The 1.CARE Ecosystem

The World Is Ageing And That Is A Problem

According to a report by Global Market Insights Inc, the global eldercare services market will surpass US%1.49 trillion by 2024, and that shows you how serious the ageing problem is.  However, we also realize that many families cannot afford to have a full-time certified nurse at home to care for their elders which is why the work that we do at 1.Care is so important.

Rising elderly population base coupled with growing number of chronic diseases and increasing number of long-term care services is driving the geriatric care services market size over the forecast timeframe. As per the UN estimates, elderly population was over 800 million in 2012, projected to surpass 2,000 billion by 2050, hence propelling the global market growth.

Additionally, the increase in elderly population coupled with presence of various home care services, day care facilities and geriatric care establishments are likely to further enhance the geriatric care services market growth.

Moreover, growing geriatric people who are susceptible to several medical complications such as neurological, respiratory, orthopedic and cardiovascular diseases coupled with increase in the advancement of technology such as the development of specialty robots skilled for assisting old people in carrying out day-to-day operations is anticipated to drive the geriatric care services market. 

Growing elderly population living on their own and increasing demand for effective geriatric care services will fuel business growth over the forecast period

Population Trends

According to an article published by TforG, these are the statistics that the world will be dealing with when it comes to the elderly:

  • Individuals aged 60 and above will increase by 56% from 2015 to 2030 across the globe.
  • 1 out of 6 people in 2030 will be over 60 years old.
  • The United Nations forecast that there will be close to 2.1 billion people aged 60 and over by 2030, double the number in 2015.
  • By 2050, 1 out of 5 people in the world will be 60 or over.

The fastest ageing regions in the world are:

  • Latin America and the Caribbean’s population of 60 years+ is forecasted to grow the quickest at 71% by 2030.
  • Asia – 66%.
  • Africa – 64%.
  • Oceania – 47%.
  • North America – 41%.
  • Europe – 23%.

The ageing global population means that the demand for eldercare services will rise and as such, 1.Care’s services will be in great demand.  However, we will not increase our capacity unless we can ensure that our quality will remain intact.

Sources:

  • https://www.globenewswire.com/news-release/2019/01/04/1680488/0/en/Geriatric-Care-Services-Market-will-surge-at-8-5-CAGR-to-hit-1-490-5-bn-by-2024-Global-Market-Insights-Inc.html
  • https://www.tforg.com/how-we-think/sweetspot-blog/2017/03/29/geriatric-care-market-worldwide-trend-equals-vast-world-business-opportunities-part-1/

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