How Eldercare Market Is Evolving In 2021

India has the largest aging population in the world. According to 2011 census data, the count of senior citizens was above 100 million in the country. The figures are expected to increase in the upcoming census. The size of the eldercare business is estimated to be $5billion in India.

- Aditya Rangroo

AGE BRACKETS OF HEALTH-RELATED ISSUES IN ELDERLY PEOPLE

58-62 RETIREMENT AGE

65-75 HEALTH-RELATED PROBLEMS

75-85 EXTREME OLD AGE PROBLEM

India is poised as the country with the maximum youth population in the world. Directly proportional to youth is the old population. The technology boom and a globalised world opened a plethora of opportunities for people the world over, India was in a bright spot. Literacy and employability rate became much better than ever before, spoiling the Indian youth for options and opportunities. This led to the young shifting base from their hometown and leaving their families elderly parents - behind. In a traditional joint family system, the elders receive care from the family members. However, fragmenting of this system has left the elders alone, vulnerable and neglected left to fend for themselves. Further, the looming shadow of retirement adds to their anxiety, marring the fun of unwinding with family and friends. As for senior-aged Indians, a grave cause of concern is coping with rising bills on reducing income. The elderly need care and support. A companion and someone to help them in a health emergency. This became an opportunity for a startup in the elder health care segment.