Gerontology or Aging Market

GERONTOLOGY OR AGING MARKET REPORT OVERVIEW

The gerontology or aging market size was USD 1.81 billion in 2024 and the market is projected to touch USD 3.79 billion by 2033, exhibiting a CAGR of 8.54 % during the forecast period.

Scientists who study aging together with its related problems work in the field of gerontology. The research studies biological as well as psychological and social elements during aging to create better living conditions for older adults. Extended human life expectancy has elevated the necessity of understanding aging phenomena in healthcare delivery and policy development and social support system design. Research and medical and community service-based gerontologists dedicate themselves to improving senior health while enabling independence for aging adults. Through its research this field strengthens public understanding about age-related diseases and demonstrates how older adults continue learning and shows their resilience together with their social value to communities.

​COVID-19 impact

"Weaknesses in Way Older Populations Handle Health Risks during Pandemic Increased Market Growth"

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic exposed severe weaknesses in the way older populations handle health risks through its direct impact on gerontology research. Older adults encountered greater medical dangers because of their age while experiencing increased social loneliness and obtaining reduced health care services. The forced isolation of lockdowns together with social distancing measures made loneliness worse which harmed the mental well-being of people. The pandemic especially affected long-term care facilities to the extent that it demanded urgent changes to the system. Better healthcare systems combined with digital inclusion and community engagement for older adults became essential priorities because of the crisis. The crisis led to an increase in research innovation regarding remote care solutions together with aging-related examinations. Society's societal perception of aging changed during the pandemic to prioritize elderly person respect and preparedness together with resilience in public health emergency preparedness.

LATEST TRENDS

"Recent Increase of Extended Families Living Together Provides to Accelerate Market Growth"

Gerontology research experiences significant evolutionary changes during the year 2024. Artificial intelligence helps researchers in aging studies by developing biomarker identification procedures as well as individualized medical services. Antibodies designed to eliminate senescent cells hold potential for extending the period during which individuals stay in good health. The field of healthcare is shifting towards allowing people to age in their own homes through the development of smart homes and telemedicine technology. The recent increase of extended families living together provides both emotional and financial advantages to all members. Medical researchers investigate senolytic drugs as treatments to remove aging cells in order to enhance overall health. The new developments work toward improving both quality of life and life expectancy for older adults.​ These trends are driving the gerontology or aging market growth.

GERONTOLOGY OR AGING MARKET SEGMENTATION

By Type

Based on Type, the global market can be categorized into social gerontology, environmental gerontology, and, biogerontology

• Social Gerontology: Social gerontology examines how aging affects individuals' roles, relationships, and societal integration. It focuses on issues like retirement, caregiving, and social support networks.

• Environmental Gerontology: Environmental gerontology studies how physical and social environments influence the aging experience. It promotes age-friendly spaces that support mobility, safety, and independence.

• Biogerontology: Biogerontology explores the biological processes behind aging and aims to slow age-related decline. Research focuses on genetics, cellular changes, and interventions to extend healthy lifespan.

By Application

Based on Type, the global market can be categorized into fitness and wellness services, travel, healthcare, business communities, non-profit organizations, and, hospitality

• Fitness and Wellness Services: The offered services promote elderly wellness by combining movement activities with nutritional guidance and psychological maintenance. The services offered through programs acknowledge specific needs that seniors possess.

• Travel: The travel market catering to seniors has experienced significant growth thanks to specially designed safe and comfortable travel packages. Through travel older individuals develop better relationships and achieve higher satisfaction while learning new things.

• Healthcare: Healthcare services for seniors concentrate on controlling serious medical illnesses and implementing preventive care measures and delivering sustained medical support. The main objective of geriatric care provides customized wellness services through comprehensive patient care.

• Business Communities: The market is shifting toward elderly consumers because many companies launch products and services designed with age compatibility in mind. Senior entrepreneurs increase their numbers to develop business-based mentorship networks for entrepreneurs.

• Non-Profit Organizations: Non-profit organizations demonstrate a vital function in older adult assistance through their resource distribution and advocacy work with supporting community programs. Such organizations work to solve matters regarding food access and residential needs and aging equality rights.

• Hospitality: Accordion hotels have adjusted their services to welcome elderly visitors who require accessible facilities and amenities designed especially for seniors. Trusted engagement between staff members and customers creates enhanced travel comfort and leisure quality.

MARKET DYNAMICS

DRIVING FACTORS

"Advancements in Telemedicine alongside Wearable Health Monitors to Amplify Market Growth"

Medical technology advancement represents a primary force that drives gerontology at this time. The advancements in telemedicine alongside wearable health monitors along with personalized medicine help doctors to improve the diagnosis procedures and treatment methods as well as management of age-related medical conditions. The devices enable early health identification so seniors can keep living autonomously for longer periods. Medical robots and artificial intelligence systems help healthcare professionals by decreasing their physical work demands in caregiving services. Elder care integration with technology creates better quality of life and life expectancy for seniors which establish new ways that societies care for aging populations in various locations. All of the above-mentioned factors are driving the gerontology or aging market share.

"Combination of Rising Life Expectancy alongside Declining Birth Rates to Propel Market Growth "

The worldwide population growth of elderly citizens continues to generate increased investment and scientific interest in gerontological research. The combination of rising life expectancy alongside declining birth rates causes demographic changes in numerous countries throughout the world. Better healthcare and social support and age-friendly infrastructure must be properly developed to serve the growing population of older adults. Governments together with businesses along with communities carry out strategic planning for the individual requirements of senior citizens. Modern demographic changes demonstrate the vital importance of enabling healthy aging as well as creating financial security through innovative housing solutions for older adults while providing employment options which support active aging. The above mentioned factors are contributing to the rapid growth and development of the market.

RESTRAINING FACTOR

"Shortage of Healthcare Workers Specialized In Treating Senior-Aged Patients to Decrease Market Growth"

Specialized geriatric healthcare stands as the primary obstacle which impedes the development of gerontology. Areas which are both rural and lack proper medical service face a desperately needed shortage of healthcare workers specialized in treating senior-aged patients. The scarcity of specialized geriatric professionals results in patients facing both delayed medical evaluations and inadequate medical care so that hospital admissions rise. Healthcare institutions routinely select acute medical treatments over long-term preventions and aging-specific care which aging populations fundamentally need. Healthcare support is delayed for elderly people because of financial costs coupled with mobility problems and transportation challenges which results in more challenges for sustaining healthy and independent senior living. All of these factors are disrupting the market growth and development.

OPPORTUNITY

"Technology Advances That Improve Both Independence Levels and Healthcare Monitoring Functions to create an Opportunity in the Market"

The growing market of age-tech provides researchers in gerontology with substantial academic prospects. Modern technologies such as smart homes, fall detectors along with health digital platforms have revolutionized both living conditions and healthcare delivery for elderly individuals. Technology advances improve both independence levels and healthcare monitoring functions while decreasing care responsibilities. Startup enterprises and development teams will have growing opportunities to develop accessible tools for seniors focused on mobility solutions alongside security systems and social connection abilities because of increasing technology acceptance. The increasing market for senior consumers supports both health benefits and economic expansion of this growing sector. These factors are creating several opportunities in the market that help propel its rapid development.

CHALLENEGE

"Stereotypes Used As When Describing Aging to Create Challenge in the Market "

Combating ageism stands as one of the prolonged difficulties in studying gerontology. Stereotypes used as when describing aging can result in older adults experiencing exclusion from social activities, facing discrimination and their access to healthcare and work opportunities becoming diminished. When seniors experience ageism it weakens their self-esteem which leads them to avoid help services and new chances for growth. Within healthcare facilities the presence of ageism could manifest as false medical diagnoses along with disregarding actual patient symptoms. Stopping this issue needs public awareness efforts coupled with learning and policy transformations which foster respect together with full inclusion and fair treatment so advancing age is acknowledged as a powerful period of life. These factors are creating several difficulties and hardships for the market growth and development.

GERONTOLOGY OR AGING MARKET REGIONAL INSIGHTS

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• North America 

The nations of North America work to solve their aging population demographics by combinations of healthcare technological progress and legal adjustments. Telemedicine combined with individualized care plans has brought better healthcare opportunities to older adults in the community. Age-friendly community initiatives work to make older adults independently active while maintaining social connections in their environments. The delivery of preventive care alongside chronic disease management has gained importance because it aims to improve the quality of life for elderly patients. The new developments put their focus on elderly wellness and healthcare system cost reduction.

• Europe

The demographic changes in Europe require the establishment of sustainable healthcare systems alongside social framework development. At least 1.2 million doctors, nurses, and midwives serve as the basis for Europe's current healthcare professional deficit which exists throughout the continent in 2022. Urgent measures need to be taken to strengthen healthcare services because the current workforce deficit stems primarily from population aging and workforce aging trends. The medical profession works to improve elderly health while reshaping healthcare delivery methods suitable for this demographic group. ​

• Asia

The Asia Pacific region's population which is above 60 years old will experience double growth by 2050 as it rapidly approaches advanced age. Various nations develop thorough plans to deliver assistance for healthy aging populations. The WHO South-East Asia Regional Strategy on Healthy Ageing 2024–2030 presents member states with a comprehensive framework enabling them to create better healthcare services and develop sound policies for enhanced support of older adults. The programs work to convert aging obstacles into society-wide progress opportunities.

KEY INDUSTRY PLAYERS

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies.

List of Market Players Profiled

•   Centre for Ageing Better (U.K.)
•   WHO (World Health Organization) (Switzerland)
•   Administration on Aging (U.S.)
•   National Aging Research Institute (Australia)
•   British Geriatrics Society (U.K.)
•   Keele Centre for Social Gerontology (U.K.)
•   HelpAge India (India)
•   Senior Care Centers (U.S.)
•   Gerontology Research Center (Finland)

INDUSTRIAL DEVELOPMENT

November 2024: Biotechnology defines 2024 skincare through the creation of malassezin by Mother Science into the market. The tissue extract malassezin serves as a gentler alternative to vitamin C because it provides equivalent brightening effects but skips the irritating side effects faced by C. Malassezin marks an emerging business trend that uses biotech to popularize complex skincare technology among consumers. Debut's BiotechXBeauty Lab cooperations together with biotech labs allow existing and emerging brands to access advanced scientific research thus enabling customized as well as environmentally-friendly and effective skincare solutions for various consumer needs.

REPORT COVERAGE 

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.