Published on 17 Feb 2025
Silver economy refers to the economic activities and opportunities associated with the ageing population, particularly the market and industry related to goods and services aimed at senior citizens. In India, the proportion of the elderly population is expected to double by 2050, with a potential market of $ 2 trillion.
Significance of Silver economy in India
✔ Rapidly ageing population: India is experiencing a significant demographic transition with an increase in the proportion of elderly individuals, which raises the potential for a silver economy.
● Example: As per UNFPA report, by 2046, India’s elderly population will be higher than the population size of children between 0 to 14 years.
✔ Improved healthcare demand: Increased awareness regarding wellness, improved standard of living and growth of technology has increased the demand for healthcare products and services.
● Example: Demand for healthcare wearables and other products have surged especially during the post COVID phase.
✔ Employment potential: Many ageing people are pursuing new career opportunities prior to retirement which makes them an economic asset to the society.
✔ Technological upsurge: Rapid development in technology has enabled individuals to overcome certain age-imposed disabilities, thus enabling them to function like normal citizens.
● Example: Increased demand for assistive devices, robotic-enabled care work, smart home technology etc. has to be expected in the future years.
✔ Financial services: Elderly individuals have gained enough financial literacy to look for better financial services like retirement planning, pension management and other insurance options.
Role of Gerontechnology in Silver economy
Gerontechnology refers to the interdisciplinary field of applying technology to address the needs and challenges associated with ageing and the elderly population. It involves use of technology to enhance the quality of life, promote independence, and address the health and well-being of older individuals. Some components of gerontechnology include:
✔ Assistive technologies: Devices designed to assist older individuals in performing daily activity and to maintain their independence.
● Example: Mobility aids, hearing aids, smart glasses etc.
✔ Healthcare technology: Development of devices which aids in real-time monitoring of health conditions and thus aids in providing timely medical care.
● Example: Apple Watch monitors health conditions like heart health and allows sharing health data with your doctor. It also has features like fall detection and emergency SOS button.
✔ Smart home solutions: Use of technology to make home safer and accessible for the elderly.
● Example: Camera doorbell, Smart locks, fall detection sensors etc can enhance the security of homes.
✔ Learning platforms: Online platforms, which focus exclusively on offering courses to older individuals. Learning can make them mentally healthy and also increases their economic value.
● Example: GetSetUp and Senior Planet are some online platforms dedicated for adults.
✔ Social media enabled connections: Aged people can connect with their relatives and friends through social media and hence can come out of their isolation.
● Example: 20% of respondents aged 60+ spend more than 4 hours a day on social media and 95% said that the technology aids in their mental health.
✔ Robotics: Development of robots that can assist with tasks such as companionship, medication reminders and even physical assistance.
● Example: Robear is a robot developed in Japan to be employed in care facilities or private homes.
Way forward
✔ Inclusivity in service delivery: Old-age services are surging, but needs to be inclusive by catering to the needs of elderly individuals from marginal sections of the society.
✔ Affordability of technology: Majority of elderly individuals are unemployed or have limited savings. Hence, assistive technologies shall be made cheap through subsidized production.
✔ More focus on elderly infrastructure: This is critical to ensure accessibility for the elderly individuals and make them open to public services.
Thus, there is immense scope for the development of the silver economy and a collaborative effort between the government and private industries is required to properly tap these opportunities so that it benefits the development of the older generation and the nation.
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Silver Economy
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