Gerontology/Aging Market - Global Industry Application, Size and Forecast 2023

Gerontology is an integrative study of aging which comprises the biological, psychological, sociological, and economical aspects of aging. It involves the study of aging from the individual as well as from the societal perspective. Gerontology study works in a variety of settings such as health facilities, mental health services, social service agencies, marketing and communications, retirement planning, recreation and leisure, housing agencies, government agencies, community agencies, advocacy groups, or research and educational institutions. Global gerontology/aging market is anticipated to witness a boost over the forecast period due to factors such as increasing geriatric population all over the world and rising disorders and diseases related to aging. The rate of gerontology care services and institution is increasing globally aiming to train professionals to deal with various aspects of geriatric population. These professionals work in different industries including health care, government, business community and non-profit organizations. Additionally, the continuous up gradation of in therapeutic favoring the increased life span and health care services are improving the life expectancy of aged people. These factors collectively will drive the gerontology/aging market in the forecast period.

Gerontology/aging market can be segmented on the basis of its application into social, environmental and biogerontology. The scope of these applications can be functional in health care, business communities, non-profit organizations, hospitality, wellness and fitness centers for the geriatric people. Social gerontology deals with carrying out social research surveys dealing with the civic attitude towards the elderly and developing solutions and technologies that would make life safer and easier for this population. This segment also focuses in maintaining healthy environment between geriatric population and their families and providing home health care services and practicing geriatric social work. Environmental gerontology segment attempts to understand the multifaceted relationship with the environment, including home and family, neighborhood and region to enable social and environmental programs that enable successful aging. Biogerontology focuses on research in biological aging processes, its causes, effects and mechanism. The growing numbers of institution and care centers globally, are anticipated to boost the global gerontology/aging market during the forecast period.

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Geographically, North America accounts for one of the largest markets followed by Europe. Baby boomers play a major role in the market growth. According to the U.S. Census Bureau, the average life expectancy in the U.S. will be 77.1 years for men and 81.9 years for women by 2020. To tackle the rising aging population, favorable reimbursement policies and extensive presence of care centers are set up to assist the problems faced by aged people. Asia Pacific is anticipated to be the fastest growing region due to the factors such as rise in persistent medical conditions and rising concern for life expectancies among the geriatric population. Latin America holds a strong potential for the market growth owing to the high presence of geriatric population and growing health care facility.

Some of the key players in this market segment are, the Jewish Family Service, the International Association of Geriatric Care, National Association of Professional Care Managers, Senior Care Centers, the UF health, the World Health Organization and others. These players constantly participate in awareness programs, as well as mergers and acquisitions to serve the elderly society effectively.

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