Arindam Bhattacharyya, an advertising executive based in Jakarta, had an unexpected wake-up call in 2024.
His parents, based in India’s Kolkata city, were visiting him when his father had a health crisis. Bhattacharyya managed to get him medical care but when it was time for them to go back, he faced a question familiar to many Indians – how do you care for your parents when you can’t be there in person?
Between 2020 and 2050, the number of people aged 60 and above globally is projected to double to 2.1 billion, according to the United Nations Population Fund (UNFPA). India is expected to mirror this – by 2050, one in every five Indians will be above the age of 60, close to 21% of the total population.
Until a few decades ago, there was little discussion in India on caring for elderly people as the expectation was that families would step in, the UNFPA notes, external.
This, however, has been complicated by factors including the shrinking of joint families. As younger people move away from their families, and with limited social infrastructure to support the elderly, a gap is only widening, experts say.
Some frame this as an opportunity.
Government think-tank NITI Aayog says the senior care industry in India is valued at around $7bn (£5.56bn) – it is expected to grow rapidly and offer huge opportunities for healthcare companies.
Many start-ups are already moving in. These companies are looking to address several areas including senior living, home care and technology-enabled services. While their goal is to help older adults live and age more independently, their customers are often the children of the people they help.
Bhattacharyya says he now relies on two start-ups to monitor his parents’ health, coordinate care and arrange emergency medical support.
“These services are a big help but I still monitor everything closely [from Jakarta],” he said.
An area seeing an uptick is organised senior living, mainly due to higher incomes and changing family structures. But some experts believe that demand is far ahead of supply.
Companies like Manasum Senior Living, Primus Senior Living, Ananta Living and Vedaanta Senior Living are building projects especially for senior housing and care, even as there is growing interest from traditional real estate developers.
Real estate management firm Colliers International Group estimates current senior living demand at around 2-2.2 million units in India while only around 25,000 units are available.
Source: www.bbc.co.uk
