As a result, there has been increasing demand for healthcare services that are ‘elder-friendly’ and cost-efficient. Aside from healthcare companies, a growing number of non-healthcare providers are looking for investment opportunities in the silver economy, amid expectations of higher returns from meeting the needs of an ageing society.
SINGAPORE (Dec 20): Eight in 10 medical practitioners say Singapore’s healthcare system should focus more on disease prevention as Singaporeans live longer and are more likely to contract a chronic illness at an earlier age. Moreover, nearly half or 49% of the 203 doctors surveyed note that Singaporeans will find it harder to cope with health-related expenses, as the number of people with more than one chronic disease will increase with age. The illnesses include dementia, heart problems, osteoporosis, diabetes and cancer. The findings were highlighted in the “Healthy for 100? Healthy care in Singapore” report published in July by insurance provider Prudential group and the Economist Intelligence Unit.
Singapore is not alone in facing this situation. The United Nations estimates that the number of people aged 60 years and above worldwide increased more than two-fold from from 382 million in 1980 to 962 million in 2017. The figure is set to double and hit nearly 2.1 billion by 2050, the international body predicts.
