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Aging population and opportunities for entrepreneurs

Posted by Health Entrepreneur 01/04/2016

The world faces a critical situation without precedent. We are moving to an environment where we would have a greater number of older people than children and more people at extreme old age than there have ever been in the past. With the proportion of older people increasing and with life expectancy being on the increase throughout the world – there are several questions that the world is faced with under the circumstance.

 



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What can Nations, States and Countries do to establish better healthcare for the aging population?

 

Here we have to try and examine these issues in detail and make an attempt to address these questions. The emphasis is on the central role that health will play in the coming years. There has to be a better understanding of the changing relationship between health with aging and the global healthcare segment should be able to take full advantage of the powerful resource which is seen in the elderly. Nations, States and Countries have to be willing to develop necessary data systems and research capacity in order to monitor and understand the patterns and relationships for well-being. Research is also to be better coordinated if costs have to be monitored and kept under control. There should be special emphasis on maintaining healthful lifestyles with everyday functioning in countries not affected, whatever stage of economic development the country may be in. Whatever the resources available to the various countries, there has to be awareness and knowledge based approaches to prevention and treatment of heart disease, stroke, diabetes, cancer etc.

Needs that will arise from a growth in an aging population percentage

Most countries are affected by an aging society and this will place a substantial burden and additional pressure on long-term and income support programs for the older people as well as on publicly-funded health. The demographic changes affecting countries will add to the economic burden and this will also lead to the need for other areas getting strengthened.

Additional requirement for infrastructure and institutions needed to help and manage the aging population

This investment in additional requirements to meet the growing needs of an aging population is a very important aspect that would need immediate attention and the longer that we find nations delaying this, the costlier and less effective will be the solutions.

An aging population is a powerful and transforming force the world needs to contend with. At the national and global levels we are yet to comprehend its full impact. With a new demographic reality projected, we hope to create awareness about this critical link between global health and aging, while emphasising on the significance of synchronised research and rigor in closing the gaps in our knowledge.

 

All-inclusive public health action is required to address population aging issues. This would mean fundamental shifts in the ways we think about aging itself, and not just in the things we do.

The World Report on aging and health provides a framework for fostering healthy aging built around concepts of an efficient, well-structured functional ability. Regardless of their declining physical and mental capacity, older people do wish for respect and well-being and have a desire for holding a fulfilling role in society.

 

The key points to be noted are:
1.
There are several opportunities available for investors in innovative technology which can address the many challenges of aging.
2.
The advancements in robotics and telemedicine are bringing in a level of ease and less pressure on medical professionals

3.  The other factor to be borne in mind is that investment in technology alone will not be able to meet all medical enterprise challenges. There has to be full-fledged investment in infrastructure as well along with support services.

4.  There would be the need for big shifts not just on the infrastructure front but also culturally and in most cases it would require the training of older people to facilitate their use of new technological advances in healthcare.

5. An aging population presents many challenges to ensure that our infrastructure can support the needs of the older people to live independent, healthy and productive lives.

Changes in demographic structure of the United States and other countries

1.    Estimated 22 % of population will be over the age of 65 by 2030 and the fastest growth of cohorts in this subgroup will be in over 75.

2.   Currently 44.5 million are over the age of 75; by 2050 this number would have increased to 50 million;

3.    Such changes are occurring worldwide. By 2030 percentage of people over 65+ will be about 24 percent in Europe and 12 percent in Asia and Latin America.

 

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