cities like Chennai, Coimbatore, and Bangalore. However, different areas such because the north and central zones additionally maintain vital potential, accounting for 25% and 13% of the market share of senior residing and care models, respectively.
The report tasks the whole goal for senior residing services to succeed in round 1 million in 2024, poised to extend to 2.5 million over the following decade.
India’s present penetration charge for senior residing stands at lower than 1%, signaling substantial room for development in comparison with extra mature markets just like the UK and the US, the place penetration charges exceed 6%. The report emphasizes India’s nascent stage in the senior residing market, presenting huge alternatives for growth and innovation.
The report additional added, as acceptance ranges rise and affordability improves, the senior residing phase is poised for sustained development and innovation, providing numerous choices tailor-made to the evolving wants of older adults aged 60 and above. With structured care applications, focused insurance policies, and specialised medical companies, India’s senior care sector is well-positioned to fulfill the calls for of an getting old population in the years to come back.
