
Ageing population brings challenges such as a shortage of healthcare professionals. Credit: LE Photo / Shutterstock
The global population is ageing at an unprecedented pace. Advances in healthcare, better living conditions and declining birth rates have significantly extended life expectancy. Consequently, the proportion of elderly individuals is rapidly increasing in many nations. This demographic transformation brings both challenges and opportunities, particularly for the medical devices industry, which plays a vital role in meeting the healthcare demands of ageing populations.
According to the United Nations, the global population aged 60 years and older is expected to double by 2050, reaching approximately 2.1 billion. In countries such as Japan, Germany and the US, the elderly already represent a significant portion of the population. Ageing is associated with a higher prevalence of chronic diseases, mobility issues and a general decline in physiological functions, all of which drive the demand for medical devices. The increase in age-related conditions such as cardiovascular diseases, osteoporosis, diabetes and neurodegenerative disorders such as Alzheimer’s disease and Parkinson’s disease is fuelling the need for specialised medical technologies. Medical devices tailored to diagnostics, treatment and patient management are essential in helping elderly individuals maintain their quality of life and independence.
The ageing population has a profound influence on the medical devices industry in several key areas, including a growing demand for assistive and mobility devices such as wheelchairs, walkers and prosthetics. The early detection and diagnosis of age-related diseases are crucial to improving health outcomes, so there is a growing demand for advanced diagnostic imaging equipment such as magnetic resonance imaging, computer tomography and ultrasound machines.
There is also a growing preference for “ageing in place” rather than in institutional care, which has driven demand for home-based medical devices. Technologies such as remote patient monitoring systems, wearable health trackers and smart home healthcare solutions are becoming increasingly popular. Devices that enable real-time monitoring of vital signs, fall detection and medication adherence help seniors manage their health conditions more effectively while reducing hospital visits.
According to GlobalData forecasts, more than 2.2 million diagnostic respiratory devices (such as spirometers, sleep apnea diagnostic systems, exhalation monitors, pulse oximeter systems and peak flow monitors) will be installed for patients at home in the US by 2028. This is set to grow at a compound annual growth rate of 5.4% to exceed 2.9 million devices by 2033.
While the ageing population creates significant opportunities and growth for certain areas of the medical devices industry, it also brings challenges such as a shortage of healthcare professionals. With fewer doctors, nurses and caregivers available, elderly individuals may experience longer wait times for medical appointments, surgeries and emergency care. This can lead to delayed diagnoses and treatments, as well as worsening health conditions. As professional healthcare workers become scarce, families may have to take on more caregiving responsibilities. This can be physically, emotionally and financially draining, especially for individuals who are balancing jobs and caregiving duties.
The ageing population will continue to have a significant impact on the medical industry, including driving growth in various therapy areas. However, without adequate care or enough devices to manage a growing elderly population, the medical industry may face a number of consequences.
2024 biotech round-up
Taking top spot in biotech IPOs this year is CG Oncology – the cancer drug specialist raised $380m when it hit the NASDAQ trading boards in January. This increased to $437m at IPO close after the underwriters exercised the option to purchase additional shares.
Funds raised are going towards CG’s lead asset, cretostimogene grendenorepevec, an oncolytic virus immunotherapy, which is in development for the treatment of high-grade non-muscle invasive bladder cancer (NMIBC) and muscle-invasive bladder cancer.
GlobalData’s business fundamentals senior analyst Ophelia Chan says: “Oncology continued to dominate as the leading therapeutic area for IPOs this year, highlighted by CG Oncology’s $437m upsized IPO—the largest and first of the year. The company’s robust clinical data and ability to secure substantial capital have contributed to its strong performance in 2024.”
After a quiet summer, the IPO market reached full swing in autumn when Bicara Therapeutics, Zenas BioPharma, and MBX Biosciences all opened on the NASDAQ on the same Friday in September. The ‘triple-header event’ saw the three companies pull in over $700m combined. It was no surprise that the surge in activity came after the Federal Reserve’s decision to lower interest rates for the first time in years, ushering in a more inviting funding environment. This fruitful month was a stark contrast to August, which saw a significant global stock market dip amid fears of a US recession.
In June, Telix Pharmaceuticals – an emerging player in the fast-growing radiopharmaceutical space – pulled a last-minute plug on its IPO. The Australian company had been planning to list on NASDAQ and was on course to raise $232m – a value that would have placed it high on the list of biotech IPO sizes this year. Telix cited that its board did not move forward with the plans due to market conditions at the time.

On The Ground International assists Venezuelan caminantes (pictured) between Pamplona and La Laguna, Santander, Colombia. Credit: On The Ground International / Facebook

The Smart Clinic in La Guajira, Colombia. Credit: Siemens Healthineers
Numb feet, bleeding legs and dehydrated bodies mark their journeys – not to mention infectious diseases and psychological trauma. Studies have identified outbreaks of measles, diphtheria and malaria across Venezuela, while tuberculosis, typhoid and HIV, are also resurgent.
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Once we see where those changes are, we can plan where we’re going to cut the bone.
Dr Lattanza

Phillip Day. Credit: Scotgold Resources
Total annual production
Australia could be one of the main beneficiaries of this dramatic increase in demand, where private companies and local governments alike are eager to expand the country’s nascent rare earths production. In 2021, Australia produced the fourth-most rare earths in the world. It’s total annual production of 19,958 tonnes remains significantly less than the mammoth 152,407 tonnes produced by China, but a dramatic improvement over the 1,995 tonnes produced domestically in 2011.
The dominance of China in the rare earths space has also encouraged other countries, notably the US, to look further afield for rare earth deposits to diversify their supply of the increasingly vital minerals. With the US eager to ringfence rare earth production within its allies as part of the Inflation Reduction Act, including potentially allowing the Department of Defense to invest in Australian rare earths, there could be an unexpected windfall for Australian rare earths producers.