Summary of this article
· Elderly population projected to double to 347 million by 2050
· Senior care market value expected to rise to $30-50 billion
· Recommendation for a Senior Care Regulatory Authority proposed
The rising elderly population is not an episode to watch out for; it is a phase in the demographic changes that needs to be planned effectively. The elderly population in India is projected to double by 2050 to 347 million (21 per cent) from its current level. Notably, the senior population constituted only 5 per cent of the total Indian population in 1950. According to a recent survey report by PwC-ASLI survey titled ‘Silver Surge 347 million Reasons to Rethink Capital Allocation’, the increasing elderly population presents both a challenge and vast opportunities in the senior care sector.
At present, around 19,500 people turn 60 every day in India. At the same time, the life expectancy has also increased from 62.5 years in 2000 to 70.8 years in 2021. This scenario calls for an ecosystem to cater to the needs of the elderly, such as healthcare, housing, mental well-being, and financial security.
The value of the senior care market, which now stands at $10-15 billion, is expected to expand to $30-50 billion by the next decade. It means a compound annual growth rate (CAGR) of around 20 per cent, per the report.
Family Dynamics Fuelling Demand For Organised Eldercare
The eldercare system in India traditionally relies on the family support system, but due to changing job scenarios, the concentration of jobs in urban and metro areas, the joint family structure is breaking down. The report highlights that nuclear families, urban migration, and rising aspirations among the elderly demand a reassessment of eldercare solutions. It paves the way for an organised and professional care for them. According to the report, around 70 per cent of seniors live in rural areas, but the growth in eldercare demand is more in urban areas where families are nuclear.
According to the survey, the senior living, assisted care homes, and technology-enabled health services are being accepted more openly. Not only that, there are retirement communities in the metro cities, such as Bengaluru, Pune, and Chennai, which are redefining retirement through their services, including yoga studios, gourmet dining, and curated travel plans for the elderly. Eldertech startups are working around themes ranging from home-based care, digital companionship, lifestyle housing, senior travel, and so on.
Financial Planning
On the financial security front, the report highlights that some significant regulatory changes have happened lately to improve financial planning and affordability for senior citizens. The pension schemes, such as the National Pension System (NPS), have experienced 26.8 per cent growth in asset under management (AUM) between June 2020 and June 2025. Similarly, retirement-focused mutual funds’ AUM also grew by 226 per cent during the same period. According to the survey, the new and existing schemes, wider outreach by banks, and digital innovation are creating a tangible impact.
Policy Gaps In The Senior Care Segment
However, there remains a considerable structural gap at the policy level. The report finds that in the 10 most populous states, less than 0.1 per cent of state health budgets is allocated for elderly care.
Further, India produces fewer than 80 geriatric specialists annually, which, considering the growing demand, is not sufficient to meet the scale of demand. Over 67 per cent of the stakeholders surveyed suggest higher funding, stronger public–private partnerships, innovative incentives, and new regulatory frameworks to standardise senior care services and delivery.
Establishing Senior Care Regulatory And Accreditation Authority (SCRAA)
The report recommends establishing a Senior Care Regulatory and Accreditation Authority (SCRAA) to unify the standards and norms, licensing, and oversee the senior care modalities, along with tax incentives, GST subsidies, and expanded insurance coverage.
A Crisis Or An Opportunity In The Making
According to the report, investment ticket size has crossed Rs 100 crore in senior care, with many established players investing in the senior care ecosystem. With 84 per cent of the senior care providers expecting growth in the sector over the next 15 years, the report underlines the urgency of timely action. According to it, with strategic planning, the older population can be transformed from a looming crisis to a $50 billion economic opportunity. Proper planning can create jobs and improve the quality of life for millions of senior citizens.
