With India’s senior citizen population set to reach 34 crore by 2050, the silver economy is growing rapidly.

India Silver Economy: India is one of the fastest growing elderly population in the world. By 2050, India will have 34 crore senior citizens, which is 17 percent of the total senior population of the entire world. India is fast emerging as a silver economy due to its growing elderly population. All such economic activities, products and services designed with people over 50 in mind are called the Silver Economy. In the future, the growth of the elderly housing and care segment looks very attractive in the coming time.

By 2050, 17 percent of the population will be elderly.

Real estate consultant firm CBRE South Asia Pvt Ltd. has released a report titled ‘Golden Opportunities from the Silver Economy – Analyzing the Future of Senior Care in India’). The report states that as the population of elderly people is increasing rapidly across the world, the population in India will grow at an even faster rate and by 2050, India will account for 17% of the world’s elderly population. . According to the report, due to adaptation of the population, old conditions and increasing awareness, their population is increasing enormously. Due to the increasing demand for specialized care and lifestyle options for the senior citizen population, the demand for specialized senior living facilities has increased significantly in recent years.

A rapidly growing senior care and living segment

CBRE said in its report that the senior citizen care landscape is evolving rapidly across India with around 18,000 related units spread across the country. South India accounts for 62% of the provision of organized senior living and care segments. The main reasons include the high affordability and acceptability of the nuclear family structure. The population of elderly people living alone is higher in the southern states than in the northern states. This is due to the high availability of trained staff which leads to better quality of senior care here.

In 12 years, the elderly population will reach 23 crores.

Companies involved in the care of senior citizens are present in tier-1 and tier-2 cities of South India such as Chennai, Coimbatore and Bangalore. In the future, major players related to geriatric care units are expanding in Chennai, Bangalore, Hyderabad, Komiyabattoor, Pune and NCR. Also, the share of senior living and care units in the northern zone of Haryana, Rajasthan, Uttarakhand, Uttar Pradesh, Himachal Pradesh is close to 25%. According to the report, a target has been set to connect one million senior citizens with these facilities in 2024. 2.5 million people have been targeted in the next 10 years. Currently, the country has a population of 15 crore senior citizens, which will increase to about 23 crore in the next 10 to 12 years.

Developers focus on the senior living segment.

CBRE Chairman and CEO – India Anshuman Magazine said on the report, India’s population of senior citizens could increase by 254 percent, which would be the highest in the world. He said that by 2050, India’s elderly population will be around 34 crores, which will be 17% of the world’s total elderly population. In the last decade, the demand for senior living plans has grown tremendously, reflecting its acceptance. Developers are also very excited about the senior living segment which reflects the demand for specialized care and lifestyle options for senior citizens, he said.

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