India’s silver economy: Senior care poised for Rs. 4,40,500 crore (US$ 50 billion) growth

India is entering a demographic shift, with nearly 19,500 people turning 60 daily. The population aged 60 and above is projected to reach 347 million by 2050, or 21% of the total population, according to the PwC-ASLI Senior Care Report 2024. This ‘Silver Tsunami’ is driving demand for organised senior care, an industry currently valued at Rs. 88,100-1,32,150 crore (US$ 10-15 billion) and expected to grow to Rs. 2,64,300-4,40,500 crore (US$ 30-50 billion) in the next decade. Urban migration, changing family structures, and rising life expectancy, from 62.5 years in 2000 to 70.8 years in 2021, are reshaping care needs. While 70% of seniors live in rural areas, demand is surging in metros for retirement homes, assisted living, home healthcare, and tech-enabled solutions. Providers such as Primus Senior Living, Columbia Pacific Communities, and Ashiana Housing are expanding aggressively, with Primus investing over Rs. 1,500 crore (US$ 170 million) to develop 3,500 homes across six metros. Technology is emerging as a core pillar, with telemedicine, IoT-enabled monitoring, and lifestyle platforms enhancing independence and quality of life.
Despite opportunities, challenges remain in regulation, financing, and workforce capacity. Less than 0.1% of state health budgets are allocated for elderly care, and India produces fewer than 80 geriatricians annually. The PwC-ASLI survey shows strong optimism, with 84% of providers expecting robust growth and 83% confident in the sector’s next 15 years. Stakeholders emphasise partnerships, innovation, and technology adoption to scale services efficiently. Retirement communities are increasingly seen as aspirational lifestyle choices offering independence, companionship, and security, reshaping senior care from necessity to opportunity. The sector’s success will depend on affordable insurance, regulatory clarity, and sustained investment in integrated care solutions.

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