Sanjeev Jain, Founder, Nema Eldercare highlights that numerous services and products have emerged over time to support and care for elders, each expected to undergo a transition in the coming year. 2024 promises to be a pivotal year in observing these changes unfold
As we approach 2024, the senior care sector, a burgeoning industry, is poised for significant transformation and growth. Despite India’s youthfulness and strong familial values, a notable shift is underway, driven by a substantial migration of skilled, educated youth to developed countries in pursuit of improved job opportunities, a better environment, and an enhanced lifestyle. While parents may spend a few months with their children abroad, India continues to offer advantages, particularly in terms of accessible private healthcare and support staff at reasonable costs. These expatriate children aspire to provide every conceivable comfort to their parents back home.
Numerous services and products have emerged over time to support and care for elders, each expected to undergo a transition in the coming year. 2024 promises to be a pivotal year in observing these changes unfold.
In-homecare
Traditionally, large companies provided trained or semi-trained nursing attendants to assist elders in their daily activities. Initially, these attendants were on the payroll of companies and dispatched to elders as needed. However, cost pressures prompted a shift towards sourcing staff from labor contractors, who often housed these individuals without pay until employment. While some companies provide training, most send staff without proper preparation. This fragmented market has largely been overtaken by small vendors and part-time nurses. Unfortunately, this system places an undue financial burden on elders, with little added value from the companies involved. The year 2024 is anticipated to bring about a complete disruption in this market, benefiting elders and posing challenges for companies functioning as mere labor contractors.
Carehomes
Carehomes, encompassing assisted living and independent living facilities, predominantly operate on lease models, providing fully furnished rooms to seniors with comprehensive care. While the past few years have seen the emergence of carehomes by both small entrepreneurs and major players, the market is yet to mature. 2024 is expected to witness the consolidation of carehomes, with a few large entities emerging as industry leaders. Government interventions are likely to lead to the establishment of more guidelines, and the year may mark the inception of independent living homes.
Retirement housing
The retirement housing segment is experiencing a notable surge in acceptance, with customised housing equipped with all amenities becoming increasingly favorable for seniors. Southern India is witnessing a boom in this market, and the trend is catching on in the West. The upcoming year is anticipated to bring forth numerous senior living projects, particularly in North India led by Gurgaon, the Mumbai-Pune belt in Western India, and even in Central India (Indore) and East India (Calcutta & Bhubaneshwar). Notably, projects in hill stations and beaches have faced challenges. Seniors prefer pollution-free environments but also need proximity to major health centers and international airports for quick access by their children. These senior living projects may find success as time-shared resorts for seniors on a rental model.
Technology
The eldercare sector has seen limited technological development, with a few startups emerging, albeit lacking a comprehensive understanding of needs and focus. Technologies such as fall detection, geo-fencing, home automation, sensors, and monitors are being developed without a holistic understanding of the requirements. There is a pressing need for a major player to undertake research and develop care devices that align with the practical needs of seniors. While some entrepreneurs are working on emergency management using technology, these efforts remain minimal. The sector awaits a transformative leap in technological solutions that can significantly enhance eldercare services.