The senior population in the world is the fastest growing segment with 60+ population touching 11.5% of world population. As per estimates, by 2050, the 60+ 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. The rapidly changing global demographics has resulted in a sharp rise in the demand for senior care services.
The fast growing elderly population, for a developing country like India, may pose mounting pressures on various socio-economic fronts including pension outlays, health care expenditures, fiscal discipline, saving levels, etc. Again, this segment of population faces multiple medical and psychological problems and therefore is becoming a major concern for the policy makers during the last two decades. These concerns of the changing demographic, financing and improving liquidity, raising the voices and concerns of the elderly and convergence within the industry were brought up at Confederation of Indian Industry’s 2nd Annual Senior Care Conclave, held on the 1st of October, 2019 in New Delhi organized in collaboration with HelpAge India and ASLI.
Acknowledging the need for convergence within the Senior Care sector, Dr Vinod K. Paul, Member, NITI Aayog, added that “We are at a point in our country where without convergence the big issues cannot be handled.” He further highlighted that as the younger generation we owe to our elderly the very best with the very fact that the care of the elderly is inter sectoral.
Shri Durga Shanker Mishra, Secretary, Ministry of Housing and Urban Affairs highlighted the importance of the sector and the existing growth potential while congratulating all the stakeholders at the conclave for taking precedence by organising the same.
While examples on how the convergence of the industry were recognized through schemes such as Ayushman Bharat, it was also highlighted by Rajit Mehta, Mentor, CII Senior Care Taskforce, CEO & MD Antara Senior Living that “India provides quality healthcare at the lowest cost possible compared to the western countries.”
With the gathering of relevant stakeholders across the Senior Care spectrum, the need for a technologically backed environment to create a robust ecosystem in the senior care sector was re-emphasized. The importance of creating a community that actively engages the elderly population was seen as key moving forward.
Mr Mathew Cherian, CEO, HelpAge India emphasized the message on how the 60+ should count for the future.
The report titled, “Unlocking the potential of the Senior Consumer Market” was released at the conclave. With the government proactively creating and promoting holistic policies and programmes for dealing with the ageing society, it is important to assess new models of access and delivery while building further capacity to undertake new approaches. The report covers the consumer market in India and how the services being offered are constantly expanding creating a platform for further opportunities.
A robust ecosystem that allows for the convergence of all the stakeholders in the industry that ensures the promotion and provision of effective and efficient delivery of senior care services is pivotal for a conducive senior care environment.
1 October 2019