Gerontech can help address aging problem

Population aging is a megatrend affecting every country in the world. Demographically, population aging tends to not only mean more elderly people in absolute terms, but also relative to the younger and middle-aged population. Although this came about through positive developments — lower fertility and mortality rates — there is a general feeling of unease about its consequences.

There is no doubt that population aging creates significant challenges in terms of the pressures that it places on social systems. In countries with established welfare systems, redistributive pensions which suddenly have many people taking money out and fewer people putting money in clearly have problems unless something else changes. The same principles apply to other social systems which are sensitive to a population's age structure, such as healthcare, long-term care and even housing supply. In lower- and middle-income countries, having the capacity to set up these necessary healthcare and social systems in the face of often rapidly aging populations will be one of the greatest challenges of this century.

More broadly, economists argue that population aging can be a drag on productivity and economic growth. This, they argue, is due to not only a shrinking labor force, but also the declining population of younger people, rendering the workforce less dynamic and innovative.