India's Elderly Population Projected to Hit 346 Million by 2050
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Synopsis
India's elderly population is projected to reach 346 million by 2050, necessitating a new approach to senior living. This report highlights the demographic shift and the growing demand for community-driven environments.
Key Takeaways
- India's elderly population will reach 346 million by 2050.
- The senior population is currently 157 million.
- Over 20.6% of the population will be seniors.
- There are only 21,000+ organized senior living units in India.
- Southern India leads with 62% of existing projects.
New Delhi, March 8 (NationPress) A recent report indicates that India's senior population is anticipated to grow to 346 million by the year 2050. In the year 2024, the number of elderly individuals was recorded at 157 million, as detailed in a report by the Confederation of Real Estate Developers’ Associations of India (CREDAI) in collaboration with KPMG.
This increase will represent over 20.6 percent of the nation's total population.
The report emphasizes the rapid demographic transformation among India's elderly and the critical requirement for a structured, community-oriented approach to senior living.
“This transition highlights the necessity for a more organized and inclusive model of senior living—shifting away from traditional care facilities to lively, community-focused environments,” the report stated, which was unveiled during the 6th edition of the New India Summit held in Nashik, Maharashtra.
The report further observed that the global market for senior living, valued at approximately $190 billion in 2020, is expected to grow to about $375 billion by 2030.
The Asia Pacific and Middle East regions are projected to be among the fastest-growing markets, with compound annual growth rates (CAGR) of 11.2 percent and 8.4 percent, respectively.
Currently, the total organized senior living inventory in India is merely 21,000+ units, with the southern part of the country accounting for 62 percent of existing projects.
About 2,100 of this organized inventory is predominantly situated in southern India, where major cities such as Coimbatore, Bengaluru, and Chennai comprise roughly 40 percent of the total inventory.
The report also pointed out several challenges including accessibility and affordability, lack of awareness, a comprehensive healthcare system, and a shortage of trained professionals.
“However, our nation is addressing these challenges through policy reforms such as Ayushman Bharat coverage for individuals aged 70 and above, investment in healthcare infrastructure, training for healthcare professionals, and initiatives aimed at enhancing social inclusion and financial security for seniors,” the report stated.
“These changes are progressive and rapidly evolving, marking the dawn of a new era of improved care and support for our senior citizens,” it added.
The report highlights the increasing demand for vibrant, independent senior living communities beyond conventional care homes, creating new investment and development prospects.
