347 mn seniors by 2050; India's home healthcare market to soar to $21.3 bn by 2027

By 2050, one in every five Indians will be a senior citizen, translating to 347 million senior citizens over the next 25 years. In an interaction on the "What India Needs" podcast, hosted by Shutapa Paul, Rajinish Menon, Founder and CEO of Sukino Healthcare Solutions, shared his insights on this demographic shift.

"India is a quick-learning country and has begun to understand the impending challenges faced by the elderly. We anticipate a 40% decadal growth in the elderly population. This demographic shift is significant, with the number of people over 80 expected to equal those aged 0-15. Are we ready? The answer is no, but we are mentally preparing and gearing up for the change,” he said.

"The machinery is working towards addressing this shift. The government has shown focus, and private players are actively promoting good health among elders. CSR activities from corporates are playing a crucial role in this transition, and we see promising initiatives in urban areas being replicated in Tier 2 and Tier 3 cities,” he added.

Menon identified several pressing challenges faced by senior citizens in India, including financial security, infrastructure, and healthcare.

Shutapa Paul also raised concerns about the isolation and loneliness that many seniors experience. Highlighting the growing safety concerns, she pointed out the increasing percentage of crimes against seniors, including elder abuse by family members. "We see a growing percentage of crimes against senior citizens, whether physical, mental, or cybercrime. The numbers are huge and shocking. As per reports, almost 35% of senior citizens face abuse from their sons and 21% from their daughters-in-law," she said. In response, Menon stressed the need for awareness and self-protection among elders.

The discussion also touched upon India’s home healthcare market that is expected to be worth $21.3 billion by 2027, up from $6.2 billion in 2020, according to a 2021 NITI Aayog report. Factors driving this growth include the increasing demand for better quality postoperative and primary care, advancements in technology, rising disposable incomes, and the shift from communicable to lifestyle diseases.

Addressing the state of home healthcare in India, Menon said, "Home care has great potential and is a resource-augmented model, especially where business is concerned. The infrastructure is developing, but there are significant challenges. Home care is currently in a nascent stage, often relying on labour from less developed states, who are trained briefly and then deployed. This model will evolve as society becomes more accepting and technology progresses. Home care is essentially the last-mile delivery of healthcare."

"Adequate compensation is necessary for good home healthcare services. There are affordable options available, but consumers must understand the minimum requirements for quality care. It is a combination of proper training, technology, and consumer awareness that will improve home healthcare. Sukino is committed to playing a pivotal role in this transformation, providing multidisciplinary out-of-hospital inpatient recuperative, rehabilitative, and palliative care that feels like home, ensuring that the elderly can age with dignity and receive the care they deserve,” he said.

Elaborating on Sukino’s growth plan, Menon highlights that the company will not only expand its geographical presence across various cities in India but will also explore new models of care. This includes areas such as oncology, ambulatory care, and other advanced healthcare services beyond traditional home and continuum care. Menon states, “Our focus is not only on organic growth but also on exploring strategic opportunities for inorganic expansion. We see significant potential in collaborating with promising startups and technology providers that align with our vision for advanced healthcare solutions. Our technology adoption strategy is centered on integrating meaningful advancements to enhance patient care and streamline processes. We aim to leverage technology as an enabler to deliver practical and impactful healthcare solutions.”