What to know about senior care industry before tapping into it? 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