What should businesses and professionals in Singapore expect in the second half of 2022? As part of a new series, YCP Solidiance will be releasing several in-depth articles that revisit previously analyzed emerging business trends in Singapore, guided by research and analysis from our team of professionals in the country. Read the first installment here.
To learn more about the current progress of eldercare in Singapore for Q3 and Q4 in 2022, read the third installment below and subscribe to our newsletter here.
In the second half of 2022, the eldercare industry in Singapore is expected to continue its rapid development as national government projects and related trends like eldertech will catalyze evolution within the sector.
Evolution of Singapore's Eldercare Industry
For Q3 and Q4 specifically, several initiatives directly related to scaling the eldercare industry across the private sector have been launched. Aside from the 18 million USD Community Care Digital Transformation Plan courtesy of the Agency for Integrated Care (AIC), the Singaporean government is also aiming to double the number of eldercare centers within the country. Currently, there are approximately 130 eldercare centers in Singapore, and the Ministry of Health (MOH) hopes to increase it to 220 by 2025.
Singapore also aims to shape the eldercare industry with digitalization and the adoption of smart technology in mind. The MOH will reportedly expand the scope of services offered at eldercare facilities by offering interactive games and improved digital entertainment. Aside from elevating eldercare from the consumer perspective, there is also an opportunity for operators to improve efficiency via digitalized booking systems and queues, which can address labor shortages while also increasing the digital take-up rate among the elderly.
The trend of adopting digitalization in eldercare can be referred to as eldertech, but it can also refer to the technology that supports the day-to-day living of the elderly. To better understand the current eldertech landscape in Singapore, it may be divided into three main categories:
- Safety and Smart-living Technologies – Devices that improve the overall safety of the elderly via monitoring devices, such as cameras, voice-activated speakers, and sensors. This is especially important for those who experience issues like poor vision and mobility due to old age.
- Health and Remote Care – Initially popularized due to the COVID-19 pandemic, remote medical technology is gradually becoming common practice in the eldercare industry, as the risk of infection and disease among the elderly is minimized through MedTech practices like teleconsultations.
- Wellness and Fitness Technologies – Allows for consistent tracking of the elderly’s current fitness condition and provides data on wellness habits through wearable technology (fitness trackers, smart watches).
Eldercare Business Opportunities
In the context of these ongoing initiatives, there are several interesting opportunities that span varying industries. For instance, construction developers and tech companies are poised to play major roles in the development of the Singaporean eldercare industry.
For the construction industry, given that the MOH follows through on its commitment to increasing the number of eldercare facilities in the country, developers who have adequate capacity will play a significant role. Given that property development is trending toward sustainability and green concepts, players who specialize in this regard have a distinct advantage over competitors.
Meanwhile, as the adoption of digitalization in eldercare will surely continue, tech companies and start-ups are presented with the opportunity to further carve out a niche in the eldertech sector by developing specialized digital solutions. In examples given in the YCP Solidiance white paper “The Future of Eldercare in Singapore,” successful instances of eldercare providers adopting digital solutions have already been seen, which have manifested in practices like teleconsultations, smart tech wearables, home monitoring systems, etc. As the eldercare sector matures in the coming years, expect an influx of new market entrants hoping to capitalize.
The eldercare industry in Singapore remains a significant priority within the country, both in the short and long term. The initiatives put forth by the public and private sectors indicate that involved parties are also aware of the need to evolve the sector by integrating new technologies available amid the digital age. For the second half of 2022 and beyond, expect eldercare in Singapore to continue to be a key business trend.
To get insight into similar business trends and how other industries are expected to perform in H2 2022 and beyond, subscribe to our newsletter here and check out these reports:
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