Aging. It is one of the few things that connect us all. None of us want to have to go through it, but all of us will and while for many of us our twilight years seem to belong to some mythical time period in the distant future, for the baby boomers the time is now. The baby boomers have been influencing industries from the housing market to tourism, to healthcare for decades. But it’s not as bad as it may seem, perhaps their biggest impact is yet to come, and it may be surprisingly positive.
Take a look at this list of facts:
- Life expectancies have risen from a global average of 49 in 1955 to 72 today
- There are 10, 000 people turning 65 in the US every day.
- By 2040, the global population of people aged sixty five and above is expected to double.
- By the end of this decade, the spending worth of those over the age of sixty will hit $15 trillion worldwide, an increase of $7 trillion dollars in 2010
What this means is that as our beloved grandma and grandpa head further and further into the twilight of life, no doubt at some point they’ll face the decision – to stay in their homes and receive health care there, or to move to a facility. While the increase in an elderly population will no doubt increase the amount of facilities built, it also creates a vacuum for opportunity! Have a look at some of these opportunities.
Companies already providing home health care will be able to expand, while the opportunity’s there for the taking for any of you budding entrepreneurs passionate about providing a service of care that undoubtedly has a huge positive impact on those it affects.
For those wanting to stay at home, the challenge will be to ensure that their environment is reliable and safe, as well as being cost effective, but new technology will home care easier and cheaper. Some useful apps available now include:
- The Urine Output Log, which does exactly what it says on the tin and allows healthcare providers or patients to monitor their bladder functions and habits.
- Pill pack – a prescription by mail service.
How can we profit from this?
If you’re an investor, this means putting your money in areas that encompass both real estate and healthcare would be wise. This includes companies offering Personal Support Workers and senior housing. As for the rest of us lacking thousands to invest? We’d best get granny an iPhone for all those new healthcare apps.