The Fastest Growing Silver Economy, Housing up 17% of the World's elderly population by 2050

By Consultants Review Team Wednesday, 17 April 2024

According to a survey, India, which is currently one of the youngest countries, is expected to host 17% of the world's old population by 2050. CBRE, a real estate consulting firm, indicated in its research on the future of senior care in India that India is the world's fastest expanding "silver economy". This bodes well for the future expansion of the country's elder living and care market.

According to the survey, the aged population is growing rapidly, as is demand for senior living facilities. 

As the senior care sector evolves at a quick pace, there are 18,000 units nationwide. Leading the trend is the southern area, which accounts for 62% of the total supply in organised senior living and care divisions, owing to a variety of causes such as increased affordability and a rising acceptance of nuclear family structures.

“Furthermore, the southern states have prominent healthcare facilities, which improves access to tertiary care and raises knowledge of geriatric care options. Furthermore, the availability of skilled professionals, given the region's focus on the healthcare sector, improves the quality of senior care,” it said, adding that major players are concentrated in cities such as Chennai, Coimbatore, and Bangalore. Senior care units are also cropping up in Chennai, Bengaluru, Hyderabad, Coimbatore, Pune & NCR.

Other major zones are Haryana, Rajasthan, Uttarakhand, Uttar Pradesh, and Himachal Pradesh, which each account for 25% of the senior living and care unit market.

Maharashtra, Gujarat, West Bengal, and Madhya Pradesh account for 13% of senior living units, whereas distribution is low in the northern and western regions, including Delhi-NCR, Pune, and Jaipur.

The predicted aim for senior living facilities in 2024 is roughly 1 million, which is expected to increase to 2.5 million during the next ten years.

India currently has roughly 150 million senior people, with that figure predicted to climb to 230 million in the next 10-12 years. The aged care market has grown rapidly, notably since the COVID-19 epidemic.

According to the CBRE report, India's senior population is rising faster than the entire population, and nuclear households are also becoming more common. The old-age dependency ratio is anticipated to increase from 16% in 2020 to 34% in 2050. Almost 70% of Indian seniors suffer from chronic conditions such as diabetes, eyesight problems, and hypertension.

Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa, CBRE, stated, "India's senior population is predicted to expand by a stunning 254%, making it the fastest-growing demographic sector globally. By 2050, India is expected to house up to 340 million seniors, or around 17% of the world's aged population. Over the last decade, India has seen a considerable increase in the number of senior living projects, indicating the sector's expanding acceptance and demand.

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