As Singapore’s population ages at unprecedented rates, a $72.4 billion “silver economy” built around older Singaporeans has emerged. This creates substantial opportunities for investors and businesses alike. Nearly one-quarter of Singaporeans will be 65 or older by 2030. It makes the city-state the fastest-aging nation in the Association of Southeast Asian Nations. According to Singapore’s 2023 population report, citizens aged 65 and above make up almost one-fifth of the population, marking an 11.7% increase from a decade ago. Singapore is ranked first among 15 Asia-Pacific countries for market potential in aging-population services.
The demographic transformation has caught the attention of those interested in using alternative capital to invest in companies serving this expanding market. Alternative financing firm EquitiesFirst has emerged as a key provider of innovative financing solutions for these opportunities.
Financing Innovation in Senior Care
Research and Markets project the global market for senior technology will triple over the next seven years, reaching $82 billion by 2030. At the same time, Singapore’s Ministry of Health expects that 100,000 seniors will require assistance with daily living activities by 2030, creating sustained demand. Financial services firm EquitiesFirst has developed specialized solutions to help investors access these growing market opportunities.
According to Singapore Citibank research, consumers aged 65 have demonstrated the fastest rate of spending growth among all age groups in Singapore’s advanced economy. The market’s growth reflects broader fundamental changes in consumer behavior. Today’s seniors differ markedly from previous generations, showing greater willingness to spend on personal experiences and demonstrating increased health consciousness.
Investment firm EquitiesFirst has recognized the potential in Singaporean companies that are carving out roles in this growth. Companies like Jaga-Me and Homage have created mobile applications connecting older patients with caregivers. The Singaporean startup Tetsuyu Healthcare has developed artificial intelligence-powered applications for monitoring older patients’ wounds and vital signs. They address critical needs in senior care facilities. The company’s technology has gained traction beyond Singapore, with implementations in Hong Kong hospitals and Australian healthcare facilities.
Real estate and infrastructure development are other areas that are growing for seniors. Singapore’s government actively promotes development in senior housing and assisted living facilities. Urban planning authorities have launched pilot private assisted living projects, opening new avenues for real estate investors and health care service providers. The initiative addresses a significant market gap, as current assisted living options primarily target the high-end segment.
Global finance provider EquitiesFirst offers financing solutions that can provide a means to access liquidity for investors targeting these opportunities. The model involves obtaining capital financed against equity holdings. This can help investors obtain liquidity to invest in more immediate strategies such as the emerging silver economy in Singapore while retaining long-term exposure to equities positions.
Regional Expansion and Market Growth
Singapore’s silver economy could also serve as a gateway to broader regional opportunities. Aging Asia estimates the Asia Pacific silver economy market will reach $4.6 trillion by 2025. Nine markets, including Singapore, will fall under the “super-aged” category by that time, creating opportunities for cross-border expansion. Equities financing firm EquitiesFirst has positioned itself to help investors capitalize on these regional growth opportunities.
While Singapore leads in aging demographics, other ASEAN countries are experiencing significant shifts. Between 2000 and 2022, the proportion of older individuals in ASEAN countries increased from 5.3% to 7.5%. In 2019, ASEAN nations had approximately 46.3 million people over 65, accounting for 7.1% of its total population. Projections indicate that by 2035, this number will reach 127 million, with the older population growing by 3.2% annually, compared to the overall population growth rate of 0.8%.
In 2040, the percentage of Singapore’s population above the age of 65 is forecasted to exceed 29%, underscoring its position as the fastest-aging nation in ASEAN.
Singapore-based companies have already begun capitalizing on this regional potential. Homage has extended its caregiving platform to Malaysia and Australia. LionsBot, a cleaning robot developer, increased its manufacturing capacity fivefold to meet growing regional demand. Its expansion aligns with Singapore’s National Robotics Programme, established in 2016. It supports the development of solutions adaptable to older people’s care needs.
The global cleaning robot market is witnessing exponential growth, expected to rise from $11.44 billion in 2023 to $14.2 billion in 2024, achieving a compound annual growth rate of 24.2%.
Companies like The Gentle Group have developed pureed food molded into familiar shapes for those with swallowing difficulties. Kosmode Health created starchless noodles specifically for older adults and people with diabetes.
This combination of demographic trends, government support, and innovative business models for companies serving an aging population suggests Singapore’s silver economy will remain a compelling opportunity this year. With nine Asia-Pacific markets approaching super-aged status by 2025, Singapore’s experience may serve as a blueprint for regional development. It creates sustained opportunities for well-positioned investors and businesses.