The global Gerontology Market, valued at USD 1.42 billion in 2023, is projected to reach USD 2.79 billion by 2032, expanding at a compound annual growth rate (CAGR) of 7.83% during the forecast period 2024–2032, according to a recent report by SNS Insider.
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Key Market Drivers
The market's growth is primarily driven by the rapidly increasing elderly population worldwide, leading to a higher demand for healthcare, assistive devices, and wellness services. According to the United Nations, the number of people aged 60 and above is expected to double by 2050, reaching over 2.1 billion. This demographic shift has led to a rise in age-related conditions such as Alzheimer's disease, cardiovascular illnesses, and osteoporosis, thereby increasing the demand for geriatric care solutions. Technological advancements have also played a significant role in market expansion. Innovations in wearable technology, telemedicine, and AI-based senior care have improved the quality of care services for the elderly. Companies like Apple and Fitbit have introduced health-tracking wearables designed specifically for seniors, facilitating better health monitoring and management.
Key Market Segments:
By Type
- Social Gerontology
- Environmental Gerontology
- Biogerontology
By Application
- Fitness and Wellness Services
- Non-Profit Organizations
- Business Communities
- Hospitality
- Travel
- Healthcare
By Age
- 65-75 years
- 75-85 years
- 85 and above
By Technology
- Wearable Devices
- Smart Home Devices
- Others
Key Players
The gerontology market is characterized by the presence of several key players who are actively contributing to market growth through various strategies such as new service development, collaborations, and regional expansion. Some of the prominent players in the market include:
- 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
Challenges and Opportunities
Despite the promising growth, the gerontology market faces challenges such as high costs of geriatric care and limited access to healthcare in low-income regions. The lack of trained geriatric experts and resistance among the elderly to embrace new technologies also pose significant hurdles.
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However, these challenges present opportunities for innovation and investment in affordable care solutions, training programs for geriatric specialists, and the development of user-friendly technologies to enhance elderly care.
Conclusion
The global gerontology market is poised for significant growth, driven by demographic shifts, technological advancements, and increased awareness of elderly care needs. Stakeholders across the healthcare, technology, and policy sectors must collaborate to address challenges and harness opportunities to improve the quality of life for the aging population.
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