 "Indian senior living market has potential to touch $12 bn by 2030: Report")
The Indian senior living market has the potential to grow to around $12 billion by 2030, up from $2 to $3 billion, on the back of an expected rise in median age and an ageing population fuelling an increase in demand for senior housing, according to a report by Colliers.
According to projections, the median age of the country is likely to increase from about 29 to 38 by 2050. Similarly, the proportion of aged people (above 60 years) is likely to increase from about 11 per cent in 2024 to 21 per cent in 2050.
“At the global level, over the next three decades (by 2050), of the 2.1 billion people above 60 years, India would account for a 17 per cent share, indicating a significant demand growth for senior care including housing in the country,” Colliers said in its report.
Factors such as rising life expectancy, nuclearisation of families, higher income levels, increasing importance of a stable post-retirement life, and changing lifestyle are driving the demand for senior living especially in urban areas, the firm added.
Speaking on the general trends in the senior living market, Vimal Nadar, director and head of research, Colliers India, said that the segment is expected to witness a compound annual growth rate (CAGR) of more than 30 per cent, reaching $12 billion by 2030.
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“Although the demand-supply gap will remain high even in 2030, the penetration in the senior living market has the potential to improve significantly in the long term,” he added.
Colliers estimates that the current demand for senior housing is at 1.8 to 2 million units, which is likely to increase to around 3 million units in the next five to six years.
“This growing demand will create lucrative opportunities for real estate developers and institutional investors,” Colliers stated.
Senior living in India currently is offered by private developers through apartments ranging from one to three-bedroom units or villas in two formats, independent living and assisted living.
While independent living facilities are typically preferred by seniors who can manage their daily activities independently along with seeking the convenience of community living, the concept of assisted living, where developers provide additional facilities like housekeeping in individual units, on-premise nursing attendants, and medical coordinators, is also picking up pace.
Trends in India's Population
Senior Population refers to people aged over 60 years; F: Forecast; E: Estimate
Source: Colliers Report, UN World Population Prospects, 2020
Trends in India's Population
| Year | Total Population (in million) | Senior Populaton (in million) | % Share |
| 2000 | 1060 | 73 | 6.90% |
| 2024F | 1442 | 159 | 11% |
| 2030E | 1515 | 195 | 12.90% |
| 2050E | 1670 | 348 | 20.80% |
Senior Population refers to people aged over 60 years; F: Forecast; E: Estimate
Source: Colliers Report, UN World Population Prospects, 2020