INDIA'S SILVER SURGE

India's demographic dividend is giving way to a demographic transition, with the elderly set to outnumber children by 2046. As the “silver economy” emerges, gaps in medical training, caregiving, and insurance threaten to overshadow opportunities. The challenge now is building a sustainable, inclusive eldercare ecosystem

- By Viveka Roychowdhury

Will India's demographic dividend be overtaken by its demographic transition? Are we ready for the silver sliver growing each decade by 41 per cent, reaching one fifth of India's population by 2050? In fact, the 2023 India Ageing Report from United Nations Population Fund, India (UNFPA) cautioned that by 2046, the elderly population will outnumber children (aged 0 to 15 years) in the country. Put another way, India has 149 million seniors today, projected to grow to 193 million by 2031 and 300 million by 2050.

Ageing populations is a global trend and many western economies are already grappling with this issue. In fact, this transition has given rise to a booming 'silver economy'. As per a NITI Aayog position paper titled, “Senior Care Reforms in India - Reimagining the Senior Care Paradigm', released in February 2024, the size of the senior care industry in India is estimated at USD 7 billion.

But this could be a conservative estimate, if we add in other segments like senior living real estate, lifestyle brands, etc. IMARC's India Geriatric Healthcare Market Overview estimates that the India geriatric healthcare market size reached USD 42.2 billion in 2024. Looking forward, IMARC Group expects the market to reach USD 97.3 billion by 2033, exhibiting a growth rate (CAGR) of 9.02 per cent during 2025-2033. Market drivers include a growing aging population, rising investments in healthcare, new technologies, and an upsurge in the demand for high-end medical care, highlighting ease of access, affordability, and quality care for older persons in different healthcare facilities, as per the IMARC report.

But before we can tap this market, we have to put the building blocks in place. And therein lies the challenge, the opportunity and early birds who have already caught this wave.