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By 2052, one in six people in the world will be 65 or older. In the United States, all baby boomers will have reached retirement age.
In the United States, the 65-and-older cohort currently accounts for 16% of the population but 37% of all healthcare spending. Both figures are expected to rise in coming years.
Healthcare demand among the elderly correlates with the higher incidence of chronic illness. An estimated 79% of individuals 60 and older deal with two or more chronic illnesses, requiring coordinated care across multiple settings and providers.
The rise in obesity has led to a surge in associated health problems. New treatments targeting obesity show promise not only for weight reduction, but also for addressing the multiple chronic conditions increasingly common in older adults.
Historically, healthcare has been slow to adopt new technologies, but surging demand means the sector must now embrace innovation. A growing set of technologies will play a pivotal role in improving patient care.
Regulatory acceptance of AI-enabled medical devices has paved the way for expanded use of wearable sensors that can integrate effortlessly into patients’ lives and enable around-the-clock health monitoring.
Sparked by the approval of Intuitive Surgical’s da Vinci Surgical System in 2000, robot-assisted surgeries have taken off, transforming areas of medicine that include urological, gynecological, and general procedures.
Generative AI has the potential to accelerate drug discovery, leading to cost efficiencies and more affordable medicines. Spending on drug-discovery gen AI software tools, which can reduce the time to take a drug to market, is projected to reach $41 billion by 2032.
The pharmaceutical industry now has a host of new technologies to treat common diseases.
Growing regulatory acceptance is expected to pave the way forward for widespread adoption of genomic medicines. There are now nearly 30 approved genomic medicines, including the first gene editing therapy, approved in 2023.
With growing regulatory acceptance, the genomic medicine industry is now focused on expanding its reach to more common illnesses. Currently, revenues from genomic medicines derive from 15 illnesses, seven of which comprise 78% of revenues. By 2030, genomic medicines for 80 illnesses are expected to generate revenues.