Eldercare Services in Singapore for 2022

To discover how can the eldercare industry in Singapore can improve its current services by leveraging technology and digital solutions, read more below.

February 2022 , by YCPS Marketing & Communication Group

What should Singaporean businesses and professionals expect this 2022? As part of a new insights series, YCP Solidiance will be releasing several in-depth articles that feature emerging business trends in Singapore, guided by research and analysis from our team of professionals in the country.

Read the second installment below to understand how businesses will continue to utilize digitalization as a transformative tool for post-pandemic recovery in Singapore for 2022. To read future issues of this article series, subscribe to our newsletter here

In 2020, data from Statista revealed that 15.2% of Singapore’s population consisted of citizens aged 65 years or older. The research also revealed that approximately a third of the total population will consist of elderly citizens by 2050. With Singapore recognized as one of the fastest aging societies in Asia, there is an urgent need to develop eldercare within the country.  

The Singapore eldercare industry presents intriguing business opportunities, especially with the application of digital solutions and innovative technology. The eldercare business is quickly emerging as a prevalent trend that investors should pay close attention to in 2022 and in the years to come.

Growing Need for Eldercare
In the YCP Solidiance white paper The Future of Eldercare in Singapore, research showed that there was a significant gap in eldercare services that providers could capitalize on by leveraging new technology and innovative digital solutions. Here are some of the opportunities that eldercare services providers could potentially capitalize on, especially given the circumstances of the COVID-19 pandemic for elderly Singaporeans who live alone or cannot leave their homes:

Exploring Related Opportunities
From telemedicine to diversified living models, the application of technology in eldercare presents several promising opportunities for providers. Although, because the adoption of these digital solutions naturally entails collaboration, other industries like manufacturing, tech start-ups, or even cybersecurity may also capitalize on this trend.

Furthermore, depending on how elder technology will develop in the coming years, solutions like health monitoring and mobility aids may prove to be beneficial outside of eldercare. The growth achieved in the eldercare industry may very well have a positive impact on the future of several closely related industries, like healthcare, manufacturing, tech, etc.

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