WHY THIS IS IMPORTANT TO WISCONSIN: Wisconsin businesses offering products, services, and technologies related to healthy aging may find a wide variety of opportunities.
People in Canada are living longer, and the older population is gaining ground over the younger folks.
A study by the Canadian Institutes for Health Research (CIHR) showed that older adults are the fastest growing demographic in Canada, primarily because of the baby boomer generation, born between 1946 and 1964.
According to Statistics Canada, 7.8 million residents were 65 or older in 2024. That represents 19% of the country’s population of 41.2 million. At the same time, 6.3 million Canadians were under 15 years old, or 15% of the population.
In fact, 11,919 residents were centenarians in 2024, up from 10,604 in 2021, and 80% of them were women. CIHR projected that by 2046, there will be 2.5 million Canadians who are 85 years old or higher—three times as many as in 2021.
A CIHR strategic plan for 2023-2028, Reframing Aging: Empowering Older Adults, calls for research to better understand the needs of the diverse groups among the aging population, as well as a focus on wellness and quality of life.
Those are issues that resound with people of all generations, not just older people. Surveys by Innova Market Insights showed that prioritizing prevention is one of the top 10 issues for consumers in Canada and the U.S. Three of every five people have made lifestyle changes because of global concerns that include cost-of-living increases, technological transformation, and the health of the planet and the population. Nearly one in three consumers surveyed in Canada and the U.S. have taken more action over the past year to live healthier, and 59% said healthy aging is important to them.
Canada’s government said the aging population will have multiple effects on the economy in terms of issues such as health and home care services, housing, transportation, and consumption habits.
The trend presents opportunities for new innovations, products, services, and technologies that could benefit older residents and improve their quality of life. Those areas include health care, home care, pharmaceuticals, medical devices, recreation, travel and leisure, education, food and beverage, nutritional needs, technology, and more.
Wisconsin companies with products or services in those sectors could find opportunities in Canada.
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