Singapore's silver economy is set to reach $72.4 billion in value by 2025, according to Aging Asia, a social enterprise that specializes in the business of aging.
Citizens aged 65 and above make up almost one-fifth of Singapore's population, up 11.7% from a decade ago, according to the Singapore government's 2023 population report.
From health-care startups using artificial intelligence to treat elderly patients, to platforms that curate their lifestyle goods, Singapore's silver economy is booming and a lot of companies a lot of companies want a slice of the pie., Singapore shows the largest market potential for an aging population among 15 Asia-Pacific countries., according to Aging Asia, a social enterprise that specializes in the business of aging.
Their unique attitudes and behaviors will determine the success or failure of businesses in the silver market, she said. estimates that consumers will likely spend more to treat and support the elderly, driving growth potential for health care and health services.The eldercare market has been growing steadily as more companies offer a wider range of products and develop depth in specialty areas, said Vanessa Keng, co-founder of The Golden Concepts, an e-commerce store that curates eldercare products.
"We take this as a good sign … that people are adopting these mobility aids early, extending their mobile years and maintaining their independence," she said. Companies have also been developing more products that help older people live with "dignity and respect," said Tan from SUSS. These include walking canes disguised as hiking sticks or diapers designed to be part of pants, he said.
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