, Singapore
151 views

Singapore’s silver tsunami: Elder care spending to skyrocket to $49b per year by 2030

It’s almost ten times the city-state’s current spending.

A silver tsunami is heading towards Singapore, and the city-state should expect heightened healthcare spending, as a new report notes how Singapore’s elderly healthcare costs will rise nearly tenfold over the next 15 years.

According to the new report by Marsh & McLennan companies, assuming current medical cost inflation remains constant, the city state is projected to spend on average US$37,427 on healthcare for each elderly person by 2030, the highest in the region.

The cost is just ahead of Australia, which is projected to spend US$30,827 in elderly healthcare expenditure.

Meanwhile, the report also noted that elderly healthcare across the Asia-Pacific region will cost more than US$20 trillion between 2015 and 2030 and calls for urgent action from government, insurers, health care providers, corporates and individual citizens.

“The Asia-Pacific region is ageing at a faster rate than any other region in the world. Key stakeholders, including governments, insurers and individuals are not fully prepared from a financing, infrastructure, and workforce perspective for the escalating costs of caring for more than an additional 200 million elderly citizens in the region,” said Wolfram Hedrich, executive director of the ARPC.

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!