What is senior care industry?
India has a young demographic profile, with more than half of the population under 35. But as healthcare becomes more widely accessible, the number of people over 65 is likewise rising quickly. According to estimates, this population will triple between 2011 and 2050 as a result of an increase in longevity from 67.5 years to around 76 years during this time.
Senior citizens currently make up about 8% of India’s population, but by 2050 they will make up 20% of the nation’s population. As per predictions, In the upcoming years, the senior care market will expand due to this increase in total addressable market.
Without a doubt, the aging population will lead to a spectacular and exceptional increase in demand for senior care services in the coming decades, creating lucrative prospects for businesses to diversify their reservoir in this area.
We have always been perplexed by the fact that despite having a sizable senior citizen population, India yet lacks a well-developed senior care sector. The chances to enhance the elder’s financial, social, physical and rehab care seem to be endless. However, this sector frequently feels devoid of both technological advancement and business success. So, it’s the right time to dive into the senior care industry with fresh and productive ideas.
Size of senior care business:
In the entire world, India has the most elderly citizens. Data from the 2011 Census show that there were more than 100 million senior persons in the nation. The forthcoming census is anticipated to show a rise in the numbers. Meanwhile, In India, the eldercare industry is thought to be worth $5 billion. The formal economy is largely unaware of the unorganized and disintegrating portion of this senior care sector.
Senior care industry has given the largely untapped market opportunity in business sector. With the right and effective seniority care principles and implementations, this field disrupts the environment with its unique and skilled nursing care benefits. A comprehensive health & lifestyle platform with exclusive care and support for seniors is what the senior care industry hope to become over time.
What issues are addressed in this industry?
Seniors need support often starting around age 70, including companionship and specialized help for chemotherapy and dialysis. While many independent and capable elderly people who live alone require assistance in crises. Families are looking for a user-friendly platform and a single point of contact who can provide comprehensive care for the elderly members of the family.
Comprehensive types of care and services for elderly family members are now more necessary than ever thanks to changes in family structure and population growth. The Covid-19 pandemic increased the need for in-home medical care. In India, elders primarily need home healthcare services and chronic disease management.
Patients who are bedridden or immobilized need help and assistance to carry out daily duties and live with dignity. With the vision of geriatric care, this industry provides a wide range of services, including therapies, home diagnostics, diabetes management, assisted living facilities with customized care and design along with catering to the elderly nutritional needs for healthy well-being.
Latest reports for your eyes:
Today’s market for senior care is worth about USD 7 billion. By 2025, it is anticipated that this market would be worth $19.9 billion. With the correct stimulus, this segment may expand by an extra $5 billion. Senior care market has the potential to deliver individualized, integrated care at scale to even the most remote places since modern digital care is seamlessly integrated to put cutting-edge treatment at the fingertips of health seekers.
Seniors of today are very different from seniors of thirty years ago, who were less risk-taking and frugal with their money. Today’s seniors are fiercely independent, aware of the benefits of technology, and avid consumers of a variety of medical and non-medical senior care items that make life easier, more comfortable, and safer.
As a result, the health, lifestyle, person-centeredness care, and wellness-focused enterprises have enormous potential in the aged care market. Meanwhile, India’s population is increasing by 2% annually, whereas the senior population is increasing by 4% annually. And that, along with the reality that seniors are a diverse cohort with varied needs, wants, and affinities, is what is driving the need for senior care services.