Mariana Romero Roy
An aging population is not a uniquely Latin American problem. According to the World Health Organization, one in six people globally will be over the age of 60 by 2030, and by 2050, the number of people age 60 and over will double to 2.1 billion. [1]
However, some sources estimate that Latin America is aging faster than any other region in the world. While they don’t have the oldest populations — those belong to Europe and East Asia — the declining birth rate and accelerating aging of the population are going to lead to some eye-opening statistics in the near future. [2] For example:
Projected LatAm population percentage age 65 and over by:
- 2030 – 11.88%
- 2040 – 15.21%
- 2050 – 18.9%
Then, when you consider that the birth rate has declined from almost 6 children per woman in 1952 to 1.8 per woman in 2024, it’s easy to see why the “silver economy” is about to take over the region in the years ahead. [3]
The Aging Impact on Healthcare
As you can imagine, this rapidly aging population in the region will have a significant impact on the healthcare sector and, more specifically, on medtech in the decades to come. In fact, the journal Age and Ageing noted in a 2022 article that the region is already starting to struggle to keep up with the aging population. [4]
The challenges of the recent COVID-19 pandemic have already exposed some of the gaps in regional care that will become even more obvious as Latin America is beset by more chronic diseases like diabetes, heart disease, and cancer, as well as other common ailments among the elderly. [4]
As rates of chronic disease increase across the region, the demand for relevant medical supplies and equipment is sure to follow suit. These are the projections for some common chronic medical conditions in the years ahead:
Chronic medical condition projections:
- Diabetes – Expected to increase by 46% to 52 million by 2050 in LatAm [5]
- Heart disease – Expected to almost double to 1.14 billion globally by 2050 [6]
- Cancer – Expected to increase by 50.7% in LatAm from 2022 to 2050 [7]
- Alzheimer’s – Expected to increase from 7.8 million to over 27 million by 2050 [8]
Just this small list of chronic, age-related medical conditions shows that the impact is about to be very real and significant. That doesn’t even include the large list of other issues that older people will face, particularly age-related mobility problems.
Meeting the Challenge
Despite the challenges that lie ahead, many countries in Latin America are well aware of the issues and are taking steps to be ready for the influx of patients. For example, since 2021, the Pan American Health Organization has placed its focus on “A Decade of Healthy Aging,” advocating for and initiating public health programs that help people in the region age healthily and happily. [9]
While helpful, these programs are just the tip of the iceberg when it comes to preparing for the changes of the “silver economy” in the years ahead. According to top regional health experts, the healthcare industry must focus on the following initiatives to be ready:
- Aging support planning, including integrated care systems, geriatric infrastructure and additional medical support staff.
- Financing reform to prioritize essential services and reduce out-of-pocket costs.
- Strengthened prevention and primary care to prevent chronic disease or catch problems early before they grow worse.
- Data and strategic intelligence to use modern tools to address growing healthcare needs with accuracy and precision. [10]
Key Takeaways for Health Care Companies
Clearly, the road for healthcare systems and hospitals trying to prepare for the “silver economy” is going to be a bumpy one with a lot of twists and turns ahead. But for medical technology firms, manufacturers, and suppliers, the opportunities to be part of the solution for the entire region are substantial.
Almost across the board, entire sectors and sub-sectors of healthcare are going to see significant demands for more supplies and equipment. This will include diagnostic equipment, life support equipment, devices for diagnosing and treating heart disease, diabetes, and cancer, and orthopedic devices and implants. As medicine continues its transition to telemedicine and remote care, systems that support home care and remote monitoring will also thrive.
The shift in the “silver economy” should be significant enough to extend beyond medical devices and equipment, as well. Systems may need to be upgraded to hold up to a massive influx of patients, not to mention facilities.
Planning Your Silver Economy Roadmap
Your firm is primed to help Latin America continue a “Decade of Healthy Aging,” and the time is now to begin planning your roadmap for the years ahead. The data provided by Global Health Intelligence can help you make strategic decisions about the countries, healthcare systems, and hospitals where you should be focusing your attention.
Medtech reps can stay agile with their forecasts and sales strategies by using SurgiScope for real-time data while tracking shifting procedure volumes. They can also identify which hospitals are experiencing spikes in orthopedic procedures.
HospiScope is also valuable in providing hard, localized data on the specific hospitals that have equipment needs. This is a much more valuable tool for crafting real-time forecasts and sales strategies than relying on historical assumptions for adjusting sales targets.
Next Steps
Contact GHI to learn more about the rise of the “silver economy” across Latin America, and how you can adjust your company’s strategy to meet the changing healthcare landscape that will result. Our team of researchers can provide the analysis you need to gain valuable insights to support strategic decision-making in your industry.
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Sources:
- https://www.who.int/news-room/fact-sheets/detail/ageing-and-health
- https://www.pensionpolicyinternational.com/latin-america-has-the-fastest-aging-population-in-world/
- https://americasquarterly.org/article/the-gray-tide-latin-americas-demographic-transformation/
- https://pmc.ncbi.nlm.nih.gov/articles/PMC9384165/
- https://diabetesatlas.org/data-by-location/region/south-and-central-america/
- https://www.aku.edu/news/Pages/News_Details.aspx?nid=NEWS-003795
- https://pmc.ncbi.nlm.nih.gov/articles/PMC12745351/
- https://www.alzint.org/u/dementia-in-the-americas-ENGLISH.pdf
- https://www.paho.org/en/events/regional-launch-decade-healthy-aging-2021-2030
- https://incae.edu/en/el-futuro-ya-nos-alcanzo-como-el-envejecimiento-y-las-enfermedades-cronicas-estan-presionando-los-sistemas-de-salud-en-america-latina/
