Global gerontology/aging market is expected to witness healthy growth over the forecast period owing to significant factors such as increasing geriatric population and constantly improving geriatric care management services infrastructure. Furthermore, growing demand for aging studies and gerontology graduate programs and favorable government initiatives are the major factors contributing to the development of gerontology/aging market. Additionally, availability of various care homes, adult day care centers, assisted living and nursing homes is one of the critical success factors for the growth of the market over the forecast period. Gerontology has immensely gained importance in educational institutions, healthcare centers and research institutes investigating the multidisciplinary aspects associated with geriatric population. Therapeutic development owing to anti aging drugs that increase life span such as resveratrol and rapamycin is expected to positively reinforce gerontology/aging market growth. Constant research development conducted with respect to various fields that include medicine, nursing, changes associated with chronological, biological, psychological and social aging are anticipated to boost the market growth. Increasing prevalence of age related diseases is also expected to groom the gerontology/aging market over the forecast period.
Gerontology/aging market on the basis of application is segmented as social gerontology, environmental gerontology and biogerontology. Furthermore, gerontology finds its applications in healthcare, industries related to business, fitness and wellness services, planned communities, travel (that include hospitality) and similar allied industries which has attributed to the gerontology/aging market growth. Future directions to improve market growth have attained major achievements with respect to current social research dealing with public attitudes about aging population and cutting edge technological research involved in finding solutions to make life easier and safer for continuous population expansion of elderly people. Social gerontology is mainly driven by factors such as increasing demand for geriatric social work practices that include macro and micro practice with elderly population over the age of 60 or 65 through effective communication with their families and communities. Social gerontology is a field that aims to yield improved healthcare services in hospitals, hospice care, residential long term services, and provision for counseling and adult protective services grooming the economy of geriatric care centers. Increasing incidences of age related disorders among the elderly population have become challenging for gerontologists to curb these disorders which encourages the social workers to effectively serve the older adults in society, hence improving the market growth. Additionally, spurring establishments of aging services program is expected to boost the gerontology/ aging market growth.
The key regional markets included in the study are North America, Europe, Asia Pacific, Latin America and MEA. As of 2014, North America accounted for the largest share of this market followed by Europe. Significant factors attributing to its large share include constant development of favorable reimbursement policies coupled with presence of long term adult care centers throughout the U.S. Due to high presence of geriatric population especially in Western regions is expected to witness lucrative growth following North America. Changing styles of family structures and community planning in countries especially, China is anticipated to heighten the need for non home care centers which is attributing to market growth. Moreover, increasing geriatric population with prolonged medical conditions and rising awareness regarding gerontology care services are some of the key factors contributing to region’s rapid growth. Increasing number of mass retirements recorded among the geriatric population and its positive impact on healthcare systems is among the key growth opportunities positively influencing the gerontology/ aging market growth over the forecast period.
Key players operating in market include Centre of Ageing Better, Senior Care Centers, Keele Centre for Social Gerontology, HelpAge India, Administration on Aging, Gerontology Research Center, National Aging Research Institute, the World Health Organization, British Geriatrics Society, Association of Retired and Persons over 50 and International Association of Gerontology and Geriatrics. Mergers and acquisitions are key strategic initiatives adopted by these market participants in order to serve the elderly society effectively. Additionally, these players are also involved in health and social service needs of aging population and population suffering from chronic illness. Research developments in new lines have aimed at improving the health care service quality for elderly and disabled population.
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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.