Market Analysis - Geriatrics Gerontology 2020
Market Study of Geriatrics in USA | Europe | Middle East | Asia Pacific:
USA: By 2030, it is estimated that the US population of people age 65 and over will double, making up over 20% or about 70 million of the country’s population. As the baby boomers enter the geriatric population, this has the potential to enormously escalate the nation’s already high health care costs. The U.S. population is “graying” at a rapid rate. According to data published by the United Nations in 2014, it has been estimated that by the year 2022, approximately 35% of the population would be above 60 years of age.
Europe: In 2013 the population of the EU (28 countries) was roughly 507 million. Projections show a rise in the European population of over 18 million (3.6%) in the next 35 years, with the population peaking in 2050 at 525.5 million. The median age in Europe has risen by 8.3 years in the last half a century, from 31.5 in 1960 to 39.8 in 2010. It is projected to rise by another 7.4 years, to 47.2, by 2050. The percentage of Europeans aged over 65 is projected to rise from 16.0% in 2017 to 29.3% in 2050. The European population aged over 80 is set to rise significantly. In 1960 just 1.4% of Europeans were over 80. This figure reached 4.1% in 2010 and is projected to increase to 11.5% by 2050.
Middle East: The Middle East will develop rapidly aging populations within the next few decades. Many factors has resulted in increase in the elderly including improvement in living standards, the curbing of communicable disease, and the latest breakthroughs in medical science. The World Health Organization, estimates that from 2000 to 2050, the rate of growth of the population above age 65 is projected to be 4%–5%, and the average annual growth rate of the oldest old (85 years and older) will exceed 5% in eleven Arab countries.
Asia Pacific: The Asia-Pacific region is undergoing profound and rapid population changes. All countries in Asia and the Pacific are in the process of ageing at an unprecedented pace, although the timing and pace of this transition varies across the region. In 2016, approximately 12.4 per cent of the population in the region was 60 years or older, but this is projected to increase to more than a quarter or 1.3 billion people by 2050. By 2050, nearly 8 in 10 of the world’s older population will live in the less developed regions. This is especially pertinent for a region such as Asia and the Pacific.
Importance and Scope:
The world’s older population continues to grow at an unprecedented rate. Today, 8.5 percent of people worldwide (617 million) are aged 65 and over. According to a new report this percentage is projected to jump to nearly 17 percent of the world’s population by 2050 (1.6 billion). Population ageing is poised to become one of the most significant social transformations of the twenty-first century, with implications for nearly all sectors of society, including labour and financial markets, the demand for goods and services, such as housing, transportation and social protection, as well as family structures and intergenerational ties. the number of older persons — those aged 60 years or over — is expected to more than double by 2050 and to more than triple by 2100, rising from 962 million globally in 2017 to 2.1 billion in 2050 and 3.1 billion in 2100. Globally, population aged 60 or over is growing faster than all younger age groups. In 2017, there are an estimated 962 million people aged 60 or over in the world, comprising 13 per cent of the global population. The population aged 60 or above is growing at a rate of about 3 per cent per year. Currently, Europe has the greatest percentage of population aged 60 or over (25 per cent). Rapid ageing will occur in other parts of the world as well, so that by 2050 all regions of the world except Africa will have nearly a quarter or more of their populations at ages 60 and above. The number of older persons in the world is projected to be 1.4 billion in 2030 and 2.1 billion in 2050, and could rise to 3.1 billion in 2100.
Major Geriatrics Societies/ Associations around the Globe:
British Geriatrics Society
American Geriatrics Society
European Union Geriatric Medicine Society
International Association of Gerontology & Geriatrics
Geriatrics Society of India
Japan Gerontological Society
Canadian Geriatrics Society
Canadian Association on Gerontology
Center to Advanced Palliative Care
Southern Gerontological Society
Major Geriatrics Societies/ Associations in Europe:
Sociedad Española de Geriatría y Gerontología
Sociedad Española de Medicina Geriátrica
Andalusian society of Geriatrics and Gerontology
Valencian society of Geriatrics and Gerontology
Madrid society of Geriatrics and Gerontology
Czech Society of Gerontology and Geriatrics
Danish Society of Geriatrics
Hungarian Association of Gerontology and Geriatrics
Swedish Geriatric Medicine Society
Portuguese Society of Geriatrics and Gerontology
French Society of Geriatrics and Gerontology
Irish Gerontological Society
Italian Society of Gerontology and Geriatrics
Turkish Geriatric Society
Universities Associated with Geriatrics around the Globe:
San Diego State University
University of Nebraska
California State University
University of South Florida
University of Northern Iowa
Missouri State University
Winston-Salem State University
Weber State University
Minnesota State University
California University of Pennsylvania
University of Michigan
King's College London
University College Cork
Central South University
The University of Edinburgh
University of Hong Kong
University of North Dakota
La Trobe University
University of Sheffield
University of Melbourne
Charles Strut University
The Chinese University of Hong Kong
Key players operating Geriatric Research around the Globe:
Centre of Ageing Better, Senior Care Centers, Keele Centre for Social Gerontology, HelpAge India, Administration on Aging, Gerontology Research Center, National Aging Research Institute, The World Health Organization, British Geriatrics Society, Association of Retired and Persons over 50 and International Association of Gerontology and Geriatrics. Brookdale Senior living, Kindred Healthcare Inc., Extendicare, Inc., Senior Care Centers of America and Genesis Healthcare Corp. GGNSC Holdings LLC, Amedisys Inc., Genesis HealthCare LLC, Home Instead Senior Care Inc., Gentiva Health Services Inc., Senior Care Centers of America, Sunrise Senior Living LLC, Kindred Healthcare Inc., Extendicare Health Services Inc., and Skilled Healthcare Group Inc., Extendicare Inc.
Growing geriatric population intending to live independently is one of the major drivers of the geriatric care services market. The global geriatric care services market is expected to reach to 1,012.02 billion Pounds by 2022, growing at a CAGR of 6.1% over the forecast period. According to data published in 2017, it has been estimated that by the year 2022, approximately 35% of the population would be above 60 years of age. Presence of various long term care services providers coupled with favourable reimbursement policies are few factors expected to boost the growth of the geriatric care services market. Furthermore, increasing oldest old population who are prone to various medical conditions such as Neurological, Orthopaedic, Cardiovascular & Respiratory disorders coupled with increasing technological advancement such as the development of specialty robots capable of assisting elderly in carrying out day to day operations are expected to drive the geriatric care services market growth.
The proportion of older people in the population continues to grow, Rome is one of the most strongly affected by demographic change with the proportion of people aged ≥ 65 years expected to rise by about 50% until 2030. Due to the progressive increase in the proportion of elderly people, health care systems are faced with serious organizational and financial challenges. At the end of 2018, proportion of the population aged over 65 was 21.1 percent. 30.9 percent are estimated for the year 2060. An increasing proportion of older people are accompanied by a decrease in the proportion of the younger generation. Currently 18.3 percent of the population is aged less than 20 years, for 2060 17.3 percent is expected. The proportion of the population aged over 80 (the very old) is estimated to rise from today's 5.8 percent to 11.8 percent in 2060. In Rome the number of dementia patients is estimated to rise to between 2.1 and 3.5 million by 2050.