Gerontology Market Size Analysis

The Gerontology Market Size was valued at USD 1.42 Billion in 2023 and is expected to reach USD 2.79 Billion by 2032 and grow at a CAGR of 7.83% over the forecast period 2024-2032. This report points out the statistics on the aging population and the rise in age-related illnesses, compelling the demand for specialty healthcare services. The research reviews geriatric care spending among regions, measuring the influence of government spending, commercial insurance coverage, private investments, and direct payments. Further, it analyzes trends in prescribing medications for the elderly, with examples of geographic variations in the use of drugs and treatment protocols. The report also explores the increasing use of medical and assistive devices for elderly care, highlighting technological advancements supporting mobility, monitoring, and wellness. In addition, it evaluates the increasing long-term and home care offerings, following the trend toward aging in place, and examines research in gerontology, such as AI-based diagnostics and tailored treatment plans to enhance senior healthcare outcomes.

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Gerontology Market Dynamics

Drivers

• The gerontology market is primarily driven by the rapidly increasing elderly population worldwide, leading to a higher demand for healthcare, assistive devices, and wellness services.

Based on the United Nations, the number of people worldwide aged 60 and older will double by 2050, totaling more than 2.1 billion. This demographic transformation has grown the incidence of long-term conditions like Alzheimer's, cardiovascular illnesses, and osteoporosis, thereby driving demand for geriatric care solutions. Besides, technological developments in wearable tech, telemedicine, and AI-based senior care have improved the quality-of-care services for the elderly. The increasing focus on active aging and government policies encouraging elderly care also drive market growth. For example, programs such as the WHO's Decade of Healthy Ageing (2021–2030) focus on enhancing the well-being of seniors worldwide. Private sector investment, with the likes of Apple and Fitbit introducing health-tracking wearables designed for seniors, is also driving adoption. In addition, growing investment in long-term care facilities, home healthcare, and smart home solutions has widened the market. Growing awareness of geriatric mental health and the adoption of digital healthcare solutions are also likely to propel the market ahead.

Restraints

• The gerontology market faces significant restraints, including high costs of geriatric care and limited access to healthcare in low-income regions.

Many elderly people need long-term medical care, which is costly. The cost of assisted living in the United States is over USD 4,500 per month, which is unaffordable for most elderly people. Likewise, developing nations lack proper geriatric infrastructure, leading to disparities in the care of the elderly. Another major constraint is the lack of trained geriatric experts, such as specialist doctors, nurses, and caregivers. The World Health Organization (WHO) calculates an estimated deficit of 18 million healthcare professionals by 2030 and significantly impacts geriatric care. Moreover, the resistance of the elderly to embrace new technologies, especially wearables and smart home systems, caps market penetration. Data collection from digital health devices being a privacy concern is another deterrent. Regulatory challenges further decelerate the approval of new geriatric treatments and devices for market expansion. Finally, the stigma of mental illness among older adults’ limits access to required psychological and emotional support services, affecting overall well-being.

Opportunities

• The gerontology market presents significant opportunities, particularly in technological advancements and personalized elderly care solutions.

The growing use of AI, IoT, and telemedicine has transformed elderly care, enabling real-time monitoring of health and predictive analysis. For instance, AI-driven home assistants and fall detectors have enhanced safety for elderly individuals living alone. The other significant opportunity is the growth of age-friendly cities and infrastructure, with governments and private investors putting money into senior-friendly housing, transport, and recreational areas. The international smart home market, encompassing devices specialized for the elderly, is expected to expand strongly through demand for independent living. Pharmaceutical industries are also investing in anti-aging treatments and targeted medicine, providing new opportunities for gerontology research and therapy. The increasing popularity of wellness tourism among seniors, such as specialized rehabilitation camps and longevity-driven healthcare services, is also stimulating market potential. Rising life expectancy and growing investments in healthcare in emerging markets in Asia and Latin America provide unexploited potential. Collaboration between technology companies and healthcare providers to design tailored wearable products for seniors is also a profitable opportunity.

Challenges

• The gerontology market faces multiple challenges, including ethical concerns in elderly care, integration of technology with traditional healthcare, and age-related biases in medical treatment.

Ethical issues, including elder abuse in long-term care facilities and poor palliative care, remain evergreen concerns. The WHO states that almost 1 in 6 older persons are subject to abuse, sparking concerns regarding the quality of ageing care services. A large problem is the digital divide because many older persons have difficulty using emerging technologies. Despite progress in AI-based elderly care, challenges in data protection and responsible use of AI in elderly medicine have yet to be addressed. Healthcare systems also lack uniform geriatric care procedures, which cause differences in treatment methodologies between various areas. Older populations' underrepresentation in clinical trials also obstruct the creation of successful geriatric treatments since drug development is mostly targeting younger populations. In addition, cultural values and family dynamics in certain areas discourage utilization of professional geriatric care services, which builds resistance to market uptake. Finally, there is a lack of awareness of preventive geriatric care, and many elderly do not avail themselves of early intervention, resulting in greater healthcare expenses and disease burden during advanced life.

Gerontology Market Segmentation Analysis

By Type

In 2023, the Social Gerontology segment commanded the largest market share of 43.8%, based mostly on increased attention to aging social concerns, policymaking, and support programs. Social gerontology is a vital function that contributes to confronting the well-being of the older population by enhancing social integration, mental health care, and ways of living adjustment. Governments and organizations globally are investing heavily in social programs, age-friendly infrastructure, and community services, boosting this segment's supremacy. Moreover, the growing need for caregivers, social workers, and expert gerontology professionals even more consolidates its position of leadership.

The Environmental Gerontology division is anticipated to experience the most rapid growth in the coming years. The move towards age-friendly communities, intelligent urban design, and sustainable living options is fueling this growth. As the population of older people grows, there is a corresponding greater requirement for accessible public areas, transportation, and housing adjustments that improve mobility and independence. Technological innovation, including smart homes and IoT-enabled elderly care solutions, is driving this segment's growth rapidly. Governments across the globe are formulating policies to promote elderly-friendly settings, which makes this industry a prominent area for investment and innovation in the future.

By Application

The Fitness and Wellness Services segment dominated the gerontology market in 2023 with a 29.7% share. This is due to the growing focus on preventive care, active aging, and wellness programs for the elderly. Increasing numbers of older people are embracing fitness regimens, taking part in physical activities, and availing themselves of wellness services like yoga, meditation, and rehabilitation therapy. Fitness clubs, senior-specific gyms, and wellness resorts are growing quickly to meet the increasing demand of the elderly population. The increased health awareness of staying active to avoid age-related ailments has further propelled this segment's growth.

The Healthcare segment is the most rapidly growing application area because of the growing geriatric population seeking medical care, special treatments, and long-term care options. Growing incidence of chronic conditions like cardiovascular diseases, osteoporosis, and neurodegenerative disorders is boosting demand for geriatric healthcare services. Telemedicine, home healthcare services, and AI-based diagnostics are transforming geriatric care, making it more convenient and cost-effective. Governments and private players are investing in geriatric care centers, boosting the growth of this segment over the next few years.

By Age

The 65-75 years category led the market in 2023, accounting for 56.2% of the market share. This age category is the biggest and most active among seniors, participating in social, fitness, and healthcare activities. Most in this category remain active in the workforce or just retired, so there is higher expenditure on wellness programs, healthcare services, and technology that caters to seniors. The uptake of preventive healthcare practices, lifestyle changes, and active aging programs is much greater among this segment, adding to its market dominance. Governments and companies are also launching policies and services tailored to this age group, adding to its leadership.

The 75-85 years segment is growing at the fastest rate due to an increasing life expectancy and the demand for more extensive healthcare, assisted living, and care services. As the population moves from active aging to more medical and social care requirements, the need for specialized geriatric care is growing. Developments in medical technology, increased healthcare access, and creative elder care solutions are allowing for an improved quality of life for this segment. Growth in assisted living centers, home health care, and adaptive healthcare options is driving the explosive growth of this segment.

By Technology

The Wearable Devices segment dominated the gerontology market in 2023 with 32.8% share. Wearables like smartwatches, fitness trackers, and medical monitoring devices are now a part of the mandatory equipment for the elderly to monitor key health indicators, such as heart rate, blood pressure, and physical activity. The increased demand for active health care, combined with the technological improvement of wearable sensors and AI-powered analytics, has fueled the domination of this category. Furthermore, the integration of telemedicine and emergency response functionality has rendered such devices priceless to older users and caregivers.

The Smart Home Devices category is also expected to register the highest growth rate, driven by growing acceptance of AI-based home automation, safety monitoring, and assistive technology. The need for voice-enabled technology, falls detection systems, and home security solutions on automation is increasing as an increasing number of seniors opt to age in place. The adoption of IoT-enabled devices that enable independent living is on the rise among older adults and caregivers. Governments and healthcare professionals are increasingly acknowledging the value of smart home technologies in minimizing hospital visits and improving the quality of life, leading to the accelerated growth of this segment.

Gerontology Market Regional Insights

North America was the leading region for the global gerontology market in 2023, with a 43.3% share of revenues. This is motivated by the accelerating aging population within the region, robust healthcare system, and enhanced adoption of technologies for geriatric care. Both the United States and Canada host a large share of the 65 and older population, where rising life expectancy is adding pressure to the need for older population healthcare services, wellness programs, and assistive equipment. Government programs, including Medicare and Medicaid, offer comprehensive coverage for elderly care, further stabilizing the market. Moreover, North America has seen an explosion of investments in smart home technologies, telemedicine, and wearable health monitoring devices, aligning with the increased demand for aging-in-place services. The existence of major players and research institutions dedicated to the study of gerontology has also driven market growth in this region.

The Asia-Pacific region will see the most rapid growth in the coming years. Nations such as China, Japan, and India are seeing a high growth rate in their elderly population because of shrinking birth rates and better healthcare centers. The growing incidence of chronic diseases among older people, combined with government initiatives to increase the accessibility of healthcare, is fueling demand for geriatric care services. Moreover, innovation in smart healthcare technology and growing emphasis on age-friendly infrastructure are also fueling growth in the region. As Japan is already a leader in innovations related to senior care and China is investing in age-friendly policies more and more, the Asia-Pacific region will be at the center of the global gerontology market.

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Key Players in the Gerontology Market and Their Offerings

• Centre of Ageing Better – Age-friendly Communities Program, Healthy Ageing Research

• Care Centers – Senior Assisted Living Services, Memory Care Programs

• Keele Centre for Social Gerontology – Social Gerontology Research, Ageing and Social Care Studies

• HelpAge India – Elder Helpline, Mobile Healthcare Units

• Administration on Aging (AoA) – National Family Caregiver Support Program, Senior Nutrition Program

• Gerontology Research Center – Geriatric Health Studies, Longevity Research Initiatives

• National Aging Research Institute – Cognitive Health Research, Aging and Chronic Disease Studies

• World Health Organization (WHO) – Global Network for Age-friendly Cities and Communities, Decade of Healthy Ageing

• British Geriatrics Society – Frailty and Geriatric Medicine Guidelines, Elderly Care Research

• AARP (American Association of Retired Persons) – Livable Communities Initiative, Health and Wellness Programs

Recent Developments in the Gerontology Market

In April 2023, Innerva introduced a brand-in-a-box solution, Active Wellbeing, to support operators in launching successful power-assisted exercise studios. This initiative aims to tap into the UK’s aging population, providing an off-the-shelf approach for businesses using Innerva’s equipment.

In April 2023, LifeQ's recent study, "Wearable-ome meets epigenome," published in bioRxiv, demonstrated that wearable-derived physiological and behavioral data correlate with gene methylation linked to aging. The findings highlight the potential of wearables in measuring biological age using clinical-grade data.