Virtual home assistants and portable diagnostic devices will help provide better elder care and in turn control medical costs.
In 2000, about 10% of the world’s population were age 60 or over. By 2015 that had risen to 12%. United Nations projections indicate that will have increased to 16% by 2030, and jumped to 22% by 2050. The percentages may not seem alarming, but to put this into perspective, let’s look at the following: by 2025, the world’s population is set to be 8 billion, of which approximately 15%, or 1.2 billion, will be elderly. Essentially, that is almost equivalent to the population of the second most populous country in the world–India. Another alarming statistic is the projected decline in the working-age population (25-59) between 2030 and 2050, meaning that there will be fewer people to support the growing elderly population–financially and otherwise.
But why does this matter so much? The answer is medical costs! Healthcare expenditure on the elderly is a growing concern, as it accounts for a higher share of expenditure compared to other age groups.
