With the growing size and spending power of the senior population around the globe, healthcare packagers have an opportunity to attract the loyalty of the aging demographic by making packaging changes that cater to seniors and appeal to all patients.
“Senior-friendly Healthcare Packaging: A Value Proposition for Universal Packaging,” covers a variety of reasons that producing easier-to-open packaging, and easier-to-read dosing instructions, would benefit seniors as well as all other patients. Any improvements to the package that could boost compliance would rescue lost profits. The study says non-adherence is an expensive issue for the global healthcare industry, resulting in $250 billion in lost sales annually.
The senior population is exploding. This trend is predicted to continue, with the population of individuals over the age of 65 expected to more than double by 2060, from 46 million to 98 million. As a percentage of the total population, seniors will make up 24% of the entire U.S. by 2060, compared to just 15% today. Most of this expansion in the senior cohort in the near future will be driven by the U.S. Baby Boomer generation, all of whom will be over the age of 65 by the year 2030.
In addition to a general expansion of the senior population, there is also a fundamental shift occurring in how people are spending their twilight years. The trend of “aging in place” has fluctuated in popularity over the last few decades, with 76% of adults over the age of 50 in 2018 expressing a desire to remain in their homes for as long as possible as they age.
Combine this data with the recent Nutraceuticals market research just released by PMMI, that shows both seniors and millennials want less interaction with medicines and are suffering from pill fatigue. Both groups are taking their health into their own hands through exercise and nutrition in the form of functional foods and beverages. Read more about it here.
Can Healthcare packaging change fast enough to capture increased senior spending power? Their rivals in nutraceuticals are innovating delivery systems, package type and design, etc. And both are plying for more e-commerce market share in the future.
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See the latest materials and machinery innovations at HEALTHCARE PACKAGING EXPO September 23-25 in Las Vegas co-located with PACK EXPO Las Vegas.