Market Size of India Senior Living Industry
Study Period | 2020 - 2029 |
Base Year For Estimation | 2023 |
Market Size (2024) | USD 11.16 Billion |
Market Size (2029) | USD 17.99 Billion |
CAGR (2024 - 2029) | 10.00 % |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
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India Senior Living Market Analysis
The India Senior Living Market size is estimated at USD 11.16 billion in 2024, and is expected to reach USD 17.99 billion by 2029, growing at a CAGR of 10% during the forecast period (2024-2029).
- The market is driven by the aging population. Furthermore, the services provided by the communities for senior citizens are driving the market.
- The demand for senior living housing will continue to rise as the population of seniors grows. As the industry grows, so will the types of services and amenities available in these projects. There has already been an increase in such projects in major cities. However, supply will be plentiful in suburbs and tier II cities in the long run. Tier-II cities include, among others, Bhiwadi, Coimbatore, Puducherry, Vadodara, Bhopal, Jaipur, Mysuru, Dehradun, and Kasauli. We have seen supply in Chennai, Pune (Lavasa), and Bengaluru.
- Furthermore, the senior living market is driven by the increasing aged population in the country, growth in life expectancy, rise in nuclear families, financially independent and educated senior citizens, increasing medical needs of the senior citizens, and NRIs coming back to India after retirement. Moreover, southern cities account for a major share of the senior living market in the country, followed by the west and north regions. Meanwhile, Bengaluru, Chennai, Puducherry, and Hyderabad are the most preferred southern cities for post-retirement settlement, followed by Delhi-NCR, Chandigarh, and Dehradun, which emerged as popular areas to settle in north India. Mumbai, Pune, Ahmedabad, Panaji, and Surat are some of the most opted retirement destinations in west India.
- Even though India is a welfare state and has several senior citizen-focused laws, it is still lagging behind developed nations in providing for its aged people. The Ministry of Statistics and Programme Implementation reported that there will be close to 139.4 million senior persons living in India in the current year. In addition, 5.6% of Indians were 60 years of age or older in 1961. This proportion rose to 10.1% in 2021 and is expected to reach 13.1% in eight years, according to official figures.
- It is anticipated that demand for senior living projects in non-metro cities will more than triple over the next four to five years. There are several reasons for this. These cities have become more appealing as a result of attractive financing options, the availability of land, and plenty of space to build sprawling complexes. And seniors appreciate the open spaces. Although growth rates vary by region, a growing trend indicates that the majority of seniors prefer to live in cities with low population densities. This growth is also being aided by the trend of seniors moving to cities with low population densities. It provides opportunities for developers to create new projects in less competitive markets. Predictions for the medium to long term market indicate that, when compared to metros, many more senior living communities would come up in these markets.
India Senior Living Industry Segmentation
Senior living refers to a wide range of housing and lifestyle options suitable for an aging population's needs. A complete background analysis of the Indian senior living market, including the assessment of the economy and contribution of sectors in the economy, market overview, market size estimation for key segments, and emerging trends in the market segments, market dynamics, and geographical trends, and COVID-19 impact, is covered in the report.
The Indian senior living market is segmented by property type (assisted living, independent living, memory care, and nursing care). The report offers the market size and forecasts in value (USD) for all the above segments.
Property Type | |
Assisted Living | |
Independent Living | |
Memory Care | |
Nursing Care |
India Senior Living Market Size Summary
The Indian senior living market is experiencing significant growth, driven by an increasing aging population and evolving lifestyle preferences among seniors. As the demand for senior living housing rises, the market is witnessing a surge in the variety of services and amenities offered in these communities. Major cities are seeing a proliferation of such projects, while suburbs and tier II cities are expected to see substantial supply in the long run. The market is further bolstered by factors such as rising life expectancy, the trend of nuclear families, and the return of NRIs to India post-retirement. Southern cities like Bengaluru, Chennai, and Hyderabad are leading in terms of senior living projects, followed by northern and western regions. Despite being a welfare state, India still lags behind developed nations in adequately supporting its elderly population, which presents both challenges and opportunities for market expansion.
The COVID-19 pandemic has heightened awareness of the need for assisted-care homes, further driving demand in the senior living sector. The Indian government has initiated schemes like Atal Vayo Abhyuday Yojana (AVYAY) to support senior citizens, investing significantly in their welfare and living conditions. Southern cities are emerging as hubs for senior living communities due to favorable climatic conditions and improved healthcare infrastructure. The market is characterized by a mix of outright purchases, leases, and hybrid models, with a focus on medium to high-end projects catering to diverse customer needs. The fragmented nature of the market sees intense competition among local players, with major companies expanding through strategic partnerships and new project launches. The success of senior housing projects largely depends on the quality of amenities and facilities, highlighting the need for supportive government policies to ensure the sector's growth and sustainability.
India Senior Living Market Size - Table of Contents
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1. MARKET INSIGHTS AND DYNAMICS
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1.1 Market Overview
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1.2 Market Dynamics
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1.2.1 Market Drivers
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1.2.1.1 Increasing Investments in the Senior Living Sector
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1.2.1.2 The Southern Part of the Country is Expected to Witness Growth
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1.2.2 Market Restraints
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1.2.2.1 Lack of financial resources available to seniors
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1.2.2.2 Lack of awareness and acceptance of ageing related issues
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1.2.3 Market Opportunities
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1.2.3.1 Increasing demand for healthcare services and products
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1.2.3.2 Increasing adoption of technology contributing to the growth of the market
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1.3 Insights into Technological Innovation in the Senior Living Sector
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1.4 Government Regulations and Initiatives
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1.5 Supply Chain/Value Chain Analysis
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1.6 Industry Attractiveness - Porter's Five Forces Analysis
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1.6.1 Bargaining Power of Suppliers
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1.6.2 Bargaining Power of Buyers/Consumers
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1.6.3 Threat of New Entrants
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1.6.4 Threat of Substitute Products
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1.6.5 Intensity of Competitive Rivalry
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1.7 Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 Property Type
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2.1.1 Assisted Living
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2.1.2 Independent Living
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2.1.3 Memory Care
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2.1.4 Nursing Care
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India Senior Living Market Size FAQs
How big is the India Senior Living Market?
The India Senior Living Market size is expected to reach USD 11.16 billion in 2024 and grow at a CAGR of 10% to reach USD 17.99 billion by 2029.
What is the current India Senior Living Market size?
In 2024, the India Senior Living Market size is expected to reach USD 11.16 billion.