2022
9
US Baby Boomers and Health Market Report 2022
2022-06-16T04:02:53+01:00
OX1101745
3695
152156
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Report
en_GB
“Baby Boomers who are faced with looming age-related health concerns have started to redefine what a healthy lifestyle looks like, paying more attention to a broader scope of health concerns…

US Baby Boomers and Health Market Report 2022

£ 3,695 (Excl.Tax)

Description

This report provides comprehensive and current information and analysis of the US Baby Boomers and Health market including US Baby Boomers and Health market size, anticipated market forecast, relevant market segmentation, and industry trends for the Baby Boomers and Health market in the US.

Current market landscape

Baby Boomers currently account for approximately 21% of the total US population. As they continue to age, Baby Boomers will need additional assistance to face age-related challenges with help from technology companies, health and wellness brands, and healthcare providers. Despite typically having a large amount of accumulated wealth, a median net worth of $244,567, Baby Boomers may not be sufficiently prepared to shoulder the costs of age-related healthcare in the long term, resulting in further strain on already stressed social healthcare programs such as Social Security and Medicare. Additionally, historic inflation continues to burden Baby Boomers, especially those on fixed incomes, as they struggle to balance basic living necessities with the increasing costs of healthcare. In light of these external pressures, it is ever more vital that Baby Boomers improve their overall health and wellness.

Baby Boomers are generally confident about managing their health and tend to face their age-related illnesses and concerns head on, with the help of their healthcare professionals. They are dedicated to managing their health through a broad range of health management strategies, including regular check-ins with their healthcare professionals, increasing quality sleep, and addressing their mental health.

Future market trends in US Baby Boomers and Health

While Baby Boomers tend to rely on more traditional avenues for their healthcare news and needs, they have recently shown more interest in the use of digital solutions for their health, including telehealth appointments and wellness devices and apps. However, Baby Boomers face a number of barriers to healthy lifestyles, including socioeconomic factors, education, and reluctance to adopt new technologies. Healthcare providers and healthcare brands need to meet Baby Boomers where they are and provide streamlined, inclusive, simplified health solutions to help Baby Boomers be proactive about their health and wellness.

Read on to discover more about the US Baby Boomers and Health consumer market, read our Medicare – US – 2022 report, or take a look at our other Health and Wellbeing Market research reports.

Quickly understand

  • Health concerns of Baby Boomers and their approach to managing these concerns.
  • Baby Boomers broaden their view of what constitutes health and wellness.
  • Digital solutions to meet Baby Boomer’s health objectives.
  • Approach to health and wellness of older and younger Baby Boomers.
  • Mental health comes into focus for Baby Boomers.
  • The impact of COVID-19 on Baby Boomers’ approach to health.

Covered in this report

Brands include: Google, CVS, United Healthcare, DUO, ElliQ, Reemo Health.

Expert analysis from a specialist in the field

This report, written by Dorothy Kotscha, a leading analyst in the Health and Wellness sector, delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.

Baby Boomers who are faced with looming age-related health concerns have started to redefine what a healthy lifestyle looks like, paying more attention to a broader scope of health concerns beyond physical aches and pains. As many Baby Boomers have adopted the idea of aging in place, they have begun to focus on healthcare solutions that move beyond the traditional doctor’s office and into the digital space and other familiar places in their environment. Feeling confident and largely in control over their health, Baby Boomers are focusing on creating a plan to maintain health and wellness in order to live their lives healthfully and as robustly as they can.
Dorothy Kotscha, Health and Wellness Analyst
Dorothy Kotscha
Health and Wellness Analyst

Table of Contents

  1. Overview

    • What you need to know
    • This Report looks at the following areas
    • Definition
    • Market context
  2. Executive Summary

    • Top takeaways
    • Market overview
      • Figure 1: Category outlook, 2022-27
    • Opportunities
    • Healthcare providers look beyond the doctor’s office
      • Figure 2: Trended select health-related habits, method of doctor appointment, 2020-22
    • Health insurance providers take on the role of life coach
      • Figure 3: Health Concerns, 2022
    • Develop Baby Boomer-targeted wearable health and fitness devices
      • Figure 4: Attitudes toward health-related technology, 2022
    • Key consumer insights
  3. Baby Boomers by the Numbers

    • Baby Boomers still account for over 20% of the total population
      • Figure 5: Population by generation, 2021
    • Boomer population declines by over a million
    • Boomers’ accumulated wealth may not be sufficient to meet healthcare needs
      • Figure 6: Median household net worth, by age of householder, in inflation-adjusted dollars, 2016-19
    • Consumers over 55 account for almost a third of labor force
      • Figure 7: Percent of population employed, by age, 2020
  4. Market Factors

    • US social program trusts are running out
    • Ongoing healthcare shortage leaves future care of Baby Boomers in limbo
    • Baby Boomers feel the squeeze of historic inflation
      • Figure 8: Consumer Price Index change from previous period, 2007-22
  5. Competitive Strategies and Market Opportunities

    • Leverage telehealth as an opportunity to include long distance adult children in the conversation
      • Figure 9: Trended select health-related habits, method of doctor appointment, 2020-22
    • Create digital hubs as a centralized data repository for Baby Boomers’ health needs
    • Insurance companies take on role of life coach to help navigate aging with purpose
      • Figure 10: Health Concerns, 2022
    • Insurance companies create personal health assistants to keep older consumers on track
      • Figure 11: United Healthcare and Duo partnership campaign, 2022
    • Develop Baby Boomer-targeted wearable health and fitness devices
      • Figure 12: Attitudes toward health-related technology, 2022
    • ElliQ elderly companion helps keep Baby Boomers active and engaged
      • Figure 13: elliqsidekick Instagram post, 2022
  6. The Baby Boomer Consumer – Fast Facts

    • Baby Boomers are taking a broader approach to their overall health and wellbeing
    • Baby Boomers are moderately interested in health technology
    • Boomers are getting their health news from healthcare providers and traditional news outlets
    • Most Baby Boomers are concerned with physical signs of aging
    • Younger Baby Boomers are more focused on mental health
    • Baby Boomers with less education may need additional health support
    • Baby Boomers seek strategies to remain active and reduce exposure to COVID-19
  7. Health-related Behaviors

    • Baby Boomers broaden and widen their approach to health
      • Figure 14: Trended health-related habits, 2020-22
    • Lower-income Boomers are less likely to take proactive steps to health
      • Figure 15: Health-related habits, by income 2022
    • Education has a direct correlation with health habits
      • Figure 16: Health-related habits, by education 2022
    • Black Boomers are least likely to rely on immune-boosting supplements
      • Figure 17: Health-related habits, by race and Hispanic origin 2022
  8. Health Activity Interest

    • Boomers are still slower to adopt new health-related technology
      • Figure 18: Health activity interest, 2022
    • While usage still remains low, Baby Boomers are gaining interest in health technology
      • Figure 19: Health activity interest, trended 2020-22
    • Younger Boomers are more inclined to use health technology
      • Figure 20: Health activity interest, by older and younger Baby Boomers 2022
    • Hispanic Boomers embrace health-related technology
      • Figure 21: Health activity interest, by race and Hispanic origin 2022
    • Low- to middle-income Baby Boomers embrace health monitoring
      • Figure 22: Health activity interest, by income, 2022
  9. Health News Sources

    • Baby Boomers look to a wide variety of news sources but rely most on traditional outlets
      • Figure 23: Health news sources, 2022
    • Baby Boomers rely most on traditional sources for health information
      • Figure 24: TURF Analysis – Health news and information, 2022
      • Figure 25: Health news sources, by older and younger Baby Boomers 2022
    • Black and Hispanic Baby Boomers look to television for health news
      • Figure 26: Health news sources, by race and Hispanic origin, 2022
  10. Health Concerns

    • Baby Boomers are most concerned with physical degeneration
      • Figure 27: Health concerns, 2022
    • Lower-income Baby Boomers have more concerns about their health
      • Figure 28: Select health concerns, by education 2022
    • Younger Baby Boomers are more concerned with immune health
      • Figure 29: Immune health concerns, by older and younger Baby Boomers 2022
  11. Health Treatments

    • Baby Boomers focus on treatment for various aches and pains
      • Figure 30: Health treatments sought, 2022
    • Younger Baby Boomers are more focused on mental health
      • Figure 31: Mental health treatments sought, 2022
  12. Health Opinions

    • Baby Boomers are meeting their health concerns head on
      • Figure 32: Health opinions, 2022
    • Hispanic Baby Boomers are concerned with their mental health
      • Figure 33: Health opinions, by race and Hispanic origin 2022
    • Lower-income Baby Boomers need help navigating their health
      • Figure 34: Health opinions, by income 2022
    • Baby Boomers that lack education may need additional health support
      • Figure 35: Health opinions, by education 2022
  13. COVID-19 Impact

    • Still hesitant about exposure, Baby Boomers need solutions to manage life beyond the pandemic
      • Figure 36: Impact of COVID-19, 2022
    • Black and Hispanic Baby Boomers are most impacted by the COVID-19 pandemic
      • Figure 37: Impact of COVID-19, by race and Hispanic origin 2022
    • Less educated Baby Boomers may need better information about COVID-19 concerns
      • Figure 38: Impact of COVID-19, by education 2022
  14. Appendix – Data Sources and Abbreviations

    • Data sources
    • Consumer survey data
    • Consumer qualitative research
    • Marketing creative
    • Abbreviations and terms
    • Abbreviations
    • Terms
  15. Appendix – The Market

      • Figure 39: Population by generation, 2016-26
      • Figure 40: Median household net worth, by age of householder, in inflation-adjusted dollars, 2016-19
      • Figure 41: Labor-force status of people aged 16 or older, by age, 2020

About the report

This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.

Market

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Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.

Brand/Company

Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.

Data

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*databooks not available with UK B2B Industry reports.

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