According to the United Nations, individuals aged 60 and over will number approximately 1.5 billion by 2050. In Japan, the challenges of an aging population are particularly pronounced, as people over the age of 65 account for 23% of the population. Increased number of older individuals is accompanied by increasing health concerns, presenting unique demand for the medical device industry. With rising pressure on governments, payers, and manufacturers to reduce healthcare costs, innovative medical technologies have tremendous potential to improve elder care.
The shift towards home care for the elderly population has been occurring for several years. The advancement of medical device technologies has resulted in a significant increase in the number of conditions that can be managed in a home care setting. To capitalize on this strong demand and growth, manufacturers are increasingly producing consumer-targeted equipment. GlobalData expects strong market activity in age-related healthcare as companies adapt their technologies to meet the demands of the aging population.
The COVID-19 pandemic has also placed further stress on health care delivery systems worldwide, exposing the structural ageism that led to high rates of morbidity and mortality among older populations. These circumstances have prompted the United Nations, World Health Organization, World Economic Forum, and Global Age-Watch to call for the prioritizing of medical, scientific, social, and financial preparedness for the aging population as a global imperative. The strong market activity in age-related healthcare as companies adapt their technologies to meet the demands of the aging population.
What are the key trends and market dynamics for the Aging Population and Medical Devices?
As the global population grows older, the burden of chronic diseases such as cancer, diabetes, heart disease, and chronic respiratory diseases increases. Treatment for these diseases is getting more complex, therefore the demand for complementary medical devices and technologies is rising. Global expenditure on healthcare has continued to grow over the last two decades. According to the Organization for Economic Co-Operation and Development (OECD), costs are expected to continue growing at a compound annual growth rate (CAGR) of 2.7% during the forecast years.
As populations age, there is an increased burden on healthcare systems, more complex needs and chronic diseases, and a greater need for diagnosis, prevention, and rehabilitation during and after hospitalization. The elderly population is particularly susceptible to several health conditions, such as heart disease, diabetes, and cancer. As such, the global burden of diseases has moved from tackling infectious diseases to managing these long-term conditions. A pressing need in upcoming decades will be ensuring that older adults, who increasingly constitute a significant percentage of the population, can function independently and maintain an acceptable quality of life.
Addressing the unmet care and support needs of the aging population and designing services and solutions centered around what they require is therefore becoming an urgent public health priority.
Digital technology offers an opportunity to support and empower an aging population to lead fulfilling and healthy lives. New automated and continuous technologies such as artificial intelligence (AI) and robotics can enhance older adults’ ability to live safely in their desired settings. On the other hand, innovative medical devices can help seniors become independent and reduce the costs and stress of constant care.
The COVID-19 pandemic has highlighted the fragility of health and social care systems worldwide, particularly for marginalized groups such as older people, particularly those living in long-term care facilities.
What are the segmentations of the Aging Population and Medical Devices value chain?
The aging population value chain can be divided into three major segments. These segments are the patients seeking healthcare services, devices that facilitate or improve aging in place and the providers of these devices and services.
Patients seeking medical care: As average lifespans increase, so too are older persons living with more chronic and acute health problems and relying on care through the health system to maintain functioning and prolong life. The aging population is therefore increasingly seeking these devices for remote assistance, social communication, and medical care, highlighting the importance of incorporating their needs and preferences when developing effective technological solutions.
Devices for Elderly Care: Various medical devices currently exist to support older people. These include diagnostic, monitoring, and therapeutic devices that can be used in the home, or as wearable and assistive devices. The use of wearable devices that closely align with the needs of an aging population is increasing. The older population is vulnerable to changes in their health conditions and may be burdened by frequent clinical visits. Wearable devices are therefore a great alternative that can aid independence and encourage older adults to manage stable chronic conditions by themselves. Historically, assistive technology has been associated with disabilities and has often been shunned by the aging population. But the pervasiveness of technology in modern life suggests that this may be changing for both older people and their caregivers.
Providers: The main aging population devices markets are home care settings, nursing home facilities, hospitals, and rehabilitation centers. The home care segment is leading the market and this trend is expected to continue. However, the desire to age in place is not always practical. Forgetting to take medications, the risk of falling, a lack of personal mobility, access to stores for food and other supplies, and the inability to show up for doctor’s appointments are all factors that may contribute to an aging individual being moved into a facility. Therefore, nursing home facilities will also continue to be an important market.
Which are the major companies in the Aging Population and Medical Devices theme?
The major companies in the aging population theme include Abbott Laboratories, Apple, Becton Dickinson, Biotronik, Boston Scientific, Cochlear, DexCom, Medtronic, Omron and GE Healthcare.
Key companies in the Aging Population and Medical Devices
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Market report scope
|Key Companies||Abbott Laboratories, Apple, Becton Dickinson, Biotronik, Boston Scientific, Cochlear, DexCom, Medtronic, Omron and GE Healthcare|
|Key Value Chain segments||Patients seeking medical care, Devices for Elderly Care and Providers|
- This is a single theme report providing in-house analyst expertise of the aging population and the impact on the medical device industry.
- It identifies the key trends impacting the growth of the theme over the next 12 to 24 months, split into three categories: technology trends, macroeconomic trends, and regulatory trends.
- It includes comprehensive industry analysis, including the market size of devices typically used by the aging population.
- The detailed value chain shows the market segmentation covering the key devices used for elderly care as well as the providers. Leading and challenging vendors are identified for each of the device segments.
Reasons to Buy
- Develop and design your corporate strategies through an in-house expert analysis of the aging population by understanding the primary ways in which this theme is impacting the medical device industry.
- Stay up to date on the industry’s major players and where they sit in the value chain.
- Identify industry trends in emerging elderly care technologies to gain a competitive advantage.
Table of Contents
Our Thematic Research Methodology
Frequently Asked Questions
The segmentations of the aging population value chain include Patients seeking medical care, Devices for Elderly Care and Providers.
The major companies in the Aging Population and Medical Devices are Abbott Laboratories, Apple, Becton Dickinson, Biotronik, Boston Scientific, Cochlear, DexCom, Medtronic, Omron and GE Healthcare.