New Delhi, April 17 : By 2050, India is projected to house up to 340 million senior citizens, constituting approximately 17 per cent of the world's elderly population, a new report showed on Wednesday.

With an increasing number of seniors seeking specialised care and lifestyle options, the demand for senior living facilities has surged significantly in the country in recent years, according to the report by real estate consulting firm CBRE South Asia.

'In India, the segment is witnessing substantial growth, driven by favourable demographics, rising chronic conditions, and increasing awareness,' the findings showed.

Currently, the senior care landscape is rapidly evolving, with 18,000 units spread throughout the nation.

The southern region distinctly leads by contributing about 62 per cent to the overall supply in organised senior living and care segments.

The total estimated target for senior living facilities in 2024 is around 1 million, projected to increase to 2.5 million in the next 10 years.

'India's senior population is expected to experience a remarkable 254 per cent growth, making it the fastest-growing demographic segment globally,' said Anshuman Magazine, Chairman and CEO, India, South-East Asia, Middle East & Africa, CBRE.

India has experienced a significant surge in the number of senior living projects over the past decade, reflecting the growing acceptance and demand in this sector, he added.

Future expansion of senior care units by major players is concentrated in the cities of Chennai, Bengaluru, Hyderabad, Coimbatore, Pune and Delhi-NCR.

For enhanced geriatric care in India, several policy initiatives such as National Programme for Healthcare of Elderly (NPHCE), National Health Policy and community-based programmes are undertaken by the government.

'Industry leaders emphasise the booming potential of the senior care sector in India, recognising the need for structured care programmes, targeted policies, and specialised medical services to meet the evolving preferences of the aging population,' said Rami Kaushal, Managing Director, Consulting and Valuation Services, India Middle East and Africa, CBRE.

/IANS