India's Growing Elder Care Market
India's growing elderly population, reliant on the younger generation, highlights the need for reliable healthcare and accessible living options become increasingly apparent. With 138 million elderly in 2021 and projections of a 56 million increase by 2031, we explore how entrepreneurs can tap into the opportunities in healthcare, wellness, and community living for the elderly.
By
John Doe
Published on
December 5, 2023
The Paradox at Hand
India boasts a median age of 28, making it the world's youngest democracy and a potential human resource powerhouse. Yet, this demographic dividend presents a fascinating paradox: a burgeoning elderly population relying heavily on the very workforce they nurtured. As India ranks 10th globally in the old-age dependency ratio, millions of seniors trust the younger generation for crucial support.
Unfortunately, navigating aging in India comes with unique challenges. Finding reliable nursing homes, qualified caretakers, and accessible community living options remains a hurdle. Daily tasks like home maintenance, finances, and meal preparation become burdens requiring assistance. Moreover, predatory scams exploit the vulnerability of this population. In 2021, India's elderly population reached nearly 138 million, with projections indicating a further 56 million increase by 2031.
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Emerging Opportunities
While traditional wisdom emphasizes pre-retirement saving and investment, the conversation often neglects the equally crucial issue of spending wisely post-retirement. This presents a vast opportunity for entrepreneurs and investors to address the diverse needs of India's elderly across various domains.
Startups in the elder care market can explore opportunities in the following areas:
- Accessible medical care & home healthcare services
- Assistive technologies & wellness programs
- Community centers and living facilities for the elderly are also gaining importance as attitudes towards "Old age homes" gradually evolve.
Healthcare & Wellness: The India geriatric care services market was valued at USD 25.7 B in 2021, and is expected to exhibit a CAGR of 7.0% over the next decade. Some of the major players operating in this space are Emoha Elder Care, Antara Senior Care, Nisarg Care, Tata Trust, Ashiana Housing, ASLI (Association of Senior Living India), Piramal Swasthya, Jeevan and Suraksha.
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Community Living: Mordor Intelligence projects the India Senior Living Market at USD 11.16 billion in 2024, set to reach USD 17.99 billion by 2029 with a 10% CAGR. However, despite existing senior-focused laws, there's a noticeable lag in adequately addressing the aging population's needs.
Some alpha for entrepreneurs looking to build/invest:
- Demand for senior living projects in non-metro cities is predicted to 3x over the next 5 years. The why: attractive financing options, availability of land, and spaciousness.
- Southern cities like Bengaluru, Chennai, Kochi & Coimbatore are the go-to places for seniors due to their pleasant climatic conditions, improved connectivity, and prominent healthcare providers.
- Because of this, 70% of India’s senior living projects are based in the southern part of the country.
- Most sales in the southern part are observed in medium-end projects priced between INR 40-50 lakh.
- High-end projects also contribute to sales growth by offering large apartments/villas with a focus on healthcare, hospitality, and design for comfortable post-retirement living.
This has gained traction with conglomerates such as AntaraSeniorCare, Columbia Pacific Communities, Max Group, and more.
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