India to Account for 17% of Global Elderly Population by 2050: CBRE Report

GG News Bureau
New Delhi, 18th April. India is projected to have 17% of the global elderly population by 2050, according to a report titled “Golden opportunities from the silver economy – analyzing the future of senior care in India” by real estate firm CBRE South Asia Pvt Ltd.

The report highlights India’s rapid demographic transition, predicting significant growth in the senior care sector due to demographic changes, increasing life expectancy, and changing preferences among the elderly for better living standards.

India’s senior population is expected to grow by 254%, making it the fastest-growing demographic globally. By 2050, India is expected to have around 340 million seniors, accounting for approximately 17% of the world’s elderly population, said Anshuman Magazine, Chairman & CEO of CBRE India.

Magazine also noted a significant increase in senior living projects in India over the past decade, reflecting the growing demand in this sector.

The report indicates that India’s senior population is growing faster than the overall demographic, and developers are increasingly recognizing the potential of the senior living segment.

There has been a surge in specialized care and lifestyle options for seniors in India, leading to a rise in demand for senior living facilities across the country.

Currently, there are 18,000 units of senior living facilities in India, with the southern region contributing 62% to the overall supply. Factors such as affordability and the prevalence of nuclear family structures have fueled this trend.

Major players in the senior care segment are focusing on southern tier-I and II cities like Chennai, Coimbatore, and Bangalore. However, there is also significant potential in other regions like the north and central zones.

The report projects the total number of senior living facilities to reach around 1 million by 2024, with a further increase to 2.5 million over the next decade.

India’s current penetration rate for senior living is less than 1%, indicating room for substantial growth compared to more mature markets like the UK and the US. The report highlights the vast opportunities for expansion and innovation in India’s senior living market.

As acceptance levels increase and affordability improves, the senior living segment is expected to see sustained growth and innovation, offering diverse options tailored to the evolving needs of older adults aged 60 and above. With structured care programs, targeted policies, and specialized medical services, India’s senior care sector is well-positioned to meet the demands of an aging population in the future.