India’s demographic landscape is poised for a significant transformation, with projections indicating a gradual increase in the median age from approximately 29 to 38 by the year 2050. Concurrently, the proportion of aged individuals, aged 60 and above, is expected to rise from around 11 percent in 2024 to 21 percent in 2050. These demographic shifts signal a burgeoning demand for senior care services, including housing, within the country.

Acknowledging this demographic trend, industry experts anticipate substantial growth in the senior living market in India. According to Badal Yagnik, CEO of Colliers India, the current nascent stage of the senior living market presents a lucrative opportunity for private organized developers to tap into the burgeoning demand. With rising interest from institutional players and leading real estate developers, the senior housing sector is projected to expand nearly fivefold by 2030.

Factors such as increasing life expectancy, nuclearization of families, higher income levels, and a growing emphasis on post-retirement lifestyle stability are driving the demand for senior living services, particularly in urban areas. Seniors today seek amenities such as fitness centers, recreational activities, and cultural events to support an active and fulfilling lifestyle. Colliers estimates the current demand for senior housing at 18-20 lakh units, with projections indicating a significant increase in the next five to six years.

However, despite the growing demand, the supply of senior housing in India remains limited. Currently, the organized sector offers close to 20,000 units, translating to a mere 1% penetration rate. In contrast, mature markets like the US, UK, and Australia boast penetration rates of 6-7%. Vimal Nadar, Senior Director & Head of Research at Colliers India, predicts that the senior living market in India, currently valued at USD 2-3 billion, will witness a robust CAGR of over 30% and reach approximately USD 12 billion by 2030.

The senior living segment in India primarily offers independent living and assisted living options. Independent living facilities cater to seniors who can manage their daily activities independently but prefer the convenience of community living. On the other hand, assisted living provides additional services such as housekeeping, medical coordination, and emergency response systems.

Major organized developers in this sector include Ashiana, Columbia Pacific, Paranjape, Anatara, and Primus Senior Living.

As per National Health Accounts estimates for 2019–20, the key achievements in the health sector are that the total health expenditure was Rs 4,83,259 crore in 2014–15, which in 2019–20 has risen to Rs 6,55,822 crore.

After a Lancet report that asserted that the Indian government spends just 1.2 percent of GDP on healthcare and noted that it was among the lowest among G20 countries, sources in the government said that spending is at an all-time high and out-of-pocket expenditure as a percentage of the total health expenditure has decreased.

“As per the National Health Policy, 2017, public investment in health is envisioned to reach 2.5% of GDP by 2025. The Ministry of Health and Family Welfare (MoHFW) has taken up with states to prioritize allocation to the health sector and enhance their health budgets by at least 10 percent every year to reach the goal as envisaged,” one of the sources said.

The budget estimates of the Department of Health and Family Welfare have reached Rs 86,175 crore in 2023–24 from Rs 36,948 crore in 2014–15, thereby showing an overall increase of 133.23 percent during the period, they said.

According to the report by the medical journal Lancet, government spending on health has fallen and now hovers around an “abysmal” 1.2 percent of gross domestic product, out-of-pocket expenditure on health care remains extremely high, and flagship initiatives on primary health care and universal health coverage have so far “failed” to deliver services to people most in need.

In response, the sources in the government said the Health Ministry is making continuous efforts to increase allocations in the health budget.

Further, the 15th Finance Commission has provided Rs 70,051 crore as grants for health through the local governments, the sources added.

As per National Health Accounts estimates for 2019–20, the key achievements in the health sector are that the total health expenditure was Rs 4,83,259 crore in 2014–15, which in 2019–20 has risen to Rs 6,55,822 crore.

However, government health expenditure as a percentage of GDP has increased from 1.13 percent in 2014–15 to 1.35 percent in 2019–20, indicating the commitment of the government to increase investments in the health sector.

On out-of-pocket expenditure, they said it has been decreasing.

“Out-of-pocket expenditure (OOPE) as a percent of total health expenditure has decreased to 47.1 percent in 2019-20 from 62.6 percent in 2014-15.

As the Lancet mentioned in its report about the failure of flagship initiatives on primary health care and universal health coverage to deliver services to people most in need, the source in the government rubbished these charges and said that “the government has launched four mission mode projects, namely PM-Ayushman Bharat Health Infrastructure Mission (PM-ABHIM), Ayushman Arogya Mandir (and AB-HWCs), Pradhan Mantri Jan Arogya Yojana (PMJAY), and Ayushman Bharat Digital Mission (ABDM). Recently, the government has launched the Ayushman Bhav campaign.”

Further explaining the ‘Ayushman Bhav’ campaign, one of the sources said, “It’s a comprehensive nationwide healthcare initiative that aims to provide saturation coverage of healthcare services, reaching every village and town in the country. This groundbreaking initiative builds upon the success of the Ayushman Bharat program and signifies a paradigm shift in healthcare services.”

Other notable initiatives are to provide financial and technical support to States/ UTs under National Health Mission (NHM), setting up of new AIIMS, upgrading of Government medical colleges under the Pradhan Mantri Swasthya Suraksha Yojna (PMSSY), support to States/ UTs for setting up of new medical colleges as well as for increasing UG and PG medical seats, provision of free drugs and free diagnostic facilities at Primary Health Centres (PHC)/ Community Health Centres (CHC) and district hospital level, substantial increase in availability of government ambulances, implementation of Janani Shishu Suraksha Karyakram, Janani Suraksha Yojana, Pradhan Mantri National Dialysis Program, Mobile Medical Units etc, they said

On providing affordable generic medicines under PMBJP, telemedicine, and Sanjeevani, they said, “Quality generic medicines are made available at affordable prices to all under Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP) in collaboration with the state governments. Affordable Medicines and Reliable Implants for Treatment (AMRIT) Pharmacy stores have been set up in some hospitals and institutions, and under the National Telemedicine Service, eSanjeevani provides access to specialized medical healthcare across the country by providing facilities for doctor-to-doctor consultation and patient-to-doctor consultation.”

The theme for World Health Day 2024 is ‘My health, my right.’ According to the World Health Organisation, this theme aims to promote the right of everyone, everywhere to have access to health services, education and information.

India’s healthcare realm is experiencing a profound shift, propelled by substantial investments in infrastructure development. The Union Health Ministry’s allocation of Rs 90,658.63 crore in the interim budget for 2024–2025 marks a notable 12.59 per cent increase, emphasizing the government’s prioritization of healthcare expenditure. As the globe observes World Health Day, India commemorates significant milestones in its healthcare sector, with a strategic focus on infrastructure enhancement, equitable access to quality care, and the implementation of transformative initiatives.

Since 2016, the Indian healthcare industry has been on a soaring trajectory, boasting a remarkable compound annual growth rate (CAGR) of approximately 22 per cent. The hospital market in India, valued at USD 98.98 billion in 2023, is poised to sustain its upward momentum, with projections foreseeing a CAGR of 8.0 percent from 2024 to 2032. By 2032, the market is anticipated to reach a staggering value of USD 193.59 billion. Beyond the burgeoning hospital market, various segments within the Indian healthcare industry are experiencing rapid expansion.

The telemedicine market, for instance, is anticipated to soar to USD 5.4 billion by 2025, exhibiting an impressive CAGR of 31 percent. Similarly, the adoption of AI applications in healthcare is projected to surge at an annual rate of 45 percent by 2024, indicating a notable shift towards technology-driven healthcare solutions. Furthermore, the health-tech sector is primed for substantial growth, with hiring anticipated to escalate by 15- 20 percent in 2024. With pioneering investments and visionary policies, India is reaffirming its commitment to ensuring health and wellness for all its citizens.

On February 25, Prime Minister Narendra Modi inaugurated five new All India Institute of Medical Sciences (AIIMS) facilities across the nation, including Rajkot (Gujarat), Bathinda (Punjab), Raebareli (Uttar Pradesh), Kalyani (West Bengal), and Mangalagiri (Andhra Pradesh). Additionally, he unveiled a total of 202 healthcare infrastructure projects worth over Rs 11,700 crores across 23 states and union territories, encompassing medical colleges, specialty units, and research facilities.

Transforming healthcare accessibility, PM Modi’s flagship scheme, Ayushman Bharat, stands as a testament to India’s commitment to providing accessible and affordable healthcare to all citizens. Launched in 2018, Ayushman Bharat comprises four pillars aimed at revolutionizing the healthcare landscape. PM-JAY, the world’s largest government-funded health insurance plan, extends coverage to nearly 55 crore individuals from vulnerable families, offering an assured health cover of up to Rs 5 lakh per family per year.

The Ayurveda product market in India is poised for substantial growth, with projections indicating a remarkable increase in market value to Rs 1,20,660 crore ($16.27 billion) by FY28 from the current Rs 57,450 crore ($7 billion), according to a study conducted by Ayurveda tech startup NirogStreet.

The surge in the Ayurveda product market can be attributed to several factors, including the escalating demand for natural and herbal remedies both domestically and internationally. Additionally, the rise in the number of Ayurvedic medical practitioners, coupled with government initiatives and the emergence of new entrepreneurs in the sector, has further fueled the market’s expansion.

NirogStreet’s survey revealed that the overall market for Ayurveda products and services is expected to grow at a Compound Annual Growth Rate (CAGR) of 15 percent from FY23 to FY28. Specifically, the product and service sectors are anticipated to witness growth rates of 16 percent and 12.4 percent, respectively, during this period.

The survey also shed light on the Ayurvedic manufacturing landscape in India, estimating its value at Rs 89,750 crore ($11 billion) in FY22. This figure encompasses the value of exports, amounting to around Rs 40,900 crore ($5 billion), with imports estimated at Rs 8,600 crore ($1 billion).

Participation in the survey was significant, with approximately 7,500 manufacturers from 10 states, including Uttar Pradesh, Bihar, Madhya Pradesh, Delhi, Haryana, Rajasthan, Punjab, Maharashtra, Jammu and Kashmir, and Kerala.

At a recent CII AYUSH Conclave, Padmashri Vaidya Rajesh Kotecha, Secretary, Ministry of AYUSH, emphasized the importance of positioning AYUSH products in global markets and fostering innovation within the ecosystem. He highlighted that the AYUSH sector has witnessed remarkable growth, reaching $24 billion in a span of 10 years.

In light of this exponential growth trajectory, NirogStreet underscored the significant potential of the Ayurveda product market to become a key contributor to India’s economy.

The recent surge in the Ayurveda product market underscores a broader global trend towards holistic and natural wellness solutions. As consumers increasingly prioritize health and well-being, Ayurveda’s ancient wisdom and emphasis on holistic healing are gaining traction worldwide.

India’s rich heritage in Ayurveda positions it as a global leader in this burgeoning industry. The country’s vast array of medicinal herbs, traditional knowledge, and skilled practitioners serve as key assets in driving the growth of the Ayurveda sector. However, amidst the promising growth prospects, challenges persist, including the need for stringent quality control measures, standardization of products, and greater awareness about Ayurveda’s efficacy. Addressing these challenges will be crucial in ensuring the sustainable growth of the industry and maintaining consumer trust.

The endorsement of Ayurveda by government authorities and the proactive role of industry stakeholders in promoting innovation and research are essential steps towards realizing the full potential of the sector. In conclusion, the projected growth of India’s Ayurveda product market signifies a transformative shift towards holistic wellness and natural remedies. With concerted efforts from both public and private sectors, the Ayurveda industry is poised to emerge as a significant driver of economic growth while enriching lives with its time-tested principles of well-being.