A little more than eight billion people inhabit this world, out of which nearly 10% are deemed as “old” or over the age of 65 years. In colloquial terms, this age bracket is aging. But modern medicine and social media beg to differ. To our initial surprise and current concern, aging is a lifelong biological process. One that does not discriminate or disillusion against race, gender, or purchasing parity.

In light of this harsh realization, the global population has gathered varied narratives and facts on the most telling sign of age: disease. And so, as the world population ages, the traditional focus of healthcare is mainly centred on managing aging-related diseases.

However, McKinsey Health Institute (MHI) experts highlight a crucial shift in thinking about aging: from longevity as a medical challenge to longevity as an opportunity. This shift is not just about increasing the number of years people live but also improving the quality of those years. MHI unpacked how stakeholders can approach this growing issue with an expanded focus on healthspan, not just lifespan, to unlock individual well-being and economic potential.

THE OVERLOOKED FACTORS IN LONGEVITY: BEYOND MEDICINE

According to MHI, one of the most overlooked factors in promoting longevity is the wide range of determinants contributing to an extended healthspan. While aging is often framed primarily through the medical lens—emphasizing diseases and treatments—this narrow view neglects other powerful influences on health. MHI’s research divides longevity determinants into four categories: individual, medical, social, and societal participation.

“Active participation in employment, volunteering, education, and community programs correlates with improved health outcomes,” says Dr. Georgiev, head of McKinsey’s Healthcare Systems & Services Practice in EEMA (Eastern Europe, the Middle East, and Africa). “These factors are not just about keeping busy—they’re about fostering a sense of purpose and belonging, which has tangible benefits for physical and mental health.” Dr. Georgiev also pointed to the increasing relevance of social participation, particularly given the growing concern over the “loneliness epidemic.” As highlighted by the US Surgeon General, social connections are critical to maintaining a high quality of life, especially as people age.

SHIFTING FOCUS: FROM CHALLENGE TO OPPORTUNITY

The healthcare sector, according to Dr. Georgiev, needs to shift its perspective from viewing longevity as a challenge to framing it as an opportunity—one that extends beyond just medical treatment. “This transition involves reinforcing primary and preventive healthcare systems,” he explained. “We need to prioritize physical, mental, and social health, and simultaneously work to enhance the efficiency and accessibility of healthcare systems.”

MHI’s research suggests that improving healthspan—rather than simply extending lifespan—strengthens the entire healthcare system. For instance, modernizing care models to cater to the needs of older adults and investing in women’s health and disability services not only benefits “the old”, but enhances healthcare for all. Social participation, in particular, has proven to boost perceptions of health among older adults and even offers economic benefits through potential GDP growth.

HEALTHY LONGEVITY AS A DRIVER OF ECONOMIC GROWTH

The McKinsey Health Institute’s report, “The Promise of Longevity for Human Health and Prosperity,” developed in partnership with the Future Investment Initiative Institute, suggests that promoting the engagement of older adults in the workforce has to potential to unlock significant health and economic benefits on a global scale. The report estimates that reintegrating older adults who are eager to work but currently unemployed could result in a $10 trillion uplift to global GDP, equivalent to a 9% increase across 21 countries.

Beyond workforce participation, the growing consumer class of older adults represents an untapped market. Adults aged 60 and above are expected to drive more than half of consumer growth in the US between 2015 and 2030, and over 60% in Europe and Asia. This demographic’s purchasing power is forecasted to reach $96 trillion by 2050, creating a vast market for products and services tailored to their needs.

STRATEGIES FOR DECISION-MAKERS AND BUSINESSES TO HARNESS THE POTENTIAL OF HEALTHY LONGEVITY

MHI outlines eight key strategic areas that stakeholders can focus on. These include investing in geroscience, supporting societal participation, strengthening healthcare systems, and ensuring financial inclusivity. The research also emphasizes the importance of adopting technology to better address the needs of the aging population.

For instance, the MHI report highlighted successful initiatives, such as Saudi Arabia’s investment in geroscience and private sector-facilitated social participation programs in the United States, as examples of how these strategies can be implemented.

MEETING THE NEEDS OF OLDER CONSUMERS

To effectively serve older consumers, companies must first recognize the diversity within this demographic. Older adults are not a homogenous group; their preferences and needs vary widely. “Older adults include highly active individuals pursuing luxury experiences as well as those prioritizing healthcare investments and daily living assistance,” noted Neeraja Nagarajan, Associate Partner and Affiliated Leader of the McKinsey Health Institute.

Product offerings and marketing campaigns must also accommodate this growing market. Nagarajan urges booming 21st-century industries like technology and retail to engage with older consumers by offering products that improve their quality of life, such as smart home technologies, mobility aids, and personalized wellness plans. By 2050, older adults will wield $96 trillion in purchasing power, making it imperative for businesses to adapt to their global demand.

A COMPREHENSIVE APPROACH TO LONGEVITY

Ultimately, Nagarajan stressed the importance of a comprehensive approach to longevity—one that goes beyond traditional healthcare. “Aging should not be seen solely as a medical issue,” she concluded. “It’s a complex process influenced by various factors, including social participation, lifestyle choices, and economic engagement. By recognizing these determinants, we can unlock the full potential of longevity, improving lives and boosting economies worldwide.”

As the global population continues to age, the opportunities to enhance longevity—both for individuals and societies—are vast. And contrary to the jarring statistics displayed on social media or news feeds, a shift in expert-led innovation towards healthspans has a higher rate of easing eight billion people into the inevitability of “aging.”