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Monday, July 2, 2018

CII - Senior Care Industry Report India 2018

'CII - Senior Care Industry Report India 2018: Igniting potential in senior care services' May 2018. This Report was launched at 4th Edition of Global Exhibition on Services (GES) Specail Task Force meet "Senior Care, “Senior Care - Focused Group Discussion on Understanding Best Practices & India’s Way Forward: Building Partnerships & Collaborations” on 16th May 2018 at the Bombay Exhibition Centre, Mumbai, India.

This is very interesting one of its kind Report, collaborative by Senior Living Community, The Confederation of Indian Industry (CII) and Ignox Consulting.

The senior population in the world is the fastest growing segment with 60 plus population touching 11.5% of world population. As per estimates, by 2050, the 60 plus population will increase at 22% and outnumber the population below 15 years of age. This rapidly changing global demographics has resulted in a sharp rise in the demand for senior care services. This coupled with an increased life expectancy of the population, and an increased tendency globally to have nuclear families, has further accelerated the growth in the senior care sector. As a result of various favorable factors, the market for products and services for seniors is expected to increase from almost $320 billion in 2013 to $436.6 billion by 2018, representing a five year compound annual growth rate of 6.4 percent, according to a market research report by BCC Research. The global research agency Persistence estimates that the global elder care services market will reach a market valuation of USD 1767 billion by end of 2025 reflecting a 8.4% CAGR over this period.

In India, 30 years from now, the elderly population in India is expected to triple from 104 million in 2011 to 300 million in 2050, accounting for 18% of the total population in 2050. To understand this in perspective, while the current population of elderly in India (134m in 2020) is fast reaching the current size of population of Mexico (130m) or Russia (143m), the 2050 population of elderly will be close to the population of the United States (326m - 2018) today. We have in India approx. 12 million 80 plus population which is similar to the total population of countries such as Belgium, Greece, or Cuba.

It is time therefore for key senior care stakeholders to collaborate and create a comprehensive mission plan for 2025 involving various stakeholders – public/private/semi-public, healthcare/real estate/
NGOs/ Thinktanks/ and International bodies. The starting premise of such a concerted effort is to bring clarity on the definition of which formats and groups constitute senior care. 9 formats have been discussed and selected as senior care industry formats. Once this is approved, this will form the basis for development control regulations at the state level, and revenue concessions or banking privileges as extended by central government departments.



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