People in Canada (and around the world) are getting older – and many are expected to live longer.
Canada’s aging population is growing rapidly, driven primarily by demographics (such as the ‘baby boomer’ generation, born between 1946 and 1965), increased life expectancy (driven by medical advancements and better living conditions), and declining birth rates.
Older adults represent the fastest-growing demographic in Canada. Statistics Canada states that an estimated 7.82 million Canadians are 65 years and older, of which close to a million are 85 and over and 11,672 centenarians. Canada’s current population is approximately 41.5 million people; it’s predicted that by 2038, approximately 21%- 25% of Canadians will be over 65. By 2046, the population aged 85 and older could increase to almost 2.5 million.
The Government of Canada notes that “an increase in the number of older Canadians will have many implications in terms of health and home care services, housing, transportation, and consumption habits,” which will impact the overall economy.
Government statistics state that Canadians live longer and healthier lives than previous generations, and many want to keep living independently in their homes and communities for as long as possible. Many older Canadians live in rural and suburban areas across Atlantic Canada, Ontario, and British Columbia. Most Canadian seniors in their communities report being happy, satisfied with their lives, and having good physical and mental health.
The Public Health Agency of Canada on Canadian’s perspective on healthy aging suggests that seniors are interested in finding more information about maintaining physical and cognitive health, aging at home, healthy aging, and healthy nutrition. Canadian consumers are embracing healthy aging and are taking action to live healthier. There is a desire and priority to age well across all generations, although research indicates that seniors are primarily concerned about aging healthily (compared to younger people). Consumers are being proactive to prevent health issues before they occur. Maintaining an active mind and body and good nutrition is key; as per the Canadian Institutes of Health Research (CIHR), “… lifestyle choices, such as nutrition, physical exercise, and cognitive stimulation, are known to be drivers of vitality in late life.”
Technology can have a positive impact on healthy aging. According to AGEWELL, eight in 10 Canadians aged 65 plus believe technological advancements can help them feel safe and independent, stay in their homes longer, and be connected to others. Almost seven in 10 Canadians are willing to pay for technology that allows them to ‘age in place.’
Canada’s aging population presents opportunities for innovations, products, services, and technologies to benefit seniors, improve quality of life, and support an aging population. Areas and industries of focus could include health care, home care, pharmaceuticals, medical devices, recreation, travel and leisure, education, food and beverage, nutritional needs, technology, and more.
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