In this article, we shall discuss 20 countries with the most centenarians (people over 100). To skip our detailed analysis of the correlation between life expectancy and healthcare, and the global healthcare industry in general in 2023, go directly and see 10 Countries With the Most Centenarians.
Over the course of centuries, scientific advancements, innovation, increased investment, and enhanced trade and exchange across public, private, and social sectors have led to immense progress with respect to prolonging and improving the quality of life globally. In the last hundred years, life expectancy has grown dramatically across the world, especially in countries with the most centenarians. At the center of this progress lies the leaps and strides made by the global healthcare industry. According to a report by Deloitte, healthcare spending accounts for more than 18.3% of the US GDP as of 2023. The global healthcare market is projected to reach $665.4 billion by 2028. The report reiterates the diversity and dynamism which exists within the healthcare equity investment landscape, ranging from emerging biotechnology companies to enormous healthcare conglomerates. The report goes on to predict that if the current trajectory continues, health spending is likely to triple by 2040, reaching $12 trillion or more than 26% of the global GDP. Largely exacerbated by inequalities related to race, gender, and socioeconomic status, the healthcare industry bleeds more than $320 billion in losses each year.
According to BlackRock, even in the face of intense inflationary pressure and other macroeconomic headwinds, the healthcare industry has conventionally displayed an enormous amount of resilience during equity market declines, primarily owing to the inelasticity of demand for a majority of healthcare products and services. This resilience came into play during the equity downturn in early 2023, when the industry as a whole demonstrated 23% less volatility, especially in countries with the most centenarians. Some of the prominent players within the global healthcare arena are UnitedHealth Group Inc. (NYSE:UNH), CVS Health Corporation (NYSE:CVS), and Eli Lilly and Company (NYSE:LLY). To read more on the healthcare industry, check out our coverage of 20 Countries With the Most Expensive Healthcare in the World.
Top Trends Affecting Healthcare in 2024: An Overview
According to Forbes, there are many societal and technological drivers which will impact the healthcare industry in 2024, one of them being the instrumentality of gen AI. Gen AI is expected to democratize access to other AI applications, making it easier to implement and interpret results and generate personalized recommendations. Furthermore, the use of gen AI will further result in a much more efficient generation of synthetic data which can be utilized to train medical AI algorithms without compromising the confidentiality of the patient. The use of gen AI will also prove instrumental in the creation and integration of chatbots and virtual assistants, providing a more personalized and seamless experience for older patients in many of the countries with the most centenarians.
Secondly, the article also asserts that top healthcare companies like UnitedHealth Group Inc. (NYSE:UNH), CVS Health Corporation (NYSE:CVS), and Eli Lilly and Company (NYSE:LLY) are diverting increased investments in the integration of a digital twin in healthcare processes. A digital twin is a virtual mirror image of a real-world system, object, place, tool, or mechanism. It can be used to simulate complex procedures and organize entire management and operational systems within an organization. Consistent innovation in the digital twins field has resulted in the creation of digital twins for the human body and individual organs to provide for a more streamlined medical experience for practitioners and patients alike. The article also predicts that IoT-powered virtual hospitals and telemedicine will replace conventional healthcare to a significant extent in 2024. Through the use of connected devices to remotely track patients and provide seamless and efficient communication avenues for healthcare practitioners, care can be transformed into a more well-rounded phenomenon and can also be delivered remotely. This trend has already started to take shape in the face of virtual hospital wards – where a central location acts as the control room for the monitoring and treatment of numerous patients in their own homes.
Furthermore, another trend which is likely to shape the future of modern healthcare in 2024 is the rising popularity and applicability of 3D printing. Additive manufacturing – which encompasses processes like 3D printing – are expected to disrupt the healthcare market. For instance, in countries where medical equipment is difficult or too expensive to secure, additive manufacturing can be used to print tools and devices on demand, including surgical instruments, orthopedic or dental implants, and advanced prosthetics. Additionally, there is further research currently underway into the viability and efficacy of 3D-printed organs for transplants by using biological tissue extracted from the patient. If this research is successful, this could potentially be a massive breakthrough in providing a sustainable solution to the chronic shortage of organs available for transplant. To read more about the massive potential presented by additive manufacturing, check out our article on 10 Best 3D Printing and Additive Manufacturing Stocks to Buy.
Marketing in Healthcare: An Analysis
As healthcare consumers become more empowered than they have ever been, healthcare providers have been pushed into adapting swiftly to a seamless delivery of patient care, and pivoting timely to digital care. Consumer preferences are drastically shifting in countries with the most centenarians, with patients now expecting transparency, predictability and digitization when it comes to their healthcare experiences. In this new consumer landscape, top healthcare companies like UnitedHealth Group Inc. (NYSE:UNH), CVS Health Corporation (NYSE:CVS), and Eli Lilly and Company (NYSE:LLY) are diverting greater investments to curate long-term relationships with their consumer base. According to McKinsey, patients who are satisfied with their healthcare provider are 28% less likely to switch providers.
In this vein, companies are more than willing to reevaluate their marketing approach to maintain continuity of care. One way in which companies can do this is by aligning the C-suite. The CMO tends to require active involvement from leaders of other functions to deliver effective marketing campaigns and engage with the consumer base. Hence, companies must realize the critical nature of aligning the C-suite on the importance of marketing in generating robust growth figures and ensuring continuity of care. One implementation strategy for this objective is a clear definition of priority use cases through financial and nonfinancial returns on investment – from costs to enhanced health results. Companies could also adopt an agile marketing approach to drive high-speed testing across the digital domain and through traditional marketing channels. This would further require cross-functional collaboration and widescale transparency within the respective organization.
Lastly, companies must also invest in the construction of sophisticated capabilities by choosing cases strategically. According to the report, many healthcare companies have glaring lacunas in their critical capabilities which hinder an end-to-end, customized, seamless consumer journey. This is further exacerbated by a disjointed consumer experience, lack of personalization, siloed systems, and a serious deficit of consumer-centric data in countries with the most centenarians. Since marketing teams are often restricted by stringent budgets, they will need to tactically prioritize use cases which can further bolster the company’s momentum and growth.
Our Methodology
To compile our list of the 20 countries with the most centenarians, we used the United Nations World Population Prospects Report 2022 to obtain the latest reliable demographic data. The report has been prepared by the Population Division of the Department of Economic and Social Affairs of the United Nations Secretariat and it presents population estimates from 1950 to 2022 for 237 countries or areas, underpinned by analyses of historical demographic trends. The specific data pertaining to centenarian numbers takes into account 1,758 national population censuses conducted between 1950 and 2022, as well as information from vital registration systems and from 2,890 nationally representative sample surveys. The entries have been ranked based on the latest estimates of the total number of centenarians in each country, from lowest to highest. We also normalized the number of centenarians by considering the total population of each country in order to create a per capita comparison to provide our readers with additional context.
Many of the countries which made our list of the 20 countries with the most centenarians also featured during our coverage of the 30 Countries With the Longest Life Expectancy in 2023.
Countries With the Most Centenarians
20. Argentina
Latest Estimate: 6,293
Centenarians/100,000 People: 13.7
With a life expectancy of 81.19 years, Argentina has an incredibly strong healthcare system in which citizens can receive publicly-funded healthcare and can also purchase private health insurance.
19. Australia
Latest Estimate: 8,262
Centenarians/100,000 People: 32.1
Australia has one of the best healthcare systems in the world. Most of the public health facilities in the country are operated by state and territory governments which in turn, provide free services to eligible patients.
18. Romania
Latest Estimate: 9,912
Centenarians/100,000 People: 52.0
As of 2020, the life expectancy in Romania was 74.35 years. The country has 52.0 centenarians per 100,000 people. The healthcare system in the country includes both public and private sectors, providing efficient medical services.
17. Canada
Latest Estimate: 12,822
Centenarians/100,000 People: 33.5
Healthcare needs of approximately 70% of Canadians is catered to by the country’s publicly-funded universal healthcare system. Canada has 12,822 centenarians in total.
16. United Kingdom
Latest Estimate: 15,120
Centenarians/100,000 People: 23.0
With a life expectancy of 80.90 years, the United Kingdom is one of the countries with the most centenarians. Much of the healthcare provided in the country is primarily funded by its public healthcare system, the NHS.
15. South Africa
Latest Estimate: 15,581
Centenarians/100,000 People: 30.1
South Africa has 30.1 centenarians per 100,000 people. This is primarily because South Africa’s constitution gives everybody a fundamental right to quality healthcare. There are more than 400 public and more than 200 private hospitals in the country.
14. Mexico
Latest Estimate: 18,295
Centenarians/100,000 People: 14.5
In Mexico, healthcare is provided by public and private institutions. The Mexican constitution gives every citizen a right to free healthcare and puts the onus on the state to provide national health to its citizens.
13. Italy
Latest Estimate: 19,095
Centenarians/100,000 People: 29.0
Italy has a life expectancy of roughly 82.34 years and is consistently increasing over time. This is mainly because of its efficient universal public healthcare system. The healthcare system in the country is ranked among the best in the world.
12. Spain
Latest Estimate: 19,573
Centenarians/100,000 People: 41.1
With 41.1 centenarians per 100,000 people, Spain has a robust healthcare system. Most primary healthcare in the country is free because 73% of healthcare spending is funded by public sources.
11. South Korea
Latest Estimate: 21,912
Centenarians/100,000 People: 42.4
Citizens of South Korea contribute an amount of income to insure themselves and their dependents within the healthcare system of the country. Through research, South Korean healthcare was ranked the second-most efficient healthcare system in the world.
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Disclosure: None. 20 Countries With the Most Centenarians is originally published on Insider Monkey.