More companies are starting to pay attention to the hearing, knee, and sleep problems of the elderly

By 2035, the scale of China's silver economy will reach 19.1 trillion yuan, accounting for 27.8% of total consumption and 9.6% of GDP.

Image source: Tuchong Creative

Interface News Reporter | Huang Jingyuan

Interface News Editor | Peng Peng

When the first CIIE was held in 2018, the elderly population in China was close to 250 million, accounting for 17.9% of the total population. When the 7th CIIE is held in 2024, the elderly population in China is close to 300 million, accounting for 21.1% of the total population.

Over the past seven years, China has transitioned from mild aging to moderate aging, becoming the country with the largest elderly population in the world. The silver economy derived from this has become a blue ocean. The CIIE witnesses the development of China's silver economy and has become an important platform for multinational enterprises to showcase their health and wellness products, technologies, and services.

According to statistics, the expected cumulative transaction volume of elderly care rehabilitation and auxiliary products at the first six CIIE is 348 million US dollars.

At this year's CIIE, more specialized elderly friendly products targeting hearing problems, walking gait, sleep disorders, and other issues were showcased. In addition to the previous medical equipment and healthcare exhibition areas, more products focusing on the "silver haired generation" are appearing in the food, consumer goods, and even automotive and artificial intelligence exhibition areas.

The silver economy is the sum of a series of economic activities that provide products or services to the elderly, as well as prepare for the aging stage. It not only includes basic industries such as elderly care facilities and institutions, elderly care services, and elderly clothing, but also related industries such as professional furniture facilities, elderly entertainment and tourism, nutrition and health care, and derivative industries such as elderly finance.

Due to physiological aging, illness, or long-term noise exposure, the hearing of elderly people gradually declines.

WS Audiology Group, headquartered in Denmark, showcased its latest product, the IX Sound Gathering Platform, which features real-time conversation enhancement and can adapt to noisy multi person conversation scenarios. The model design is slim, with a body width of 6.45mm, ensuring comfortable wearing.

The elderly not only hope to hear, they hope to hear more clearly, "said the staff of Xijia hearing aids. Elderly life is no longer limited to watching TV at home and chatting with children. The elderly also have social needs, such as chatting and drinking tea with old friends and little sisters, going to vegetable markets, supermarkets and tourist attractions. They have requirements for "hearing more clearly". This year's product has solved the pain point of "multi person dialogue in noisy environment".

China has the world's largest elderly population. According to research institutions, the elderly population aged 50 and above, 65 and above, and 70 and above have multi-level and diversified needs such as "financial retirement", "entertainment and health care", "aging friendly product services", "medical and elderly care", etc.

Lv Xiaoli, Vice President of the China Association on Aging, stated that the consumption structure of elderly people in China is increasingly shifting from essential daily necessities to healthy and intelligent products, and from survival oriented consumption to development oriented and enjoyment oriented consumption. The characteristics of quality elderly care consumption are becoming more apparent.

The above-mentioned staff stated that the consumption habits of the elderly have gradually changed, so the development of products by enterprises is not limited to maintaining the lives of the elderly, but also hopes to improve their quality of life.

Xijia hearing aids. Reporter filming

Due to the decline in bodily functions such as endocrine, digestion, and blood supply, many elderly people suffer from sleep disorders. A study has found that 49.9% of middle-aged and elderly people experience sleep disorders, with insomnia being the most common, accounting for 77.8% of the total.

At this year's CIIE, the "Deep Sleep Hut" home environment healthy sleep system exhibited by Canada's Air Nutri Solution Inc. Group has attracted a lot of attention. According to Yu Yiqing, Director of the National Health Division of Ainash Deep Sleep Cabin, the system is equipped with Schumann Wave Health and Slow Wave Sleep machines, as well as detectors to monitor the brainwave activity of participants, which can effectively reduce stress and improve sleep quality.

Yu Yiqing stated that in the field of sleep disorders, treatment methods such as light, electricity, sound, heat, and magnetism are constantly emerging, and the domestic market is fiercely competitive. In response to the blue ocean of silver economy, companies will also develop new products for chronic disease management and improving cerebral blood supply in the future.

Deep sleeping cabin. Reporter filming

Falling is a safety hazard that cannot be ignored in the lives of elderly people.

This year, German insole company Pedcad Foot Technology GmbH, in collaboration with domestic agent Rui Mingxing, participated in the CIIE for the first time and showcased an anti fall insole. The product integrates advanced sensor technology and intelligent algorithms, which can monitor gait changes in real time, predict fall risks, and provide stable support at critical moments.

The head of the company, Zhu Shu, stated that in many small towns or neighborhoods in European countries, there are foot clinics serving over 40% of the population who are elderly. Therefore, whether it is sports rehabilitation or improving quality of life, the elderly are the largest audience for customized insoles.

Zhu Shu also pointed out that the domestic market is still in the cultivation stage only for customized insoles. But with the deepening of aging population, the potential of China's silver economy is enormous. Therefore, enterprises are laying out in this niche field in advance, in order to connect with customers and expand the market at the CIIE.

3D printing customized insoles. Reporter filming

At the 2023 CIIE, Iceland's Ossur exhibited the world's first actively powered prosthetic knee joint, which attracted widespread attention.

As the only globally listed company in the field of prosthetics and orthotics, Ossur showcased its "Anlude" at this year's CIIE ® Free Load No.1 "is a product that utilizes a three-point lever system, combined with a single hinge and double straps, to unload the load on the affected knee joint. According to on-site staff, wearing it can effectively alleviate knee pain caused by osteoarthritis in the elderly population.

Interface News learned on site that this product is priced at over 10000 yuan and has now entered the Shanghai Civil Rehabilitation Assistive Equipment Rental Catalog. The monthly rent is only 400 yuan, which can effectively reduce the economic burden on the elderly.

Anlude ® Free shipping number one. Reporter filming

At this year's CIIE, Swedish company Anju showcased a variety of nursing equipment to solve pressure ulcers, mobility issues, and daily bathing problems for people who are bedridden for a long time. The electric shower bed exhibited has electric lifting and backboard lifting functions, which are used to assist disabled patients in completing daily skin cleaning in a supine or lateral position.

We hope to enable elderly people who are completely disabled to turn over and bathe, so that they can still live with dignity, "said Wang Pengchao, the person in charge of the enterprise. Currently, most elderly care products on the market do not separate groups with mobility, semi disabled, and disabled groups, and the nursing standards of most medical institutions and nursing homes are not completely unified. He called on the competent authorities and enterprises to pay more attention to the needs of disabled groups.

If the elderly can still walk, giving them a wheelchair for convenience would be detrimental to their mobility. Protecting their mobility is the most crucial aspect of elderly care, "said Wang Pengchao. Encouraging the elderly to move can reduce problems such as falls, pressure ulcers, and blood clots, and better protect the mobility of nursing staff.

As an important consumer category in the silver economy, the health product industry has reached a scale of billions. This year, German brand VIKPRO once again participated in the CIIE, launching multiple new products.

The head of the company stated that since participating in the China International Import Expo last year, the brand's annual sales in the Chinese market in 2024 have increased by 50% compared to the previous year, with most customers being "silver haired people" over the age of 60. Because the krill oil, coenzyme, and quercetin in the product are effective for "three highs", heart and lung health, "especially in the post pandemic era, the demand for these products has increased sharply

The brand side stated that in recent years, China has significantly strengthened its supervision of the health product industry. In the face of the huge demand for the silver economy, strong regulation will create a healthier and more benign industrial environment.

Image source: Tuchong Creative

At the beginning of this year, the State Council issued the "Opinions on Developing the Silver Hair Economy and Enhancing the Welfare of the Elderly", proposing to focus on the diverse needs of the elderly and cultivate potential industries. This is the first specialized document at the national level to support the development of the silver economy.

The silver economy involves a wide range of areas, a long industrial chain, diverse business formats, and enormous potential. According to the Silver Hair Economy Research Group of Fudan University's Institute of Aging, the scale of China's silver hair economy will reach 19.1 trillion yuan by 2035, accounting for 27.8% of total consumption and 9.6% of GDP; By 2050, this number will increase to 49.9 trillion yuan, 35.1%, and 12.5% respectively.

Lv Xiaoli said that currently many products and services are not suitable for the elderly. Although the elderly have the ability to consume, they still face the problem of "giving what they don't want and not giving what they want well". For example, some government purchased elderly care services focus heavily on general life services, while specialized services such as rehabilitation, nursing, and psychological comfort urgently needed by disabled elderly people are relatively scarce.

At the 7th CIIE, several exhibitors also expressed that due to consumer habits and other factors, most silver hair products are still in the market cultivation stage.

Lv Xiaoli suggested that in the key sub sectors of the silver economy, the central and local governments should strengthen their support for key business entities, guide small and medium-sized enterprises to find their positioning in the industrial chain, value chain, and supply chain, and embark on a specialized and refined development path.

Source: Interface News