Imagine a world with over two billion senior citizens, a number that’s doubling within a generation, where the elder care industry has already become a trillion-dollar economy struggling to keep pace.
Key Takeaways
- In 2023, the global population aged 60 and over reached 1.1 billion, projected to double to 2.1 billion by 2050
- By 2030, one in six people worldwide will be aged 60 years or over, rising from one in 11 in 2019
- In the US, the number of Americans aged 65+ is expected to grow from 56.1 million in 2020 to 82.1 million by 2050
- The global elder care market was valued at $1.05 trillion in 2023, projected to reach $1.9 trillion by 2030 at a CAGR of 8.9%
- US home healthcare market size was $116.3 billion in 2023, expected to grow to $176.3 billion by 2030 at 6.1% CAGR
- Assisted living facilities market globally valued at $92.4 billion in 2022, to hit $150 billion by 2030, CAGR 6.3%
- In the US, there were 1.4 million nursing home beds in 2023
- Globally, elder care workforce shortage projected at 18 million by 2030
- US home health aides numbered 4.1 million in 2023, growing 22% by 2032
- Average annual cost of private nursing home room in US $108,405 in 2023
- US assisted living average monthly cost $4,807 in 2023, up 53% from 2018
- Home health aide hourly rate averages $31 in US 2023
- In 2023, 70% of US adults 65+ live in community settings, 28% in institutions
- Global home-based care recipients 80% of total elder care services in 2023
- US nursing homes occupancy rate 82% in 2023, down from 90% pre-COVID
The aging global population is driving a massive trillion-dollar elder care industry growth.
Demographics
- In 2023, the global population aged 60 and over reached 1.1 billion, projected to double to 2.1 billion by 2050
- By 2030, one in six people worldwide will be aged 60 years or over, rising from one in 11 in 2019
- In the US, the number of Americans aged 65+ is expected to grow from 56.1 million in 2020 to 82.1 million by 2050
- Women aged 65+ outnumber men by 56% in high-income countries due to higher life expectancy
- In Japan, 29% of the population was 65 or older in 2023, the highest globally
- Europe's population aged 65+ is projected to rise from 20.6% in 2020 to 30.3% by 2100
- In China, the elderly population (60+) reached 280 million in 2023, 19.8% of total
- US centenarians numbered 101,000 in 2024, up 5.2% from 2020
- In India, elderly (60+) population was 149 million in 2022, projected to 194 million by 2031
- Globally, 80% of older people live in low- and middle-income countries as of 2023
- Canada's 65+ population hit 7.2 million in 2023, 18% of total
- In Australia, 65+ population grew 18% from 2016 to 2021 to 4.2 million
- Brazil's 60+ population was 32.4 million in 2022, 15.1% of total
- South Korea's elderly ratio reached 18.6% in 2023, entering super-aged society
- In Germany, 22.3% of population was 65+ in 2023
- UK's 65+ population was 12.1 million in 2023, 18% of total
- In Mexico, elderly (65+) numbered 9.5 million in 2023, 7.3% of population
- Russia's 65+ population is 16.5 million, 11.5% in 2023
- In South Africa, 60+ population was 5.6 million in 2022, 9% of total
- Italy has the world's second-oldest population with 24% aged 65+ in 2023
- In 2023, 10,000 Americans turned 65 daily
- France's 75+ population exceeded 6 million in 2023
- In Spain, 65+ was 20.1% of population in 2023
- Netherlands' elderly (65+) at 20.5% in 2023
- Sweden's 65+ population 2.2 million, 21% in 2023
- In 2023, global life expectancy at 65 reached 17.6 years, up from 15.1 in 2000
- US Baby Boomers (born 1946-1964) number 73 million, all 65+ by 2030
- In 2023, Asia hosted 60% of world's 60+ population at 660 million
- Portugal's 65+ ratio 23.4% in 2023
- Global old-age dependency ratio projected to 25% by 2050 from 15% in 2020
Demographics Interpretation
The global population is graying with such astonishing speed that retirement planners, healthcare systems, and younger generations are collectively asking, "Who exactly signed us up for this extreme marathon, and why is the finish line moving so far away?"
Financials
- Average annual cost of private nursing home room in US $108,405 in 2023
- US assisted living average monthly cost $4,807 in 2023, up 53% from 2018
- Home health aide hourly rate averages $31 in US 2023
- UK average weekly care home fee £1,230 in 2023, residential £883, nursing £1,046
- Japan long-term care insurance premiums average ¥6,000/month per person in 2023
- Global elder care spending $1.5 trillion annually in 2023, 2% of GDP
- US Medicare spent $150 billion on long-term services in 2023
- Canada average annual nursing home cost CAD 90,000 in 2023
- Australia aged care fees average AUD 50,000/year basic in 2023
- Germany nursing home monthly cost €3,500 average in 2023
- France home care hourly €25 in 2023
- China elder care annual cost RMB 50,000 average in urban areas 2023
- India private elder care monthly ₹20,000-50,000 in 2023
- US out-of-pocket long-term care spending $100 billion yearly in 2023
- UK social care funding gap £2.2 billion in 2023
- Brazil public spending on elderly care 1.2% GDP in 2023
- Netherlands LTC insurance covers 80% costs, average premium €170/month 2023
- Italy regional care spending €40 billion in 2023
- Spain elder care public expenditure €25 billion in 2023
- Sweden municipal elder care budget SEK 150 billion in 2023
- Global private LTC insurance market $1.3 trillion assets under management 2023
- US adult day care daily cost $80 average in 2023
- Hospice daily care $215 in US 2023
- Respite care weekly cost $1,000 in US 2023
Financials Interpretation
While the global price tag for aging gracefully now reads like a luxury car catalog, the real cost is a universal wince followed by the frantic search for a financial mattress thick enough to cushion our later years.
Market Trends
- The global elder care market was valued at $1.05 trillion in 2023, projected to reach $1.9 trillion by 2030 at a CAGR of 8.9%
- US home healthcare market size was $116.3 billion in 2023, expected to grow to $176.3 billion by 2030 at 6.1% CAGR
- Assisted living facilities market globally valued at $92.4 billion in 2022, to hit $150 billion by 2030, CAGR 6.3%
- Nursing homes market worldwide $824 billion in 2023, projected $1,156 billion by 2032, CAGR 3.8%
- Europe elder care market $450 billion in 2023, CAGR 7.2% to 2030
- Asia-Pacific elderly care market to grow from $450 billion in 2023 to $1 trillion by 2032 at 9.3% CAGR
- US long-term care market $500 billion in 2023, expected $700 billion by 2030
- Global senior living market $1.2 trillion in 2024, CAGR 6.5% to $2 trillion by 2032
- Home care services market in US $107 billion in 2023, to $225 billion by 2032, CAGR 8.6%
- China elder care market $300 billion in 2023, projected $600 billion by 2030, CAGR 10.5%
- Japan senior care market $150 billion in 2023, CAGR 5.2% to 2030
- UK care homes market £20 billion in 2023, growing 4.5% annually
- Global telehealth for elderly market $15 billion in 2023, to $45 billion by 2030, CAGR 16.7%
- India elder care market $25 billion in 2023, expected $50 billion by 2028, CAGR 15%
- Canada long-term care market CAD 40 billion in 2023, CAGR 5.8%
- Australia aged care market AUD 25 billion in 2023, growing 6.2%
- Germany elder care services market €60 billion in 2023, CAGR 4.1%
- France home care market €30 billion in 2023, to €45 billion by 2030
- Brazil elderly care market $10 billion in 2023, CAGR 8.5% to 2030
- Wearable tech for seniors market $20 billion globally in 2023, CAGR 22%
- US assisted living market $100 billion in 2023, to $140 billion by 2028
- Smart home devices for elderly market $5 billion in 2023, to $25 billion by 2030
- Global robotic care assistants market $2.5 billion in 2023, CAGR 20%
Market Trends Interpretation
The world's silver tsunami is creating a gold rush, as aging populations transform care from a moral obligation into a multi-trillion-dollar, technologically-driven economic juggernaut.
Services and Quality
- In 2023, 70% of US adults 65+ live in community settings, 28% in institutions
- Global home-based care recipients 80% of total elder care services in 2023
- US nursing homes occupancy rate 82% in 2023, down from 90% pre-COVID
- UK domiciliary care hours grew 20% to 1.2 billion in 2023
- Japan community-based care services cover 60% of elderly needs in 2023
- EU assisted living facilities house 3 million elderly in 2023
- US dementia care services market $20 billion, 6 million affected in 2023
- China integrated elder care facilities 40,000 in 2023, beds 8 million
- Australia residential aged care places 200,000 in 2023, 75% occupancy
- Canada home care serves 1 million elderly yearly in 2023
- Germany outpatient care 4.5 million recipients in 2023
- India organized elder care facilities 2,000 in 2023, serving 500,000
- US Meals on Wheels delivered 250 million meals in 2023
- UK day care centers attendance 100,000 elderly weekly in 2023
- South Korea silver towns 500 facilities in 2023, 100,000 residents
- Brazil long-term care institutions 10,000 in 2023
- Quality rating average 2.8/5 stars for US nursing homes in 2023
- 40% of US elderly receive formal home care services annually in 2023
- Netherlands 90% elderly at home with support in 2023
- France telecare devices used by 800,000 elderly in 2023
- Italy family caregivers 8 million in 2023, 80% of care provided
- Spain home help services reach 500,000 elderly monthly in 2023
- Sweden palliative care beds 5,000 nationwide in 2023
- Global digital health adoption in elder care 45% facilities in 2023
Services and Quality Interpretation
The statistics paint a clear, global picture: while families and communities valiantly hold the front line of elder care from Japan to Italy, our institutional systems are often a disappointing fallback plan, as evidenced by nursing homes struggling with quality and occupancy, revealing a gap between where we want to age and where we’re actually prepared to support.
Workforce
- In the US, there were 1.4 million nursing home beds in 2023
- Globally, elder care workforce shortage projected at 18 million by 2030
- US home health aides numbered 4.1 million in 2023, growing 22% by 2032
- In UK, 1.6 million care workers in 2023, with 152,000 vacancies
- Japan has 2.2 million care workers for elderly in 2023, ratio 1:4 elderly
- EU elder care workers total 4.5 million in 2023, 70% female
- US nursing assistants turnover rate 94% annually in 2023
- China needs 20 million elder care workers by 2030, currently 8 million
- Australia aged care workforce 400,000 in 2023, shortage of 110,000 projected by 2025
- Canada personal support workers 250,000 in 2023, 25% growth expected by 2031
- Germany care workers 1.7 million in 2023, 40% foreign-born
- India elder care workforce only 20,000 trained professionals in 2023 vs need 10 million
- US certified nursing aides 1.3 million in 2023, median wage $16.50/hour
- UK care worker vacancy rate 9.9% in 2023, highest in health sector
- South Korea care workers 300,000 in 2023, need doubles by 2030
- Brazil long-term care workers 500,000 in 2023, growing 10% yearly
- Average age of US home health aides 48 years in 2023, 90% women
- Global care worker pay averages $12/hour, 50% below living wage
- Netherlands elder care staff 300,000 in 2023, turnover 20%
- France aides-soignants 700,000 in 2023, shortage 30,000
- Italy care workers 2 million informal in 2023, mostly immigrants
- Spain residential care staff ratio 1:6 residents in 2023
- Sweden elder care workers 200,000, 25% part-time in 2023
- In US nursing homes, staffing averages 3.5 hours/day per resident in 2023
Workforce Interpretation
We have meticulously built the world's greatest retirement waiting room, but we're desperately short on ushers.
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