Daijiworld Media Network – New Delhi
New Delhi, Mar 8: India is witnessing a significant demographic shift, with its elderly population projected to reach a staggering 346 million by 2050, according to a new report released on Saturday.
The study, conducted by the Confederation of Real Estate Developers’ Associations of India (CREDAI) in collaboration with KPMG, reveals that India’s senior population currently stands at 157 million in 2024. By mid-century, this figure will account for over 20.6% of the country’s total population.
As India’s aging population grows rapidly, the report emphasizes the need for a transformative approach to senior living—one that moves beyond conventional care homes to vibrant, community-oriented environments designed to enhance the quality of life for seniors.
“This demographic transition calls for a structured and inclusive approach to senior living, offering not just care but holistic, community-driven environments,” the report stated. The findings were unveiled at the 6th edition of the New India Summit in Nashik, Maharashtra.
The global senior living market, which was valued at approximately $190 billion in 2020, is expected to nearly double, reaching around $375 billion by 2030. Notably, the Asia-Pacific and Middle Eastern regions are among the fastest-growing markets, with projected compound annual growth rates (CAGR) of 11.2% and 8.4%, respectively.
Despite the rising demand, India’s organised senior living sector remains in its nascent stages, with just over 21,000 units available nationwide. Southern India dominates this segment, accounting for 62% of the country’s senior living projects. Key cities such as Coimbatore, Bengaluru, and Chennai make up nearly 40% of this inventory.
However, the report highlights several challenges impeding the sector’s growth, including limited accessibility and affordability, low awareness, an inadequate healthcare system, and a shortage of trained professionals.
To address these gaps, India is implementing key policy initiatives such as Ayushman Bharat coverage for individuals aged 70 and above, enhanced healthcare infrastructure, capacity building for medical professionals, and social inclusion programs aimed at improving financial security for seniors.
“These progressive reforms are paving the way for a new era of enhanced care and support for India’s elderly population,” the report noted, underscoring the urgent need for investment in innovative senior living solutions.
With the growing demand for independent and community-driven senior living spaces, India is poised for a significant transformation in how it caters to its aging population—offering new opportunities for investors, developers, and policymakers alike.