Seniors

WHAT'S NEXT?: Between 2000 and 2050, the proportion of the world's population aged over 60 will double from about 11 per cent to 22 per cent.

• [New] While, in some countries, the relative size of the working-age population is set to decline because of population ageing - leading to labour shortages in some sectors in some economies - in others, the relative size of the working-age population is projected to increase over the coming decades.
• [New] 15 million people in the UK are expected to be living in poverty in 2020 including 2 million pensioners and over 4 million children.
• [New] The health impacts of climate change are likely to be exacerbated by ageing populations in emerging economies, with the global population of people aged over 65 expected to explode by 2050, effectively doubling the proportion of older people in the global population.
• [New] Retiring baby boomers and rising life expectancy will lift the share of the population aged 65 or over to almost 30% by the 2050s, a faster rate of ageing than most OECD countries.
• [New] By 2030, one in six people in Ireland will be over 65, an increase from the one in eight today; while by 2055, 1.4 million people will eligible for the state pension, compared to 600,000 in 2015.
• [New] The market for robots for elderly and handicap assistance is currently small, accounting for only 1.3% of sales value of personal / domestic service robots in 2018: is expected to increase by an average of 29% per year from 2019 to a value of around US$126 million in 2022.
• While the UK population as a whole is ageing and that one in four people in the UK are set to be over 65 by 2041.
• Rise in life expectancy and ageing population are expected to make osteoarthritis the fourth major cause of disability by 2020.
• Although the state pension will increase in coming years, UK retirees will continue to rely on private and occupational schemes, with many pensioners facing poverty.
• Companies focused on immortality and longevity - extending the human lifespan as much as possible - are going to grow in coming years, with the market expected to be worth $600 billion by 2025.
• A commendable increase in the number of clinical cases associated with bone injuries along with growing elderly population worldwide will fuel bone growth stimulators market size over 2019-2025.
• Workers will have to sustain an increasing number of elderly people, due to the ageing of the world population.
• Population growth and ageing - along with lifestyle changes and urbanization - will dramatically increase the number of people with eye conditions, vision impairment and blindness in the coming decades.
• The eurozone's old-age dependency ratio - the number of people aged 65 and over as a percentage of the working-age population - is expected to rise steeply, from just above 30 percent in 2016 to about 52 percent by 2070.
• By 2046, there will be more people in every single year of age in Ontario compared to 2018, with a sharp increase in the number of seniors.
• People should expect to outlive their retirement savings by between eight and 20 years on average, with the highest burden on women.
• The UK population is ageing, with the number of people over 85 predicted to double to 3.2 million by 2041.
• In an unprecedented trend, most people can now expect to live into their 60s and beyond, and health systems everywhere are unprepared to meet the needs of the growing number of people living longer lives.
• Thailand is projected to reach a high value of old age dependency ratio (> 25 percent of the working-age population) by 2030, giving it a slightly longer time frame than Singapore to make suitable interventions, while Malaysia has much more leverage, reaching higher ratio levels only by 2050.
• While growth will remain steady in the developed markets, Asian and other emerging markets will be key for In Vitro Diagnostics market growth from 2019 to 2025.
• The share of US seniors ages 55 and older increased from 21 percent of the population in 2000 to 29 percent in 2017 and is expected to reach 33 percent by 2040, translating to 29 million more seniors in 2040 than in 2017.
• While growth will remain steady in the developed markets, Asian and other emerging markets will be key for Orthopedic Implants market growth from 2019 to 2025.
• Businesses need to recognise the overarching impact of ageing and rising longevity and embrace the opportunities it will bring in the coming years.

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Last updated: 13 November 2019