The senior population in the world is the fastest growing segment with 60 plus population touching 11.5% of world population. As per estimates, by 2050, the 60 plus population will increase at 22% and outnumber the population below 15 years of age. Ageing of population is affected due to downward trends in fertility and mortality i.e. due to low birth rates coupled with long life expectancies. This rapidly changing global demographics has resulted in a sharp rise in the demand for senior care services.
In India the size of the elderly population, i.e. persons above the age of 60 years is fast growing although it constituted only 7.4% of total population at the turn of the new millennium. For a developing country like India, this may pose mounting pressures on various socio-economic fronts including pension outlays, health care expenditures, fiscal discipline, savings levels etc. Again, this segment of population faces multiple medical and psychological problems.
The phenomenon of population ageing is becoming a major concern for the policy makers all over during last two decades. But the problems arising out of it will have varied implications for underdeveloped, developing and developed countries. The global senior care sector in developed economies demonstrate a multi-prolonged approach across public and private enterprises towards providing products and services to seniors. While the role of the government has been proactively creating and promoting holistic policies and programmes for dealing with the ageing society.
Senior living across the developed world have seen an evolution of different types of senior care service formats for age-restricted independent living formats to specialized memory-care and continuing care retirement communities to home-care provided within the person’s existing home ecosystem. Each format addresses a unique set of senior needs and requires specific hardware, software and skillsets at the service provider end.
While globally there are well defined norms, development control byelaws as well as incentive models for development of such senior specific formats. this is still an area of opportunity in India. As the industry evolves, it is therefore important to have a standard definition of senior care formats, so that there is uniformity in industry language and policy intervention.
There is an emerging need to pay greater attention to ageing-related issues and to promote holistic policies and programmes for dealing with the ageing society.
The 2nd Annual Senior Care Conclave scheduled on 1 October 2019 at Hotel Lalit, New Delhi will focus on elder care investment and will showcase ground-breaking models and technology applications, for better senior care outcomes. It will also enable the forging of business partnerships between retirement operators, hospitals and investors, amongst other key stakeholder groups, that are essential to fostering momentum in this intertwined ecosystem.