Integration of technology, especially AI, proving to be a major asset in senior living

With the senior living industry in India expected to reach $17.99 billion by 2029, a number of players are entering into the fray.

- RITWIK MUKHERJEE

Bangalore-headquartered Manasum Homes Senior Living is one of them. For Manasum, healthcare is a top priority in senior living projects and it is gearing up accordingly.

Speaking to The Statesman, Anantharam Varayur, Co-founder of Manasum Homes Senior Living, explains how this sector has been evolving, the growth prospects, new trends, role of the government and so on.

Excerpts

Q: The senior living industry in India is expected to reach $17.99 billion by 2029. What are the key factors that are driving this growth?

A: The growth of the senior living industry in India can be due to several factors involving:

» Aging Population: With a rapidly increasing elderly population, especially those above the age of 60, the need for specialized senior living spaces has grown significantly.

» Changing Family Dynamics: The growing demand for senior living projects is also driven by an increase in the number of educated individuals that are migrating to larger cities or even abroad for higher education, often settling for long-term. The rise of nuclear families has also contributed to this trend, with many people opting for smaller family units. In cases where there is a single child, especially if the child is a daughter, cultural norms often lead to her moving out after marriage, leaving parents in need of support. Additionally, the rising costs of maintaining independent homes and concerns over security are further encouraging the shift towards senior living communities.

» Awareness and Acceptance: Awareness about senior living facilities is growing, and more seniors are now open to living independently or in community-based settings that offer healthcare and social engagement.

Q: With an estimated demand of 3 million senior housing units in the next 5-6 years, how is Manasum Senior Living positioning itself to meet this demand?

A: Manasum Senior Living is positioning itself for this growing demand by: