Longevity (Senior) Economy
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In this Surrey Leadership Dialogue, the Surrey Board of Trade will present perspectives on the longevity economy, that is the aging population or seniors.
Researchers project the number of Canadian adults aged 65 and older will vary between 9.9 and 10.9 million by 2036 (double 2009’s numbers) and between 11.9 and 15 million by 2061.
But despite Canada’s ranking as the sixth-largest investor in longevity advancements globally our longevity sector still remains a well-kept secret, which prompts the question: Are we taking the aging revolution seriously enough to compete in it, let alone lead it?
We’re experiencing a revolution in aging, thanks to new innovations, technology and breakthroughs in aging science and medicine that are extending lives and improving the health of older people. An ever-growing number of the world’s brightest, boldest, most forward-looking economists, scholars, scientists, innovators, disruptors and entrepreneurs have recognized the enormous potential these advances in the technology of aging represent. Not only for significantly extending lifespans, but for how it can — and will — create jobs and stimulate economic growth.
A longevity economy will see a shift in the mix of economic industries, with both health and education expanding further and new financial products. Such an economy has the potential to contribute to growth in gross domestic product through employment and human capital.
Some of the areas that the panel will explore with dialogue from the audience are:
- Aging in the right place
- Business of retirement living and care
- Health and economy
- Employment and entrepreneurship
- What is it that we don’t know about our aging population?
The 900+ longevity companies in Canada were classified into 20 broad categories, each of which has a unique approach to contribute to the longevity ecosystem. Companies in the P4 Medicine category provide precise diagnostics and treatment services. Companies in the AI for Longevity category offer AI-based healthcare solutions. Telemedicine firms provide remote diagnosis and treatments. Life insurance is the focus of InsurTech companies. Mental health organizations aim to assist persons suffering from mental disorders. The Wellness & Fitness category includes businesses that are concerned with physical fitness and well-being. AgeTech refers to digital technology firms that are designed to meet the requirements of older individuals. Companies in the Advanced Cosmetics category create cosmetics and advanced treatments. PharmTech firms are those that deal with pharmaceutics, drug manufacturing, and distribution. NeuroTech firms create solutions that link technology components to the nervous system. Clinical Data Management companies assist companies that conduct clinical trials with managing their data. Companies in the Deep Diagnostics category offer deep diagnostics services. Companies in the FinTech sector offer financial solutions, business finance, and solutions to fund lifestyle and social care. Firms in the Regenerative Medicine category are focused on regenerative techniques and the restoration of human cells, tissues, or organs. And Deep Dentistry firms are focused on oral hygiene and procedures aimed at restoring dental health, as well as dental research.