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.

All India Institute of Medical Sciences (AIIMS), Delhi has implemented a 100 per cent digital payment system in its cafeteria.

Under the guidance of Director Dr. (Prof.) M Srinivas, AIIMS has taken the decision that is in line with the institute’s aims to streamline transactions, enhance efficiency, and promote a cashless environment in alignment with the institute’s commitment to modernization and convenience.

Despite previous directives, it has been observed that cash transactions were still being conducted alongside digital payments at the AIIMS Cafeteria.

In response to this, the administration reiterated that only digital modes of payment, such as smart cards, UPI, credit cards, and debit cards, will be accepted at all cafeteria counters.

Dr (Prof.) M Srinivas stressed the importance of this transition, stating, “The shift to 100 per cent digital payments is a significant step towards promoting transparency, security, and convenience for our staff, visitors, and stakeholders. We urge everyone to cooperate and adapt to this new system for a smoother cafeteria experience.”

Dr Rima Dada, from the PIC Media Cell, highlighted the progressive approach of AIIMS in embracing technological advancements. “The adoption of a fully digital payment system reflects AIIMS’ progressive approach to embracing technological advancements. This move not only enhances convenience but also contributes to a more secure and efficient payment ecosystem.”

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.