The aging population can hit the worldwide economy in numerous ways due to the expanding demand of health care services for a longer life. Treatment of chronic illnesses including cardiovascular diseases and cancer devours 70% of all direct health care costs. The projected costs of care including social care for the growing number of individuals with dementia, neurodegenerative disorders are intimidating. This is an increasing concern among both developed and developing nations.
This paper centers around the complications in terms of comorbidity, chronic diseases and lack of clinical studies including aged population and the impact on the economy. Innovations by various entities to cater for the aging population are also discussed.