China Graying at Rapid Pace

China’s elderly population, defined as those over age 65, is expected to surge to 400 million by the end of 2035, and to 480 million by 2050,  according to the China Association of Social Security. The expected increase, amounting to 10 million people per year, comes as the country’s elderly care industry develops quickly but unevenly. The rising number of patients with senile and chronic diseases is driving strong demand for rehabilitation assistance devices, health care products, and smart geriatric nursing services. Overall elderly care consumption is estimated by the Ministry of Civil Affairs to hit 106 trillion yuan ($16 trillion) by 2050, accounting for 33% of GDP.