India's Senior Living Market: Rising Demand & Growth
India’s Silver Economy A Growing Opportunity in Senior Living
India is witnessing a demographic transformation with its senior population growing at an unprecedented pace. In 2024, India has approximately 156.7 million senior citizens, making it the world’s second-largest elderly population. By 2050, this number is expected to almost double, reaching 346 million, which will account for nearly 20% of the total population. As the country faces the challenges of an aging society, there is an enormous opportunity to address the needs of this growing segment – creating what is known as the “Silver Economy.”
The Silver Economy encompasses a broad range of industries that cater to the needs of the elderly, from healthcare and financial security to housing and social support systems. In recent years, the Indian senior living market, has gained significant attention, particularly in the context of housing solutions. As demand for specialized services continues to rise, the senior living sector presents both challenges and incredible opportunities for investment and innovation.
The Rising Demand for Senior Living Solutions
As India’s population ages, the demand for senior living solutions is increasing rapidly. The current penetration of senior living homes in India is very low – just 1.3%, compared to over 6% in mature markets like the United States and Australia. However, experts predict this sector’s compound annual growth rate (CAGR) could be as high as 27%, with the market set to grow significantly over the next decade.
This growth is being driven by a number of factors. Firstly, India’s elderly population is evolving. Today’s seniors are not the passive retirees of the past; they are increasingly independent, tech-savvy, and health-conscious. Many are looking for housing options that allow them to live independently but with access to care when needed. This trend is particularly prominent in urban areas where more and more elderly individuals are living alone, especially women, who generally have a longer life expectancy.
The demand for senior living solutions is not just limited to housing but extends to healthcare services, wellness, and social integration. India’s healthcare system, while improving, still faces a significant gap in services for the elderly. There are fewer than 0.7 hospital beds per 1,000 elderly citizens, and more than half of the elderly population lives without social security. This situation highlights the urgent need for senior living communities that integrate healthcare, wellness programs, and social support.
ASLI’s Ageing Fest: A Key Milestone for Senior Care
The emerging potential of the senior care sector is being recognized by industry leaders, and one of the most important events in this space is the 5th ASLI Ageing Fest scheduled to take place on December 6, 2024, in Bangalore. Organized by the Association of Senior Living India (ASLI), this event will explore the readiness of India’s senior care sector to meet the challenges of the aging population. The Ageing Fest will bring together key stakeholders from the healthcare, real estate, and policy sectors to discuss the opportunities in senior care and to highlight the innovations shaping this fast-growing sector.
The ASLI Ageing Fest will serve as a platform to discuss the findings of the JLL-ASLI report, which highlights the growing demand for senior living facilities in India. The report points out that, with the elderly population expected to increase substantially by 2050, the need for specialized senior housing will become critical. In fact, by 2030, India will require approximately 2.3 million senior living households, up from 1.57 million in 2024. Despite these rising demands, India’s senior living market currently meets only a small fraction of the need, making this an attractive space for investment.
A Booming Market with Immense Potential
India’s senior living market has seen significant investment in recent years, with over USD 40 million in institutional investments in the last two years alone. The market, however, remains in its nascent stages, and the future holds immense potential. With rapid urbanization, the rise of nuclear families, and more elderly citizens living alone, there is a growing need for senior living communities that provide safety, comfort, and access to healthcare.
For investors, developers, and real estate professionals, the senior living market in India represents a unique opportunity. Currently, there are only 20,000 specialized senior living units across the country, a small number compared to the demand. As more people embrace independent living, the market for senior housing will only continue to expand, and the gap between demand and supply presents a compelling investment opportunity.
Livify Properties: Tracking Trends in Senior Care
At Livify Properties, we are closely monitoring these emerging trends in the senior living space. As India’s senior population grows, there is a critical need to build senior living communities that offer not only housing but also integrated healthcare, wellness, and social support systems. Our mission is to create senior living spaces that foster a sense of community, security, and well-being, ensuring that seniors lead fulfilling lives.
By tracking trends from events like the ASLI Ageing Fest and collaborating with industry experts, we are positioning ourselves at the forefront of this dynamic sector. At Livify, we are committed to designing and developing senior living communities that meet the evolving needs of elderly citizens. We understand that senior living is not just about buildings – it’s about creating spaces where seniors can thrive, stay active, and enjoy their golden years with dignity.
As the senior care market in India continues to expand, Livify Properties is excited to contribute to shaping the future of senior living, building communities that integrate healthcare, wellness, and social connectivity to enhance the quality of life for India’s growing elderly population.