People worldwide are living longer. Today, for the first time in history, most people can expect to live into their sixties and beyond. By 2050, the world’s population aged 60 years and older is expected to total 2 billion, up from 900 million in 2015. Today, 125 million people are aged 80 years or older. By 2050, there will be almost this many (120 million) living in China alone, and 434 million people in this age group worldwide. By 2050, 80% of all older people will live in low- and middle-income countries.
The pace of population ageing around the world is also increasing dramatically. While France had almost 150 years to adapt to a change from 10% to 20% in the proportion of the population that was older than 60 years Countries like Brazil, China and India will have to adapt in 20 years.
This shift in distribution of a country's population towards older ages which started in high-income countries like Japan etc. is now trickling down low- and middle-income countries. The emergence of this new landscape is spurring the growth many economic activities cutting across multiple sectors like health, real estate’s etc. The world, specially countries like Japan. Sweden , New Zealand have already developed various models of Senior care which are not only socially impacting but also spurring economic growth .
In India Senior Care, although in its nascent stage is slowly gaining momentum. The senior population in India is supposed to triple by year 2050 from 2011 and longevity will increase from 67.5 in 2015 to 75.9 in 2050. However, despite such staggering demographics, the senior sector has not been able to get the necessary focus and attention from all stakeholders. While the country continues to focus on its young population, ageing population also needs dedicated attention. Despite close to 130 million seniors in India, there is a lack of concerted capacity augmentation and policy support for an industry catering to senior needs. It is therefore imperative to mobilize the latent and new avenues of economic and business opportunities.
CII strongly recognizes the importance to nurture this fledgling industry through a collaborative approach working between private, public and semi-public institutions who are deeply engaged in this space. To bring to fore all these issues and discuss and debate way forward CII is organizing the 1st CII National Senior Care Conclave: Spurring Economic Growth on 28th November 2018.