India's Senior Living Market to Grow 300%, Reaching $7.7 Billion by 2030: JLL-ASLI Report
India's senior population, aged 60 and above, is projected to grow from 156.7 million in 2024 to 346 million by 2050, making up nearly 20% of the population. This demographic shift positions India as the country with the world’s second-largest elderly cohort, creating immense challenges and opportunities. Recognizing the need for innovative solutions, the Association of Senior Living India (ASLI) will host the 5th ASLI Ageing Fest on December 6, 2024, in Bangalore, to explore how India can rise to the challenge of creating a robust senior care ecosystem.
Presently, only 5% of India’s elderly have access to institutional care, and less than 0.7 hospital beds are available per 1,000 elderly. With half of this demographic living without social security, there is an urgent need to develop inclusive senior care models that integrate healthcare, housing, and community support to combat isolation and ensure a fulfilling life. Mr. Rajit Mehta, Chairman of ASLI, emphasized the importance of building sustainable solutions to meet this demand while enhancing the quality of life for seniors.
India's senior living sector has witnessed rapid growth, with over 20,000 specialized units now established, primarily independent living facilities that make up 85% of the market. Southern India dominates this sector, holding 60% of the market share due to lower fertility rates and cultural shifts influenced by Non-Resident Indian families. Despite this growth, market penetration remains at 1.3%, compared to over 6% in mature markets like the U.S. and Australia. This reveals a vast, untapped potential, with a projected demand for 2.3 million senior living units by 2030.
The ASLI-JLL report, *Elevating the Golden Years: Senior Living Opportunities in India’s Evolving Market*, highlights the sector's annual growth rate of 27%. This dynamic growth reflects a new generation of seniors who are independent, socially active, and globally aware, redefining retirement living. Dr. Samantak Das of JLL noted that the market could double its inventory within six years, though it still may not meet the surging demand.
India’s evolving senior care sector is poised to become a significant investment frontier, with over $40 million already invested in the past two years. The focus now lies on scaling innovative, quality-driven solutions to build a sustainable future for India’s aging population, making senior care a key pillar of social and economic progress.
