India is at a nascent stage in terms of organised senior care and the demand for senior living and senior care services is likely to pick up as the world emerges out of the pandemic, said a stakeholder in the sector.
Tara Singh Vachani, Executive Chairperson of senior living and senior care services provider Antara said the senior population in India is fast growing with over 20 million elders who stay alone, and the number is slated to rise in the next two decades. The senior care market is currently valued at $12 billion, she said.
“India is still at a nascent stage when it comes to organised senior care but the demand for senior care services is expected to pick up due to an increase in the mass affluent elderly population, who are seeking specialized services and solutions for their changing needs,” she said.
She noted that the COVID-19 pandemic has accelerated the need for dependable and professional services and solutions for seniors. India will need a robust and well-rounded senior care ecosystem to cater to the evolving needs of this population, said Vachani, who is also the Vice Chairperson of Max India.
Citing the growth of elderly population as per Census data, she said, “The upward growth projections clearly signify the untapped market potential that this segment holds both in metros and Tier 1 and 2 cities.”
The demand for senior living housing units is highest in the Delhi-NCR (15,050) followed by Mumbai (12,950), Hyderabad (6,200) and Bengaluru (6,000), she said, adding that over the years, tier 2 and 3 markets such as Pune, Goa, Dehradun, Ahmedabad, Coimbatore, and Lucknow have witnessed a steady rise in demand.
Factors such as better environment, availability of large land parcels, and enhanced access to healthcare will also drive the demand for Senior Living facilities in tier 2 and 3 cities.
On the impact of the coronavirus pandemic, she said that the pandemic has disrupted multiple sectors and the senior care industry is no exception. All senior care facilities had to pay special attention to hygiene and safety, appropriate interventions for mental health had to be introduced and new ways of engagement had to be devised.
On the demand front, she said that Antara’s Noida facility received a very encouraging response from customers, indicating that both the concept and the brand resonate strongly.
“We have already sold 1/3rd of our inventory after the COVID-19 pandemic broke out. In Dehradun as well, where we had already sold 70 per cent of the inventory, both enquiries and sales have risen,” she said. (IANS)
