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Technology and data will be critical, and India will leapfrog many western economies in building a robust senior care industry that is rooted on the behavioural aspects of the Indian seniors.
As the elderly population grows, entrepreneurs can expand opportunities along with it.
The 60 plus age group is growing in number – from 8 per cent of the total population in 2001 to 10 per cent in 2011, and is further projected to reach 19 per cent by 2041, according to a CII report about the senior citizen category in India.
If caring for the elderly and offering them services to make their lives easier is a passion of yours, then this could be the business idea for you. Here are 10 examples of elder care business ideas you can learn from.
The technology is capable of establishing an automated environment which leaves no room for scams
Elder care is as much a sociological issue as that of access or affordability
We think that the retirement time is the most relaxing phase for senior citizens but with increasing age, the unavoidable health problem and challenges also keep on escalating.
Often the elderly feel inhibited to go out on their own or are apprehensive of this technologically advanced world.
Thai elderly care robot Dinsow can not only keep track of your medication and video-phone your relatives, but can also exercise with you and even entertain you with its karaoke skills.
Read how novice inventor Lesli Jenkins Wang got the conservative medical industry to accept her Free2GoRollator late last year.
Pat Abernathey believed the Caring Senior Service model so much, he went from the vice president of franchise development to running a franchise himself.