Geriatric health care: Business Opportunities in Geriatric Health Care: Trends and Insights

1. What is geriatric health care and why is it important?

geriatric health care is the branch of medicine that focuses on the prevention, diagnosis, treatment, and management of health issues and diseases that affect older adults. As the global population ages, the demand for geriatric health care services is increasing rapidly. According to the World Health Organization, the number of people aged 60 years and over is expected to rise from 962 million in 2017 to 2.1 billion in 2050. This demographic shift poses significant challenges and opportunities for the health care sector, especially in developing and emerging markets.

Some of the key aspects of geriatric health care are:

- Comprehensive and holistic approach: Geriatric health care providers aim to address the physical, mental, social, and functional needs of older adults, taking into account their preferences, values, and goals. They also coordinate care with other specialists, caregivers, and family members to ensure optimal outcomes and quality of life.

- Multimorbidity and polypharmacy: Older adults often suffer from multiple chronic conditions, such as diabetes, hypertension, arthritis, dementia, and depression, which require complex and long-term management. They also tend to use multiple medications, which can increase the risk of adverse effects, interactions, and non-adherence. Geriatric health care providers are trained to assess, monitor, and optimize the use of medications for older adults, as well as to identify and treat geriatric syndromes, such as falls, frailty, delirium, and urinary incontinence.

- Preventive and palliative care: Geriatric health care providers aim to prevent or delay the onset of disability and dependence, as well as to promote healthy aging and well-being. They also provide palliative care for older adults with life-limiting illnesses, focusing on symptom relief, comfort, and dignity. They also support the decision-making process and the end-of-life care preferences of older adults and their families.

- Innovation and technology: Geriatric health care providers are constantly seeking new and better ways to deliver care and improve outcomes for older adults. They use innovative tools and technologies, such as telemedicine, mobile health, wearable devices, artificial intelligence, and robotics, to enhance access, efficiency, quality, and safety of care. They also engage in research and education to advance the knowledge and skills of geriatric health care.

Geriatric health care is not only a vital and rewarding field of medicine, but also a lucrative and growing market. According to a report by Grand View Research, the global geriatric care services market size was valued at USD 1.11 trillion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 6.1% from 2021 to 2028. Some of the factors driving this growth are:

- The increasing prevalence of chronic diseases and disabilities among older adults, which require specialized and continuous care.

- The rising awareness and demand for geriatric health care services among older adults and their families, especially in urban areas and emerging economies.

- The growing shortage and high turnover of health care workers, especially nurses and caregivers, which create a need for outsourcing and alternative models of care delivery.

- The favorable government policies and initiatives that support the development and expansion of geriatric health care services, such as reimbursement schemes, tax incentives, and regulatory reforms.

Geriatric health care is a dynamic and diverse field that offers many opportunities for entrepreneurs, investors, and innovators. Some of the emerging trends and insights in this market are:

- The integration of geriatric health care services with other sectors, such as hospitality, tourism, retail, and entertainment, to create new and attractive offerings for older adults, such as senior living communities, wellness resorts, and lifestyle clubs.

- The development of personalized and customized geriatric health care services that cater to the specific needs, preferences, and goals of older adults, such as concierge medicine, home health care, and digital health platforms.

- The adoption of social and environmental responsibility and sustainability practices by geriatric health care providers, such as reducing waste, energy, and carbon footprint, as well as supporting local communities and causes.

- The emergence of new and niche segments and markets within geriatric health care, such as geriatric dentistry, geriatric oncology, geriatric psychiatry, and geriatric rehabilitation.

Geriatric health care is a field that is constantly evolving and expanding, as well as facing new and complex challenges. It requires a combination of clinical expertise, business acumen, and innovation skills to succeed and thrive in this market. It also requires a passion and commitment to serve and improve the lives of older adults and their families. Geriatric health care is not only a profession, but also a mission and a vision for the future of health care.

2. How big is the demand and what are the drivers?

The aging population is one of the most significant demographic trends in the world, with profound implications for the health care sector. According to the World Health Organization, the number of people aged 60 years and over is expected to increase from 962 million in 2017 to 2.1 billion in 2050, representing 21.3% of the global population. This means that the demand for geriatric health care, which is the specialized care of older adults, will also rise dramatically in the coming years.

However, the supply of geriatric health care services is not keeping pace with the growing needs of the elderly. There are several factors that contribute to this gap, such as:

- A shortage of trained and qualified health care professionals who can provide comprehensive and holistic care for older adults, especially in low- and middle-income countries.

- A lack of adequate infrastructure and facilities that can accommodate the specific needs and preferences of older adults, such as accessibility, safety, comfort, and dignity.

- A fragmentation and inefficiency of the health care system that hinders the coordination and integration of care across different levels and settings, resulting in poor quality, high costs, and low satisfaction.

- A limited awareness and recognition of the value and benefits of geriatric health care among policy makers, health care providers, and the general public, leading to low investment, low priority, and low demand.

These challenges present both opportunities and threats for the health care industry. On one hand, there is a huge potential market for geriatric health care services, products, and innovations that can address the unmet needs and expectations of the elderly and their caregivers. On the other hand, there is a high risk of losing market share and competitiveness if the industry fails to adapt and respond to the changing demands and preferences of the elderly.

Therefore, it is crucial for the health care industry to understand the trends and insights of geriatric health care and to develop effective strategies and solutions that can capitalize on the opportunities and overcome the threats. Some of the key aspects that the industry should consider are:

- The diversity and heterogeneity of the elderly population, which requires a personalized and tailored approach to geriatric health care that takes into account the individual's physical, mental, social, and cultural characteristics and needs.

- The empowerment and involvement of the elderly and their caregivers in the decision making and delivery of geriatric health care, which requires a participatory and collaborative approach that respects the autonomy, preferences, and rights of the elderly and their caregivers.

- The innovation and transformation of geriatric health care, which requires a creative and proactive approach that leverages the latest technologies, such as artificial intelligence, big data, telemedicine, and wearable devices, to improve the accessibility, quality, efficiency, and affordability of geriatric health care.

To illustrate these aspects, some examples of successful and promising geriatric health care initiatives are:

- The Age-Friendly Health Systems initiative, which is a collaboration between the Institute for Healthcare Improvement, The John A. Hartford Foundation, the American Hospital Association, and the Catholic Health Association of the United States, that aims to improve the care of older adults by implementing four evidence-based practices: What Matters, Medication, Mentation, and Mobility.

- The Geriatric Emergency Department Accreditation program, which is a collaboration between the American College of Emergency Physicians, the Society for Academic Emergency Medicine, the Emergency Nurses Association, and the American Geriatrics Society, that aims to improve the care of older adults in the emergency department by providing standards, education, and resources for geriatric emergency care.

- The PACE program, which stands for Program of All-Inclusive Care for the Elderly, which is a Medicare and Medicaid program that provides comprehensive and coordinated care for older adults who are eligible for nursing home care but prefer to stay at home. The program offers medical, social, and supportive services through an interdisciplinary team of health care professionals and a network of providers.

- The Silver Economy concept, which refers to the economic opportunities and activities that are related to the needs and wants of the elderly, such as health care, tourism, education, entertainment, and finance. The concept recognizes the potential of the elderly as consumers, producers, and innovators, and encourages the development of products and services that can enhance the well-being and quality of life of the elderly.

3. What are the new developments and opportunities in the field?

As the global population ages, the demand for geriatric health care services is increasing rapidly. Geriatric health care is the branch of medicine that focuses on the prevention, diagnosis, treatment, and management of health issues affecting older adults. It covers a wide range of disciplines, such as gerontology, geriatrics, geriatric psychiatry, geriatric nursing, geriatric rehabilitation, and geriatric palliative care. The field of geriatric health care is constantly evolving and innovating to meet the diverse and complex needs of the elderly population. Some of the emerging trends and innovations in geriatric health care are:

- personalized and precision medicine. This approach aims to tailor medical interventions to the individual characteristics, preferences, and needs of each older patient. It uses advanced technologies, such as genomics, proteomics, metabolomics, and pharmacogenomics, to identify the molecular and genetic factors that influence the health and disease outcomes of older adults. By using this information, geriatric health care providers can design more effective and safer treatments, prevent adverse drug reactions, and improve the quality of life of older patients. For example, a personalized and precision medicine program for Alzheimer's disease could use biomarkers, such as amyloid-beta and tau proteins, to diagnose the disease, predict its progression, and select the most appropriate drugs for each patient.

- Digital and smart health care. This trend involves the use of digital and smart technologies, such as telemedicine, mobile health, wearable devices, sensors, artificial intelligence, and big data, to deliver geriatric health care services remotely, conveniently, and efficiently. These technologies can enable older adults to monitor their health status, manage their chronic conditions, access health information and education, communicate with their health care providers, and receive timely and personalized interventions. For example, a digital and smart health care system for diabetes could use a smartphone app, a glucose meter, and a wearable device to track the blood glucose levels, physical activity, and diet of older patients, and provide them with feedback, reminders, and recommendations.

- Integrated and holistic health care. This trend emphasizes the coordination and collaboration of different health care providers, sectors, and systems to provide comprehensive and seamless geriatric health care services. It also recognizes the importance of addressing the physical, mental, social, and spiritual aspects of health and well-being of older adults. It aims to improve the continuity, quality, and efficiency of geriatric health care, reduce the fragmentation, duplication, and gaps in care, and enhance the patient satisfaction and empowerment. For example, an integrated and holistic health care model for frailty could use a multidisciplinary team, consisting of geriatricians, nurses, social workers, physiotherapists, occupational therapists, and pharmacists, to assess the frailty status, risk factors, and needs of older patients, and provide them with a comprehensive and individualized care plan that covers medical, functional, psychological, and social interventions.

4. What are the main issues and risks facing the industry?

As the global population ages, the demand for geriatric health care services increases. However, the industry faces several obstacles and risks that hinder its growth and quality. Some of these are:

1. Shortage of qualified and trained staff. According to the World Health Organization, there is a global deficit of 18 million health workers, especially in low- and middle-income countries. This affects the availability and accessibility of geriatric health care, as well as the safety and satisfaction of patients and caregivers. Moreover, many health workers lack the necessary skills and knowledge to provide adequate care for older adults, who often have complex and chronic conditions. For example, a study in India found that only 13% of primary care physicians had received any formal training in geriatrics.

2. Lack of standardized and evidence-based guidelines. There is a wide variation in the quality and effectiveness of geriatric health care services across different regions and settings. This is partly due to the lack of clear and consistent standards and protocols for the assessment, diagnosis, treatment, and follow-up of older patients. For instance, a survey in China revealed that only 36% of hospitals had established geriatric wards, and only 9% had geriatric quality indicators. Furthermore, there is a need for more research and innovation to address the specific needs and preferences of older adults, as well as the emerging challenges and opportunities in the field.

3. Insufficient funding and resources. Geriatric health care is often underfunded and under-resourced, compared to other sectors of the health system. This limits the availability and affordability of services, equipment, and technology for older patients. Additionally, many older adults face financial barriers and constraints that prevent them from accessing and utilizing geriatric health care services. For example, a study in Nigeria found that 62% of older adults reported having difficulties in paying for health care, and 44% had no health insurance coverage.

4. Socio-cultural and ethical issues. Geriatric health care is influenced by various social, cultural, and ethical factors that affect the attitudes, beliefs, and behaviors of older adults, their families, and their health care providers. Some of these factors include stigma, discrimination, abuse, neglect, isolation, loneliness, autonomy, dignity, consent, and end-of-life decisions. For example, a study in Ghana found that 71% of older adults experienced some form of elder abuse, and 58% did not report it due to fear, shame, or lack of awareness.

5. How can businesses succeed and stand out in the market?

The demand for geriatric health care is increasing rapidly as the population ages and life expectancy rises. However, this also means that the competition in the market is fierce and businesses need to adopt effective strategies to attract and retain customers, as well as to deliver high-quality and affordable services. Some of the best practices and strategies for geriatric health care are:

- 1. focus on customer satisfaction and loyalty. Geriatric health care customers are often more sensitive and discerning than younger ones, and they value trust, respect, and empathy. Businesses should strive to provide personalized and responsive care, as well as to build long-term relationships with their customers and their families. For example, a geriatric health care business could use customer feedback surveys, loyalty programs, referral incentives, and social media engagement to enhance customer satisfaction and loyalty.

- 2. leverage technology and innovation. Technology and innovation can help geriatric health care businesses improve efficiency, quality, and accessibility of their services, as well as to differentiate themselves from competitors. For example, a geriatric health care business could use telemedicine, remote monitoring, artificial intelligence, robotics, and wearable devices to offer more convenient and effective care, as well as to reduce costs and risks.

- 3. collaborate and partner with other stakeholders. Geriatric health care is a complex and multidisciplinary field that requires collaboration and partnership with other stakeholders, such as health care providers, insurers, regulators, researchers, and community organizations. Businesses should seek to establish and maintain strategic alliances and networks that can enhance their capabilities, resources, and reputation. For example, a geriatric health care business partner with a local hospital, a university, a nonprofit organization, and a government agency to create a comprehensive and integrated care system for older adults.

- 4. adapt to changing customer needs and preferences. Geriatric health care customers are not a homogeneous group, and they have diverse and evolving needs and preferences. Businesses should be flexible and adaptable to meet the changing demands and expectations of their customers, as well as to anticipate and respond to emerging trends and opportunities. For example, a geriatric health care business could offer a variety of services and products, such as home care, assisted living, nursing home, hospice, wellness, and fitness, to cater to different customer segments and stages of life.

6. What are the expected trends and scenarios for the next decade?

The aging population is one of the most significant demographic shifts in the world, with profound implications for the health care sector. According to the World Health Organization, the number of people aged 60 and over will increase from 900 million in 2015 to 2 billion in 2050, representing 22% of the global population. This will create a huge demand for geriatric health care services, which are specialized in addressing the complex and chronic needs of older adults. However, the supply of such services is currently inadequate and uneven, with many challenges and barriers to access, quality, and affordability. Therefore, the geriatric health care sector will need to undergo major transformations and innovations in the next decade, in order to meet the growing and diverse needs of the elderly population. Some of the expected trends and scenarios for the geriatric health care sector in the next decade are:

- Increased integration and coordination of care across settings and providers. Older adults often have multiple and coexisting health conditions, such as diabetes, hypertension, dementia, and depression, which require a holistic and comprehensive approach to care. However, the current health care system is often fragmented and siloed, leading to poor continuity, duplication, and gaps in care. To address this issue, the geriatric health care sector will need to adopt more integrated and coordinated models of care, such as accountable care organizations, patient-centered medical homes, and geriatric care networks, which can provide seamless and coordinated care across different settings and providers, such as primary care, specialty care, home care, long-term care, and hospice care. These models can also facilitate the use of multidisciplinary teams, which can include geriatricians, nurses, pharmacists, social workers, and other allied health professionals, who can collaborate and communicate effectively to provide comprehensive and personalized care for older adults.

- Increased adoption and utilization of digital health technologies and solutions. Digital health technologies and solutions, such as telehealth, remote monitoring, wearable devices, mobile applications, artificial intelligence, and big data analytics, have the potential to improve the access, quality, and efficiency of geriatric health care services. For example, telehealth can enable older adults to receive care and consultation from their providers without having to travel or leave their homes, which can reduce the risk of exposure to infections, transportation costs, and waiting times. Remote monitoring can allow providers to track and manage the vital signs, symptoms, and behaviors of older adults, and intervene promptly when needed, which can prevent complications and hospitalizations. wearable devices and mobile applications can empower older adults to monitor and manage their own health and wellness, and provide feedback and support to their providers and caregivers. artificial intelligence and big data analytics can help providers to diagnose, treat, and predict the health outcomes of older adults, and personalize and optimize their care plans, based on their individual characteristics, preferences, and needs.

- Increased focus and investment on prevention and wellness. Prevention and wellness are key components of geriatric health care, as they can help older adults to maintain or improve their physical, mental, and social well-being, and prevent or delay the onset or progression of chronic diseases and disabilities. However, the current health care system is often reactive and curative, focusing more on treating diseases and symptoms, rather than preventing and promoting health. To change this paradigm, the geriatric health care sector will need to increase its focus and investment on prevention and wellness, by providing more preventive and wellness services, such as screening, immunization, counseling, education, and lifestyle interventions, which can help older adults to reduce their risk factors, enhance their protective factors, and adopt healthy behaviors. These services can also be delivered in various settings and modalities, such as community-based, home-based, or online, to increase their accessibility and convenience for older adults.

- Increased recognition and support for the role of informal caregivers. Informal caregivers, such as family members, friends, and neighbors, play a vital role in providing care and support for older adults, especially those who are frail, disabled, or isolated. However, informal caregivers often face many challenges and burdens, such as physical, emotional, and financial stress, lack of training and resources, and social isolation. To address this issue, the geriatric health care sector will need to increase its recognition and support for the role of informal caregivers, by providing them with more training, education, information, and guidance, which can help them to improve their knowledge and skills, and cope with their challenges and difficulties. The sector will also need to provide more respite and support services, such as adult day care, home care, and counseling, which can help informal caregivers to take a break from their caregiving duties, and attend to their own health and well-being. Furthermore, the sector will need to involve and engage informal caregivers in the care planning and decision making process, and respect and honor their preferences and needs.

7. What are the main takeaways and recommendations for the readers?

The aging population presents a significant opportunity for businesses that can offer solutions to the challenges and needs of geriatric health care. Based on the analysis of the current trends and insights, the following are some of the main takeaways and recommendations for the readers:

- Geriatric health care is a growing and diverse market. The demand for geriatric health care services and products is expected to increase as the number of older adults rises globally. The geriatric health care market is also segmented by various factors, such as age group, health condition, service type, product category, and region. This allows for the development of tailored and targeted solutions that can meet the specific needs and preferences of different segments of the elderly population.

- Geriatric health care requires a holistic and integrated approach. The health and well-being of older adults are influenced by multiple factors, such as physical, mental, social, environmental, and economic aspects. Therefore, geriatric health care should not only focus on treating diseases and symptoms, but also on promoting healthy aging, preventing complications, enhancing quality of life, and addressing the social determinants of health. This requires the collaboration and coordination of various stakeholders, such as health care providers, caregivers, family members, community organizations, policy makers, and businesses.

- Geriatric health care can benefit from innovation and technology. The advancement of technology and innovation can offer new and improved ways of delivering geriatric health care services and products. For example, telehealth, remote monitoring, wearable devices, smart home systems, artificial intelligence, and robotics can enable more accessible, convenient, efficient, and personalized geriatric health care. However, the adoption and implementation of these technologies and innovations should also consider the potential barriers and challenges, such as cost, regulation, privacy, security, ethics, and user acceptance.

- Geriatric health care can create social and economic value. By providing effective and quality geriatric health care, businesses can not only generate revenue and profit, but also create social and economic value for the society. For instance, geriatric health care can help reduce the burden on the health care system, improve the productivity and participation of older adults, support the well-being and empowerment of caregivers, and contribute to the sustainable development goals.

These are some of the key points that can help the readers understand the opportunities and implications of geriatric health care. However, geriatric health care is a complex and dynamic field that requires continuous research, innovation, and adaptation to the changing needs and expectations of the aging population. Therefore, businesses that are interested in entering or expanding in this market should also conduct a thorough and comprehensive market analysis, feasibility study, and strategic planning to ensure their success and competitiveness.