Opportunities in the Aged Care Market in Singapore

Trends and Attractions for Stakeholders

Feb 18, 2016, 15:23 ET from ReportBuyer

LONDON, Feb. 18, 2016 /PRNewswire/ -- 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.

Key Findings
- 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 .ent 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.
- Singapore's sophisticated healthcare sector, with strong private and public participants, is growing to meet the needs of the country's population, including the growing number of elderly.
- With ambitious plans for expansion, as well as the country's commitment to high-quality care, a number of areas of opportunity have emerged for industry participants.
- These can broadly be categorized into 3 areas: infrastructure, training and talent, and technology and innovation.
- In healthcare infrastructure, the industry participants can offer management and consultation services for nursing homes that will be built in the coming years, address the capacity shortage for personalized nursing homes and high-end residential nursing homes in the country, and provide implementation of advanced technology for these nursing homes.
- Under training and talent, specialist training for medical students, doctors, nurses, and caregivers is a key area that industry participants can look to utilize their expertise.
- In addition, they can also play a role in increasing facilities, training staffs to carry out extensive dementia research, and providing smart technology or medical devices for dementia care.
- A more specialized training course can be brought in by the industry participants to improve the quality of healthcare professionals and caregivers to better take care of the elderly.
- Technology and innovation provides a wide range of collaborative possibilities between industry participants and Singaporean healthcare providers.
- Industry participants can help to fill in the gaps in Singapore's telehealth initiatives, including for distant care of home-based, community-based, and institute-based elderly.
- Industry participants can also offer creative ideas to help develop innovative technological services and solutions for chronic disease management.
- As Singapore is working toward implementing remote patient care, the government has considered setting up a public–private partnership (PPP) platform for various stakeholders.
- On a separate note, industry participants can offer their technical know-how in eHealth and electronic medical record, by collaborating with the government, various health clusters, and
private or public entities.
- With state-of-the-art research facilities at Biopolis and Singapore Science Park, Singapore is also an attractive partner for R&D activities.
- For companies wishing to manufacture medical devices in Singapore, the MedTech Hub provides a manufacturing and R&D headquarters facilities that are ready for companies to produce medical devices for regional and global markets.
- The increasing number of elderly citizens is expected to drive demand for residential Intermediate and Long-term Care (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 the coming years, as senior residents prefer to live in their own homes with family.

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