New Delhi: India’s elderly population is expected to reach 346 million by 2050, a new report said on Saturday.
In 2024, the senior population stood at 157 million, according to the report by the Confederation of Real Estate Developers’ Associations of India (CREDAI) in collaboration with KPMG.
The increase to 346 million will constitute over 20.6 per cent of the country’s total population.
The report highlights the rapid demographic shift in India’s senior population and the urgent need for a structured, community-driven approach to senior living.
“This shift underscores the need for a more structured and inclusive approach to senior living—moving beyond traditional care homes to vibrant, community-driven environments,” said the report, launched during the 6th edition of the New India Summit in Nashik, Maharashtra.
The report noted that the global senior living market — sized at about $190 billion in 2020 — is also projected to reach about $375 billion by 2030.
The Asia Pacific and Middle East regions are poised to be among the fastest-growing markets, with compound annual growth rates (CAGR) of 11.2 per cent and 8.4 per cent, respectively.
Notably, the total organised senior living inventory in India stands at just 21,000+ units, with southern India leading the way with 62 per cent of existing projects.
About 2,100 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 inventory.
The report also noted challenges such as accessibility and affordability, awareness-related constraints, the lack of a comprehensive healthcare system, and a shortage of trained professionals.
“Yet, 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 seniors,” the report said.
“These changes are progressive and rapidly advancing, heralding a new era of improved care and support for our senior citizens,” it added.
The report underscores the growing demand for vibrant, independent senior living communities beyond traditional care homes, paving the way for new investment and development opportunities.
(IANS)
