The inaugural edition of the Eldercare Exhibition and Conference (ELDEX) Asia will present a comprehensive spectrum of new and innovative solutions, products, services and technology by leading manufacturers and brands from around the world for the rapidly aging Asian societies. ELDEX Asia focuses on active aging by emphasising on nutrition and exercise via its medical conference. ELDEX Asia aims to catalyze industry growth by facilitating conversations between start-ups and potential investors to accelerate their development.
It will be held in Singapore, a hub and gateway to ASEAN markets (our primary trade and end-user visitors) and the rest of Asia including Japan, Korea, China and Australia.
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The silver market in Singapore, Southeast Asia and rest of Asia Pacific
Rapidly aging population
The Asia Pacific (APAC) is the fastest aging region globally with more than 200 million people expected to move into the ranks of the elderly (aged 65 years and above) by 2030. With improved life expectancies and falling birth rates, many more from Australia, Hong Kong, China, Taiwan, South Korea, Thailand, Malaysia and Singapore are poised to join the ranks. The speed at which APAC societies are aging poses an unprecedented challenge. Singapore's elderly demographic segment will rise from 11 to 20% in the next 15 years. It took France 49 years to do the same. The United Nations has projected that by 2040, 25% of Thailand's population could be over the age of 65.
Growing eldercare industry, purchasing power
Singapore's silver market is expected to hit US$11.7 billion by 2030. Just healthcare costs alone have been estimated to exceed US$20 trillion on a cumulative basis from 2015 to 2030 for the APAC region. Eldercare is expected to surpass real estate as China's largest industry within 13-15 years, and is estimated to be worth US$263 billion by 2020 and US$1.1 trillion by 2050.
Increasing technology integration
With the growing presence of data and adoption of artificial intelligence, technology invariably plays a part in enabling the elderly and/or their caregivers undertake or even enhance daily fundamental functions. Gerontechnology (a mix of "gerontology" and "technology") enables older adults to maintain their autonomy or to compensate for any functional impairments.
Urgency for eldercare facilities
According to figures released by Singapore's Ministry of Health, there will be a cumulative 40,000 nursing homes, home care and community care places by 2020. The numbers may prove insufficient given that there will be more than 60,000 people aged over 65 by then. In China, the number of beds as a percentage of elderly population was 4.7% by the end of 2015. Statistics show that an additional 3.4 million nursing homes will needed up to 2021 to keep pace with growing demand.
Healthcare burden impacting policies
Other APAC economies look set to emulate one of Singapore's policies to provide some relief for future financial planning purposes. CareShield Life is a national long-term care insurance that will be launched in 2020. The insurance provides financial aid to those afflicted with severe disabilities and will provide for cases with pre-existing conditions.