Opportunities in the Aged Care Market in Singapore
Like Japan and China, Singapore is facing a rapidly aging population.
The nation’s total population is expected to grow from Million in 2013 to Million by 2020, at a CAGR of %. At the same time, the number of elderly residents (aged 65 and above) is also projected to increase from Million in 2013 to Million in 2020 at a CAGR of %.
The government is exploring ways to address this change and is investing heavily in expanding programs and services tailored to the elderly, including through Singapore’s world class healthcare system.
The Healthcare 2020 (HC2020) Masterplan launched by the Singapore Government in 2012 serves as a roadmap to provide accessible, affordable, quality healthcare services to Singaporeans while promoting healthy living.
Due in part to the rapidly aging population and rising healthcare costs, the Singapore Government spent approximately $ Billion on healthcare in 2014. This figure is expected to double by 2017 as the HC2020 plan is updated to cater to the evolving needs of the citizens.
About this report
Singapore is facing a rapidly aging population just like Japan and China. This demographic shift has created a number of opportunities for the industry participants to provide products, training, and services to meet the needs of Singapore’s elderly and the healthcare institutions which support them. The increasing number of elderly citizens is expected to drive demand for residential ILTC facilities.
These community and acute care institutions provide service to fragile senior citizens who require care, treatment, supervision, and assistance with their daily activities. To address this, the government is in the process of significantly increasing the number of public nursing homes in Singapore. There has also been a notable increase in the number of beds at existing centers. However, land scarcity and high property costs will make it a challenge to build a significant amount of additional community or residential-based services going forward. The demand for home-based services in Singapore is also expected to rise in coming years, as senior residents prefer to live in their own homes among family members.
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