India’s senior population to reach 346 million by 2050: Report

Indiarsquos elderly population is expected to reach 346 million by 2050 a new report said on SaturdayIn 2024 the senior population stood at 157 million according to the report by the Confederation of Real Estate Developersrsquo Associations of India CREDAI in collaboration with KPMGThe increase to 346 million will constitute over 206 per cent of the countryrsquos total populationThe report highlights the rapid demographic shift in Indiarsquos senior population and the urgent need for a structured communitydriven approach to senior livingldquoThis shift underscores the need for a more structured and inclusive approach to senior livingmdashmoving beyond traditional care homes to vibrant communitydriven environmentsrdquo said the report launched during the 6th edition of the New India Summit in Nashik MaharashtraThe report noted that the global senior living market sized at about 190 billion in 2020 is also projected to reach about 375 billion by 2030The Asia Pacific and Middle East regions are poised to be among the fastestgrowing markets with compound annual growth rates CAGR of 112 per cent and 84 per cent respectivelyNotably the total organised senior living inventory in India stands at just 21000 units with southern India leading the way with 62 per cent of existing projectsAbout 2100 total organised senior living inventory in India is predominantly concentrated in the southern region of India with key cities such as Coimbatore Bengaluru and Chennai accounting for approximately 40 per cent of the total inventoryThe report also noted challenges such as accessibility and affordability awarenessrelated constraints the lack of a comprehensive healthcare system and a shortage of trained professionalsldquoYet our nation is tackling these issues with policy reforms such as Ayushman Bharat coverage for individuals aged 70 and above investments in healthcare infrastructure capacity building for healthcare professionals and initiatives to enhance social inclusion and financial security for seniorsrdquo the report saidldquoThese changes are progressive and rapidly advancing heralding a new era of improved care and support for our senior citizensrdquo it addedThe report underscores the growing demand for vibrant independent senior living communities beyond traditional care homes paving the way for new investment and development opportunitiesThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever