Untapped potential exists in the digitalization of healthcare and eldercare in ASEAN as countries are in the early stages of population aging. As life expectancy and healthcare expenditure increase in the region, a key focus for healthcare and eldercare will be on providing quality care while exploring cost efficient strategies. By 2050, the elderly will make up 21% of ASEAN’s total population. At the same time, ASEAN’s economy is projected to experience a 5.5% yearly growth rate to become the 4th largest economy in the world by 2050.
The elderly are increasingly coined the silver generation as a larger proportion of them are now active members of society. Stereotypes of the elderly as vulnerable persons who are dependent on care support are increasingly less applicable. Along with digitalization, the silver generation is now poised to contribute to society. The changing health status of ASEAN’s elderly along with ASEAN-specific characteristics, issues and caregiver needs will guide the development of the silver economy in the region.
4 key areas of development for ASEAN’s silver economy identified include: Preventive Healthcare, Digital Health, Integrated Care and Quality of Life.
ASEAN’s silver economy is still in the early stages of development. Barriers to an established silver economy include concerns regarding privacy and security, costs of digital health and receptiveness of healthcare innovations. These concerns may be addressed with government cooperation and further improvements to digital health.
This report highlights key developments in ASEAN’s population landscape, trending topics in healthcare and the silver economy, as well as case studies of possible innovations and solutions related to these factors that ASEAN’s silver economy can benefit from as countries in the region learn from them.