Senior care market to grow to $437B by 2018: report

The market for products and services for seniors is expected to increase from almost $320 billion in 2013 to $436.6 billion by 2018, representing a five-year compound annual growth rate of 6.4 percent, according to a new market research report by BCC Research.

The world population of people aged at least 65 years is growing at an unprecedented pace, driven by better healthcare, nutrition and a dramatic decrease in infectious disease exposure, according to the firm. Products and services, therefore, must:

• Accommodate and enhance daily life for seniors in the housing and technology categories.

• Address healthcare needs, including the treatment of chronic diseases and conditions (such as heart disease, cancer, stroke, chronic obstructive pulmonary disease, dementia and diabetes) that require prescription medications, possible surgery and rehabilitative care.

The “Elder Care Market: Products and Services” report is designed to provide a broad background on the structure of the U.S. eldercare healthcare market and the chief issues it faces as well as forecasts for pharmaceutical, housing, assistive devices and technology needs. It also compares the U.S. eldercare market with those in Europe, Asia and developing countries.

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Lois Bowers

Lois A. Bowers was senior editor of I Advance Senior Care / Long-Term Living from 2013-2015.