The global gerontology market size was estimated at USD 1.3 billion in 2023 and is projected to grow at a CAGR of 7.8% from 2024 to 2030. This market includes healthcare services, assistive devices, pharmaceuticals, and wellness programs designed to address the specific needs of older adults. As the global population ages, the demand for gerontology-related services is rapidly increasing. According to the United Nations, the proportion of individuals aged 65 and older is growing more rapidly than those under 65. As a result, the global percentage of people aged 65 and above is projected to increase from 10% in 2022 to 16% by 2050. This market is also driven by technological advancements, increasing awareness of healthy aging, and a growing focus on preventive healthcare. The gerontology market is poised for significant growth, fueled by several key factors.
One of the primary drivers of the gerontology market is the increasing aging population worldwide. The global demographic shift towards an aging population, with the number of individuals over 60 is projected to double by 2050 to nearly 2.1 billion, presents both unique challenges and opportunities. This demographic shift creates a substantial demand for age-related healthcare services, products, and support systems. As life expectancy increases, there is a growing need for solutions that address chronic diseases, mobility issues, cognitive decline, and other age-related health concerns. These expanding elderly population ensures a sustained demand for gerontology services and innovations.
In addition, technological advancements play a crucial role in the growth of the gerontology market. Innovations in medical devices, telemedicine, and health monitoring systems are transforming the way care is delivered to older adults. Technologies such as wearable health monitors, smart home systems, and robotic assistance devices enhance the independence and safety of the elderly. Additionally, advancements in pharmaceuticals and biotechnology are leading to the development of more effective treatments for age-related diseases. These technological innovations improve the quality of life for older adults and drive market growth by offering new solutions and opportunities.
Furthermore, rising healthcare expenditure, particularly in developed countries, is another significant factor contributing to the growth of the gerontology market. Governments and private sectors are investing heavily in healthcare infrastructure and services to accommodate the needs of the aging population. In October 2023, elder care platform Age Care Labs raised USD 11 million in a pre-Series B funding round led by Rainmatter Capital and Gruhas. The funds will be used to expand its presence across India, invest in product and technology enhancements for an improved customer experience, and explore acquisition opportunities within the country. Increased funding for research and development in geriatrics and aging-related diseases is leading to the discovery of new treatments and therapies. Moreover, higher healthcare spending supports the expansion of long-term care facilities, home healthcare services, and rehabilitation centers, all of which are essential components of the gerontology market.
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One of the primary drivers of the gerontology market is the increasing aging population worldwide. The global demographic shift towards an aging population, with the number of individuals over 60 is projected to double by 2050 to nearly 2.1 billion, presents both unique challenges and opportunities. This demographic shift creates a substantial demand for age-related healthcare services, products, and support systems. As life expectancy increases, there is a growing need for solutions that address chronic diseases, mobility issues, cognitive decline, and other age-related health concerns. These expanding elderly population ensures a sustained demand for gerontology services and innovations.
In addition, technological advancements play a crucial role in the growth of the gerontology market. Innovations in medical devices, telemedicine, and health monitoring systems are transforming the way care is delivered to older adults. Technologies such as wearable health monitors, smart home systems, and robotic assistance devices enhance the independence and safety of the elderly. Additionally, advancements in pharmaceuticals and biotechnology are leading to the development of more effective treatments for age-related diseases. These technological innovations improve the quality of life for older adults and drive market growth by offering new solutions and opportunities.
Furthermore, rising healthcare expenditure, particularly in developed countries, is another significant factor contributing to the growth of the gerontology market. Governments and private sectors are investing heavily in healthcare infrastructure and services to accommodate the needs of the aging population. In October 2023, elder care platform Age Care Labs raised USD 11 million in a pre-Series B funding round led by Rainmatter Capital and Gruhas. The funds will be used to expand its presence across India, invest in product and technology enhancements for an improved customer experience, and explore acquisition opportunities within the country. Increased funding for research and development in geriatrics and aging-related diseases is leading to the discovery of new treatments and therapies. Moreover, higher healthcare spending supports the expansion of long-term care facilities, home healthcare services, and rehabilitation centers, all of which are essential components of the gerontology market.
Global Gerontology Market Report Segmentation
This report forecasts revenue growth at country levels and provides an analysis on the latest industry trends and opportunities in each of the sub-segments from 2018 to 2030. For the purpose of this study, the publisher has segmented the gerontology/aging market report on the basis of type, age, technology, application, and region.- Type Outlook (Revenue, USD Billion, 2018 - 2030)
- Social Gerontology
- Environmental Gerontology
- Biogerontology
- Application Outlook (Revenue, USD Billion, 2018 - 2030)
- Fitness and Wellness Services
- Non-Profit Organizations
- Business Communities
- Hospitality
- Travel
- Healthcare
- Age Outlook (Revenue, USD Billion, 2018 - 2030)
- 65-75 years
- 75-85 years
- 85 and above
- Technology Outlook (Revenue, USD Billion, 2018 - 2030)
- Wearable Devices
- Smart Home Devices
- Others
- Regional Outlook (Revenue, USD Billion, 2018 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Norway
- Denmark
- Sweden
- Asia Pacific
- Japan
- China
- India
- Australia
- South Korea
- Thailand
- Latin America
- Brazil
- Argentina
- Mexico
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Kuwait
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Table of Contents
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Gerontology Market Variables, Trends & Scope
Chapter 4. Gerontology Market: Type Estimates & Trend Analysis
Chapter 5. Gerontology Market: Age Estimates & Trend Analysis
Chapter 6. Gerontology Market: Technology Estimates & Trend Analysis
Chapter 7. Gerontology Market: Application Estimates & Trend Analysis
Chapter 8. Gerontology Market: Regional Estimates & Trend Analysis
Chapter 9. Competitive Landscape
List of Tables
List of Figures
Companies Mentioned
- Centre of Ageing Better
- Care Centers
- Keele Centre for Social Gerontology
- HelpAge India
- Administration on Aging, Gerontology Research Center
- National Aging Research Institute
- World Health Organization
- British Geriatrics Society
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 100 |
| Published | July 2024 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value ( USD | $ 1.3 Billion |
| Forecasted Market Value ( USD | $ 2.3 Billion |
| Compound Annual Growth Rate | 7.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 8 |
