Indian Economy News

Indian senior living segment to grow by 5x by 2030

The senior living market in India is poised for remarkable growth, projected to reach approximately US$ 12 billion by 2030, up from its current valuation of US$ 2-3 billion. This surge is fuelled by a shifting demographic landscape, with India's median age set to rise from 29 to 38 by 2050, alongside an increase in the proportion of elderly individuals from 11% in 2024 to 21% in 2050. With India expected to account for 17% of the global population aged 60 years and above in the next three decades, there is significant anticipation for an increased demand for senior care and housing facilities.

CEO of Colliers India, Mr. Badal Yagnik underscores the lucrative opportunity for privately organized developers to enter the nascent senior living market. The sector is expected to expand nearly fivefold by 2030, driven by heightened interest from institutional players and leading real estate developers. Urban areas are witnessing a surge in demand for senior living services due to rising income levels, increased life expectancy, changing lifestyles, family nuclearization, and the desire for stable post-retirement living. Despite the current demand for senior housing at approximately 18-20 lakh units, the organized sector accounts for only 1% penetration, indicating a substantial demand-supply gap compared to mature markets. Senior Director & Head of Research at Colliers India, Mr. Vimal Nadar, predicts accelerated growth in the Indian senior living market in the coming years, with the potential for significant improvement in penetration rates as demographics evolve.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.