As Singapore sees more seniors, startups can step up

Looking ahead into the new decade, it’s clear that sharing services and new digital products will continue to radically transform people’s lives – and that includes how seniors live in their retirement.

Singapore is turning silver as more people from the baby boomer generation (those born between 1946 and 1964) celebrate their 65th birthdays. And they’re not just living longer – they’re living longer as healthy and active members of their community, ushering in a booming silver economy.

Increasingly affluent and surprisingly tech-savvy, this growing group of senior citizens is creating a new market for tech startups and other businesses that are able to offer convenient, easy-to-use digital solutions.

The ‘Uberization’ of home care

Earlier this year, Singapore-based elderly care startup Homage announced the close of its series B funding round, which it plans to funnel into its expansion across Asia. The startup offers a digital platform that connects professional care providers with elderly people and their families in need of home-care support.

Launched in 2016, Homage now hosts a network of over 1,000 care professionals in Singapore and Malaysia and partners with more than 20 hospitals, community organizations, and nursing homes. It’s also raised over US$15 million of investment from the likes of Golden Gate Ventures, HealthXCapital, EV Growth, Alternate Ventures, and KDV Capital.

Other digital startups have cropped up offering similar platforms or apps. Caregiver Asia, for instance, operates an online marketplace to match people with freelance caregivers. Since its launch in 2015, the company has seen demand for its service grow, and today, it has a network of more than 10,000 caregivers across Singapore and Malaysia.

The opportunity

While these companies have revealed the possibilities of home-care services, there are other commercial opportunities that Singapore’s digital entrepreneurs can pick up on. One example is offering “active-aging” products and services that can help the silver community stay active, healthy, and independent.

In 2019, the spending power of baby boomers worldwide was estimated to be roughly US$15 trillion. More importantly, the aging market doesn’t only include those over 65 years old, but it also involves their children.

Around the world, digital entrepreneurs have begun to recognize the scale of the active-aging opportunity, and plenty of tech-based companies have sprung up, offering products and services aimed at the senior demographic.

Such innovations vary widely, from health monitoring devices, telemedicine services, wellness, nutrition, and fitness technologies to home automation systems, mobility devices, and others.

Singapore a sandbox for digital innovation

Singapore is already home to many businesses operating in the healthcare space. In fact, it is estimated that the city-state has around 9% of Asia’s healthtech startups – the largest number after China and India.

The government’s commitment to digital innovation and adoption, coupled with strong internet connectivity and high mobile and smartphone penetration, has given its entrepreneurs a significant leg-up and established Singapore as a “sandbox” for digital innovation within ASEAN.

Some of these companies are developing products that can be used by the elderly to improve wellness and prevent age-related diseases. For example, Biofourmis, a biotech company founded in Singapore, has developed an AI-based system that uses wearable devices to collect and analyze patients’ health data and predict the likelihood of medical events such as heart attacks.

Challenges remain

Creating a new pillar