The global gerontology/aging market has now become a mature market. This market is propelled by the intensive R&D efforts by organizations around the world to search ways to boost the life expectancy of humans. Bill Maris, the president and managing partner of Google Ventures, is planning to invest around US$425.0 mn in 2015 and is looking for companies that will extend life, slow aging, and reverse disease. Bill Maris, who turned 40 this year, is not the only one wishing to boost the life expectancy of humans.
Why Aging is a Key Investment Opportunity in Global Gerontology Market
Across the globe, various organizations are investing millions of dollars in a quest to find ways to increase the life expectancy of humans. This year witnessed another investment worth US$50.0 mn, in which Alkahest, a member of Johnson & Johnson, launched its biotech incubator with Spanish company Grifols to propel their novel method of treating neurodegeneration.
This shows how big a sector aging has become today. Furthermore, many companies in the global gerontology/aging market are constantly participating in awareness programs to serve the elderly population effectively. Players in the global gerontology/aging market will also participate in mergers and acquisitions to gather momentum on novel approaches to slow down aging. Some of the key players operating in the global gerontology/aging market are the National Association of Professional Care Managers, the Jewish Family Service, the UF Health, the International Association of Geriatric Care, the World Health Organization, and Senior Care Centers.
Why will the Global Gerontology Market Continue to Evolve Rapidly?
Besides intensive R&D, there are other factors that will boost the growth prospects of the global gerontology/aging market dynamically. Gerontology is an integrative study of aging that combines the biological, sociological, psychological, and economic elements of aging. Furthermore, gerontology is studied in a variety of settings such as social service agencies, health facilities, marketing and communications, mental health services, recreation and leisure, retirement planning, community agencies, government agencies, research and educational institutions, and advocacy groups.
The scope of study of gerontology is vast and the number of gerontology care services and institutions is growing rapidly worldwide. In addition to this, there is a rising demand in the global gerontology/aging market tor trained professionals that can deal with several aspects of the aging population. Another key factor that will continue to drive the global gerontology/aging market is the high proportion of the geriatric population in developed and developing regions.
At present, North America is one of the largest regional segments of the global gerontology/aging market. On the other hand, Asia Pacific will exhibit the fastest growth in the global gerontology/aging market in the coming few years due to the rise in persistent medical conditions in the elderly population in this region. Latin America, too, holds a strong growth potential in the global gerontology/aging market due to the presence of a high geriatric population and rising number of healthcare facilities in this region.
Driven by these factors, the global gerontology/aging market will continue to expand rapidly in the coming few years. The global gerontology/aging market has already come a long way. According to the WHO, low-income countries have displayed the greatest progress and the average increase in life expectancy in these nations from 1990 to 2012 is of 9 years. However, the global gerontology/aging market still needs to evolve more to meet the demand from the growing geriatric population for higher life expectancy.
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