Italy is an increasingly old country: In 2021 there were 5.1 older people for every child
The average age has risen by three years in the past decade since 2011 (from 43 to 46) […]. The ageing of the Italian population is even more evident in comparison with past censuses. In 2021 there were 5.1 older people (i.e. aged 65 and over) for every child compared to less than one older person for every child in 1951 (3.8 in 2011). (ISTAT 2022)
The old-age index (the ratio of the population aged 65 and over to the population under 15) has also increased significantly and continues to rise, from 33.5 % in 1951 to 187.6 % in 2021 (148.7% in 2001).
Italy has not only the largest share of over 65 year old population, but also that of the over 85 year old population, i.e. of the age group usually characterised by long-term care needs requiring adequate support and care services (Eurostat 2022).
Long-term care needs as key component for innovating support to older people
Traditionally, Italy belongs to the group of welfare states characterised by a relatively weak provision of long-term care services for older people needing support. […] it is often referred to as a “familistic” care regime, a situation that implies a rather stronger role played by family members and relatives in providing the necessary daily care.
One third of older people are cared for by children and spouses for more than 50 hours a week. This makes clear how urgent is the need to provide more systematic support to family caregivers (Pesaresi 2021).
Privately hired home care has more and more consolidated role […],present in almost half of this kind of households and often employed for a very high number of hours. […] In the eyes of most families, they represent a better alternative than admitting their beloved older relatives into a nursing home (Zini 2022).
When asked about the key characteristics that long-term care services should have to be useful, respondents focus on three main elements: their “timeliness”, i.e. their ability to be delivered and thus used when they are needed […]; the “respect for the dignity of the older person” […]; the protection of the economically weaker users.
Many users report difficulties in knowing how to best exploit the already existing technologies, especially if they are older, with a lower educational level, and living alone: three features that
overlap with those characterizing the 2,3 million italian households (9.6% of the total), […] who are not connected to the Internet (Auditel-CENSIS 2022).
The aging population, is expected to drive the demand for home care services.
The personal care at home market in the US and EU was valued at $12.9b in 2020 and will grow to reach over $55.6b in 2025 (Frost and Sullivan).
Two promising niches in the vast horizon of healthcare innovation opportunities in an ageing society are chronic wounds and medical foods.
The prevalence of ulcers can rise to 3.6% from the age of 60 years and up to 6% of the population over 80 years may develop chronic ulcers, mainly leg ulcers.
Silver Economy: a market with huge potential
Silver Economy is the sector of products and services targeted at the over 50 population, which is estimated to reach 5.7 trillion euro in value, equal to a third of Europe’s GDP, by 2025.
The trend for an increasing expenditure is clearly connected to ageing in all OECD countries. For the US this kind of spending is estimated in more than 700 billion dollars.
• A significant portion of the health expenditure is connected to risk factors: for the US, in 2020 it is estimated 700 billion dollars out for 4.1 trillion dollars of global health expenditure. Such expenditure is going to increase mainly because of demography and comorbidity.
There are three main areas for the development of innovation in ageing in place: Innovation that increases the possibility to freely choose where to live and improve the quality of life at home; mobility and micromobility; the struggle with solitude.
Senior people have an increasing level of education and with respect to past generations and together with a longer lifespan and better health conditions this creates the conditions for an increased demand of cultural related activities.
As the population ages, there will be an increased demand for pension and retirement savings programs that will be also required to maintain the economic system sustainable.
Challenges
that requires innovation allowing a socio-economic systems to remain sustainable over time.
Opportunities
The senior population is considered to be the wealthies part of the population and
this creates lots of opportunities that are not yet fully exploited.
Future trends
Shifting skillsets to remain competitive in the job market.
Changes in the demand for labor: greater demand for healthcare workers and a smaller pool od young workers
Redefinition of retirement: focus on phased retirement
Check out our report on Innovation in the Silver Economy
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