By 2030, Singapore will have the highest percentage of elderly in Southeast Asia at 22.5%, with nearly 83,000 seniors expected to be living alone. This also results in a rapid increase in the old-age dependency ratio which will consequently double to 36.6% by the same year. This brings opportunities for companies to provide relevant infrastructure and services to support this nascent market, including telemedicine, assistive technologies, and new models of eldercare, as highlighted in our latest white paper, “The Future of Eldercare in Singapore“.
To accommodate for the care of this growing group of elderly, the Singapore government has introduced initiatives to shift the primary model of care from residential-based nursing homes to community-care, which is further mapped out in the Community Care Vision 2030.
Emerging Opportunities in the Eldercare Sector
This creates an entirely new market in the healthcare sector for the elderly in Singapore, presenting opportunities for the varied stakeholders in the market. Opportunities in three categories are highlighted, including the provision of advanced services from telemedicine, increasing demand for assistive technologies, and the paradigm shift towards developing the model-assisted communal living.