Life Science: Great Promise & Rapid Growth

Population The baby boom generation, broadly defined as people born between 1946 and 1964, is one of the largest age groups in history, surpassed only by millennials. When the first boomers began to retire in 2011, the baby boom generation totaled 76.9 million people. It is estimated 1 that since that time, roughly 10,000 people have been retiring every day in the U.S. and that rate of retirement will continue until roughly 2029.

Explosive growth in the 65-and-older population has created rising demand for drugs, therapies and medical devices to extend and improve quality of life.

POPULATION AGED 65 AND OLDER

80,000

10% 12% 14% 16% 18% 20% 22%

70,000

60,000

50,000

40,000

30,000

0% 2% 4% 6% 8%

20,000

10,000

0

2000

2010

2020

2030

65+ Population

Share of Total Population

Source: U.S. Census Bureau, Cushman & Wakefield Research

The massive number of retirees are also, on average, enjoying longer lives. In 2000, the average life expectancy in the U.S. was 76.6 years, and by 2016 it made a significant increase to 78.7 years. The combination of the aging of the population and increased longevity means that by 2030, there will be 73 million Americans aged 65 or older, equating to 20.6% of the population. In 2010, the population counted only 40.5 million people in the same age bracket.

The 65-and- over population will account for nearly three- quarters of the population growth between 2016 and 2030.

1 Baby Boomers Approach 65 – Glumly | Pew Research Center (www.pewsocialtrends.org/2010/12/20/baby-boomers-approach-65-glumly/)

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