BEIJING (dpa-AFX) - Amidst concerns over growing healthcare expenses of the aging population around the globe, a new study by the World Economic Forum has found that low-technology and low-cost strategies could unlock over $6 trillion in healthcare savings and productivity gains by 2040.
These cost-saving healthcare technologies are capable to prevent 400 million falls of aged adults at home, 8.5 million new type 2 diabetes cases, and 2.4 million dementia cases by 2040, the report entitled, 'The Longevity Dividend: The Business Case for Linking Health and Wealth,' developed with Marsh has said.
The study conducted on the prevention strategies in 21 countries found three low-cost measures, including access to simple home safety improvements, physical activity programs, and hearing aids could support to deliver these savings and gains.
Simple home safety measures, retrofits, such as rug tape, stair lighting and grab bars, could prevent nearly 400 million falls of older adults at home by 2040 and deliver over $5 trillion in cumulative healthcare savings globally. This compares with less than $400 billion in upfront investment to retrofit homes for at-risk older adults. These falls can trigger many health complications and long-term care needs.
Prevention of the falls could cut caregiving burdens that disproportionately impact women. This will keep millions of women and others in the workforce and save $363 billion in lifetime earnings and financial security. In Saudi Arabia alone, home retrofitting could prevent 330,000 falls by 2040 and save $3.8 billion in healthcare costs.
Globally, 8.5 million new diabetes cases could be prevented by 2040 through community programs supported by the World Health Organization that promote physical activity, at a cost of around $1 to $40 a person. This approach would return over $125 billion in productivity gains and $85 billion in healthcare savings.
Wider hearing aid access helps to reduce risk of dementia as the research links hearing loss to developing dementia. According to the WHO, fewer than 20% of the estimated 400 million people with hearing loss have access to hearing aids. Globally, scaling hearing aid access could prevent 2.4 million dementia cases and generate over $325 billion in healthcare savings by 2040.
Haleh Nazeri, Lead, Longevity Economy at the World Economic Forum, said: 'Longevity is not about getting old. Harnessing this multi-trillion-dollar shift requires governments, businesses and individuals to begin addressing physical and financial health together. This can strengthen financial resilience, reduce healthcare costs and increase productivity across economies.'
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