Government Initiatives Favoring Elderly Care and Rising Awareness and Increased Healthcare Spending by Developing Countries Which is Expected to Rise in the Future.

Around the world incidence of COVID-19, deaths have been highest in senior living communities – e.g. at care homes and “old age” homes. Uncontrolled outbreaks have occurred in many facilities, with severe effects on both elderly patients and carers. The elderly who has remained in their homes have mainly been safe and healthy during the pandemic, frequently under the supervision of professional care providers. During the COVID-19 issue, demand for home care has skyrocketed at the expense of hospital-based treatment. The increasing geriatric population worldwide and the increase in the awareness of elderly care among people are driving the growth of the market. According to World Health Organization, in 2019, there were approximately 1 billion aged people 60 years or older worldwide. Governments of various nations are focused on offering a better life for their geriatric population. The rising geriatric population owing to the prevalence of health conditions in old-aged people, increases the demand for proper care. According to the World Population Prospects (2019), by 2050, one in six people in the world will be over age 65 (16%), and the number of persons aged 80 years and above is forecast to reach 426 million in 2050. This increase in the geriatric population in the coming years has increased the efforts by various governments to contribute to elderly welfare. The Western Cape Government funds the independent and assisted living facilities that are operated by registered NPOs through their Department of Social Development. Also, the South African Social Security Agency (SASSA) assists with an old-age pension. 

According to the World Health Organization(Global report 2019), global health spending grew by 3.9% a year while the economy grew by 3.0% a year between 2000-2017. and middle-income countries’ health spending rose by 6.3% a year between 2000 and 2017 and in low-income countries, it rose by 7.8% a year. It is also reported that the middle-income country share increased from 13% to 19% of global spending between 2000 and 2017. Healthcare spending in developing nations is increasing owing to an increased focus on improving their healthcare systems which in turn contributes to their economic growth. According to data from World Population Prospects(2019), by 2050, one in six people globally will be over the age of 65. The increase in healthcare spending coupled with the rise in the geriatric population has increased the spending on elderly care as well.

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