Asia Pacific’s ageing market value projected to hit US$4.56 trillion by 2025, an increase of 43% from projections in 2015 by Ageing Asia.
According to findings from the latest 4th Asia Pacific Silver Economy Business Opportunities Report 2020 edition, the Asia Pacific’s ageing market value is estimated to hit US$4.56 trillion by the year 2025. This marks an increase by 43 percent from US$3.2 trillion in 2020.
ASIA PACIFIC AGEING MARKET POTENTIAL CHART
China remains as the single biggest economy within Asia Pacific, taking up 57% of the total ageing market potential in Asia Pacific for 2025. China has also recorded the highest increase in the ageing market potential value, a 60% increase from 2020. Japan being the super-aged country with 35.8% population aged 60 and above, is the second largest ageing market in Asia Pacific, and accounts for a projected US$884 billion ageing market potential.
The market outlook for the ageing market remains positive, even in the midst of the COVID-19 pandemic in 2020, with a majority of the industry players surveyed, believing that the market will pick up and adapt to the new norm of eldercare services and ageing technologies.
The number of people over the age of 80 will triple to 425 million globally in 2050. The changing needs and expectations of the Ageing population will drive changes in the way we deliver social, health, care, lifestyle and technologies. With the Asia Pacific ageing market projected at US$ 4.56 trillion by 2025, the next lap that will drive the future of ageing in Asia Pacific is about successfully engaging both consumers and industry. Ageing is not one homogenous market; it is an eco-system of multi-industry niche business opportunities that requires research, experimentation, market segmentation and in-depth understanding of customer perception of product value.