Growth in Elder Care around the World

As global healthcare improves and life spans lengthen, seniors represent an increasingly large segment of the population.

In fact, according to a Seeking Alpha Global Risk Insights report: “The United Nations projected that by the year 2100 the world’s population will become 11.2 billion and from that 3.2 billion will be at least 60 years old. Even before that occurs, the Second World Assembly on Aging stated that individuals over 60 years old are beginning to outnumber children under the age of 15; however, developed nations attained this distinction in 1998.”

This growing number of seniors means that smart elder care services solutions are increasingly important to the population’s quality of life in many ways. This is part of the reason why the global elder care services industry is predicted to grow.

In January, a Persistence Market Research report described this predicted growth and explained that North America and Europe dominate the global health care services market.

“However, Asia is expected to show high growth rates in the next five years in global elder care services,” the report added. “China and India are expected to be the fastest growing elder care services markets in Asia.”

The report also discussed the ways that services like home care assistance offer solutions to challenges that elders may face: “Numerous advantages of these services have increased the adoption rates of elder care services… such as living at home and skilled nursing care. These types of advantages are also contributing to the growth of the global elder care services market.”

The potential implications of this growth could include an increased number of jobs in the elder care services sector and better quality and variety of products and services catering to seniors.