Census of Population in most countries across the globe estimates the higher percentage of older people (60-65yrs+) compared to young people. This trend is likely to progress further in years ahead, which may have been due to modern healthcare and technological advances we have today. In healthcare industry, this trend is likely to create huge impact in the current business models and business segments due to the change in consumer profile and needs of healthcare purposes. More focus on products and services targeted to elderly people will see high growth potentials in the coming decade. Some of the following links may provide some statistical info about ageing population in UK and world:
Office of National Statistics, UK – “Population Estimates of UK”:
http://www.statistics.gov.uk/cci/nugget.asp?ID=6
AGE Concern’s report – “Older People in the United Kingdom: Key Facts and Statistics 2008”:
http://www.ageconcern.org.uk/AgeConcern/Documents/Keyfacts2008.pdf
United Nations report – “World Population Ageing: 1950-2050”:
http://www.un.org/esa/population/publications/worldageing19502050/
Not-for-profit organisations and local community groups are growing up in numbers to provide care and support services to elderly people worldwide. The Governments have started realizing the impending need to invest for elderly people care too such as hi-tech support products, community support financial aids, etc. Illness like Dementia, Alzheimer, etc and need for home monitoring of elderly people, tracking and reporting of vital signs, etc have created possible business growth potential for medical devices companies and other healthcare companies. Even the big non-health related firms like Microsoft, Google, etc have initiated programs to venture into this elderly people care segment. Tracking and monitoring of elderly people (such as emergency alert pendant, home monitoring system for elderly people, tracking system of elderly people on tour, Real Time Location system (RTLS), etc) is also an area wherein most hi-tech companies (such as mobile operators, security product companies, etc) have shown keen interest. Some prominent companies in this sector worth analysing are Sonitor, Radianse, Ekahau, etc and journals such as IDTechEx, RFID Journal, etc are also useful in the research activities.
Thus, business growth potentials are there for social organisations as well as private medical devices/healthcare firms in developing products and services for elderly people care. Such new innovations will also fuel competitions among the companies in future; and only those companies which can create a blended business model that combines social responsibility service (of voluntary social organisations) and healthcare technology product (of healthcare companies) will be the market leaders in this segment.
Shan (Shanjoy Mairembam)'s Weblog 