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India's healthcare infrastructure needs to adapt to the requirements of the aging population as the number of citizens above 60 years age is projected to rise to 193 million by 2031, according to a joint report by PwC and Association of Senior Living India (ASLI).
"The population above the age of 60 accounts for approximately 9.8 per cent of the total Indian population, and this number is projected to increase from 138 million in 2021 to around 193 million by 2031," the report said.
The United Nations projects that India will become home to one of the world's largest elderly populations by 2050, with an estimated 319 million individuals aged 60 and above, it added.
The report said the elderly population is highly susceptible to chronic diseases, infections, age-related health issues and cognitive decline, making their healthcare needs more complex.
"India's healthcare infrastructure needs to adapt to the requirements of this aging population. There is a pressing need for geriatric healthcare facilities, including hospitals, clinics and trained healthcare professionals who understand the specific needs of elderly patients," the report said.
The combination of the increased healthcare requirements and propensity to spend, is likely to propel the existing niche geriatric services USD 12-15 billion market to about USD 40-50 billion market by end of this decade, it added.
With rising healthcare costs, PwC-ASLI report mentioned that many elderly face financial challenges in accessing healthcare services.
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Therefore, the report suggested that it is crucial to create financial planning solutions such as insurance and retirement funds, which cater to the needs of the elderly.
"The senior care industry in India holds immense potential, but we acknowledge the challenges it faces, be it regulatory frameworks or infra development. We are dedicated to advocating transformative approaches that prioritise the well-being and dignity of seniors," ASLI Chairman Adarsh Narahari said.
Ankur Gupta, Joint Managing Director of Ashiana Housing, and Co-Founder of the Association of Senior Living, said, "We're diving into the senior care industry -- a booming sector as India's population grows. Our goal is to empower entrepreneurs to understand the world of seniors and uncover the vast potential for startups in this field."
The members of the association take care of over 2 lakh seniors, he added.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
