Global Elder Care Market to Reach $1767 Billion by 2025, Driven by Aging Population
The global elder care services market is set to reach USD 1767 billion by 2025, growing at a CAGR of 8.4%. This growth is driven by an aging world population, with India's elderly population expected to triple by 2050, reaching 300 million and accounting for 18% of the total world population.
The proportion of the world's population over 60 years of age is projected to double from 12% to 22% by 2050. A longer lifespan brings opportunities for further education, re-employment, and pursuing passions. However, health remains a crucial factor. The private sector is stepping in to offer senior-friendly living spaces, medical benefits, and entertainment activities.
In India, the National Skill Development Corporation (NSDC) and the Confederation of Indian Industry (CII) are actively working to develop new concepts and products for the senior population. They aim to create close relationships between private and public institutions in this sector. R&D for geriatric health, senior-friendly urban infrastructure, and personal care services is needed to support the growing elderly world population. With 130 million elderly people currently in India, there's a need for planned capacity enhancement and policy support in the industry catering to the older generation.
The Indian government provides pensions for the elderly below the poverty line, with amounts set by the Supreme Court. It has also introduced a senior citizens' saving scheme with a maximum limit of INR 15 lakh. Collaboration between the public and private sectors is vital to meet the growing demand for elder care services and ensure a high quality of life for the elderly population.
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