Asia Pacific’s ageing market value projected to hit US$4.56 trillion by 2025

According to findings from the 4th Asia Pacific Silver Economy Business Opportunities Report 2020 edition, Asia Pacific’s ageing market value is estimated to hit US$4.56 trillion by the year 2025. This marks an increase of 43 percent from US$3.2 trillion in 2020. In line with previous editions of the Report, launched on Friday by Ageing Asia, household savings continue to be the metric to estimate the capacity of an individual to purchase goods and services outside of their daily consumption needs. 

The report also released the Ageing Asia Silver Economy Index – a ranking of countries in Asia Pacific by market potential for the ageing population. Singapore ranks top in the 2020 Index with Japan catching up closely in second position from a number sixth ranking in 2015. Australia maintains third in position. 

Screen Shot 2020-08-07 at 5.36.02 PM

In the 2015 Index, Hong Kong SAR was in second position, but has dropped two rankings down to fourth position in the 2020 edition. Japan’s jump is largely attributed to improved household savings per capita forecasted for 2025 compared to other developed countries, a large ageing population and longer life expectancy.

Singapore’s projected ageing market value by 2025 is forecast to be US$ 72.4 billion. Japan, a super-aged country with 35.8% population aged 60 and above, is the second largest ageing market in Asia Pacific, accounts for US$884 billion and 19.3% of the ageing market potential in Asia Pacific. Australia is projected to reach US$159.1 billion by 2025. 

The market outlook for the ageing market remains positive, even in the midst of the COVID-19 pandemic. The majority of  industry participants surveyed believe the market will pick up and adapt to the new norm of eldercare services and ageing technologies. 

“Ageing is not one homogenous market; it is an eco-system of multi-industry, niche business opportunities, that require research, experimentation, market segmentation and in-depth understanding of customer perception of product value. The next lap that will drive the future of ageing in Asia Pacific is about successfully engaging both consumers and industry”, observes Ms Janice Chia, Founder & Managing Director of Ageing Asia, Singapore.

The report covers 15 key countries identified as potential silver economy growth markets within Asia Pacific – Australia, The People’s Republic of China (known as “China”), Hong Kong SAR, India, Indonesia, Japan, Republic of Korea, Malaysia, Myanmar, New Zealand, Philippines, Singapore, Taiwan, Republic of China (known as “Taiwan”), Thailand and Vietnam. 

The 4th Asia Pacific Silver Economy Business Opportunities Report 2020 edition is available from, 8th August 2020. The report launch is a part of activities held in conjunction with Ageing Asia 2020: World Ageing Festival (The hybrid edition), 2-25 November 2020.

For more information on the festival or to receive the report, visit www.ageingasia.com

Leave a Reply

Your email address will not be published. Required fields are marked *

Banner Banner
Advertisement

Can a Mediterranean Diet Help Slow Brain Shrinkage?

A good diet, full of nutritious food, has been known to help keep the mind and body healthy. But a new study has found that a Mediterranean diet may actually be able to help slow down brain ageing. One of the things that can cause brain function to decrease as people get older is shrinkage... Read More

Why do we stop playing as we grow older?

We know that children benefit from play. They learn about the world, engage with each other, as well as getting moving and active in their environments. Play is no different for older people, who also can benefit from social connectedness, exercise, and using their minds in creative ways. Play is also simply a great opportunity... Read More

Can Cats Predict Death? How Feline Friends Are Helping Around Aged Care Facilities

Death rarely comes as a surprise in aged care, many of the staff are used to it by now, however, it can still be quite a shock for the families and other loved ones. If there were a way to predict the death before the last few moments, it may give the family – as... Read More
Banner Banner
Advertisement