Frost & Sullivan releases the 'Longevity Services Market Forecast Report' (Chinese-English bilingual version)

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Over the past 25 years, the global aging population aged 65 and above has increased from 391 million in 1997 to 743 million in 2021, an almost doubling increase. With the continuous growth of the global aging population, the service model for elderly care is shifting from increasing human life expectancy to comprehensively improving the quality of life for the elderly population.

The aging population has a strong desire: they wish to live longer and healthier lives, extending their life expectancy by 15 to 20 years compared to current expectations. This has brought about huge consumer demand for the global longevity service market. In 2021, the global longevity service market size reached $83 billion, and it is expected that by 2030, the market size will reach $153 billion. In the future, this market will give rise to a large number of high-quality investment targets.

Between 1997 and 2021, the total global population aged 65 and above increased from 391 million to 743 million, a growth rate of over 90%. With the intensification of the aging population trend, it is estimated that the global elderly population will double within the next 25 years, exceeding 1.5 billion. In the past, efforts towards aging mainly revolved around increasing human life expectancy. With the rise of the concept of longevity services, the purpose of aging services has gradually shifted towards improving the quality of life for the elderly population, which helps to drive consumer demand in the longevity service market.

The aging population has a higher risk of chronic diseases and sensory impairments, and the psychological impact of depression and social isolation also triggers various health-related issues among this group. For example, in the United States, 80% of people aged 65 and above suffer from at least one chronic disease, while 68% suffer from two or more diseases. In addition, social isolation increases the risk of dementia by 50%, heart disease by 29%, and the loneliness of heart disease patients increases their hospitalization rate by 68%.

Taking the US market as an example, although the elderly population accounts for less than half of the total population, their healthcare expenditures account for more than two-thirds of total spending. Specifically, people aged 65 and above make up 35% of this expenditure. Healthcare expenditures for people aged 65 and above are about four times that of those aged 18-44 and one and a half times that of those aged 45-64.

At this stage, the solutions for longevity services include prevention, diagnosis, treatment, and anti-aging.

Prevention is aimed at solutions to prevent related damage due to aging, such as health supplements, health monitors, and advice on healthy lifestyles. Diagnosis is a screening program designed to identify chronic diseases or deteriorating conditions, covering aspects like the aging biological clock and biomarkers. Treatment is a solution introduced to treat damage or delay the aging process, including chemotherapy, neurotechnology, etc. Anti-aging is a solution to restore vitality to organs or cells to reverse the effects of aging, including cell rejuvenation and allogeneic transplantation. The successful application of these four types of solutions could potentially extend lifespan by 10-12 years.

In 2021, the global longevity service market size reached $83 billion. It is expected that the market will grow at a compound annual rate of 7%, and by 2030, it is anticipated to exceed $153 billion. At the same time, the longevity service market enjoys many development benefits, including the continuous increase in the global aging population, the elderly's desire for longevity, health, and independent living, as well as factors such as the use of artificial intelligence to develop drugs and new treatment methods.

In terms of limiting factors, healthcare expenditures will become the main barrier restricting the development of the longevity service market due to their economic burden on the elderly population. Aging has not yet been considered a major health condition, which will weaken consumers' attention to longevity services from a cognitive perspective.

Currently, the longevity service market already has numerous participants, with their main products and services distributed across four major areas: prevention, diagnosis, treatment, and anti-aging. At the same time, the number of participants in these four areas is experiencing rapid growth. In terms of the market competition pattern for longevity services, there is a significant island effect, meaning that most market participants only provide services in one area. Only Cambrian (diagnosis and treatment),Human LongevityFour companies, namely Diagnostics & Therapeutics, LyGenesis (anti-aging and therapeutic), Radiolife (diagnostics & therapeutics), can provide services in two areas.

Among the well-known longevity service enterprises, American companies account for more than half, and four of them provide services in both fields. In addition, Deep Longevity, a Hong Kong-based Chinese company, is also one of the well-known longevity service enterprises. As a developer of the longevity cloud platform, Deep Longevity informs users on how to maintain a healthy state for an extended period.

At the current stage, the longevity service market has three main pain points: expensive products and services, the silo effect of solutions, and the market still being in its infancy.

Due to the low cost-effectiveness and high prices of many longevity services, only the wealthy social class can enjoy these services. For example, the cost of skin regeneration can reach $90-251 per treatment course, while hospital care for acute ischemic stroke costs exceed $1,100 per day. Such solutions are mainly suitable for the wealthiest segment of the population, with an average family income reaching $100,000. Other groups cannot afford these services due to insufficient disposable income for aging care.

In the future, providing affordable longevity services will bring significant development opportunities to the market and help significantly expand the user base of longevity services. In addition, although the incidence of age-related diseases is high, the initial nature and immaturity of longevity services limit their availability, quantity, and application scope, and many potential consumers are not aware of them. The longevity service market in the future needs to improve consumer awareness of longevity services, conduct more market education and popular science, which will help increase the conversion rate of potential users.