Asia’s over 65s are the largest and fastest growing market in the world, providing a target-rich environment of business opportunities, according to Deloitte, who today released the third edition of their Voice of Asia series. Those in Asia aged over 65 will grow from 365 million in 2017 to more than 520 million in 2027. While this creates emerging challenges for ageing nations, ageing populations will also generate a growth cluster of new business opportunities.
“Ageing populations may well be challenging to some nations, but they will also present some incredible business opportunities within those same nations. Our analysis shows that ageing will produce some very large winners at the industry level, particularly in Asia,” said Chris Richardson, Deloitte Australia Economist.
Ageing to create a growth cluster of industry winners
Three big accelerators drive the industry opportunities in an ageing Asia, with each building on the other:
• Asia is ageing fast, with a billion people in the region to be aged 65 and over by the middle of this century.
• And the money being spent by and on ageing populations will grow even faster than Asia ages, because the impact of new technologies and the on-going management of increasing chronic conditions means health care costs will rise faster than most other costs.
• Finally, private sector opportunities will grow even faster still, because stretched government budgets mean the share of health-related costs borne by taxpayers is likely to decrease in the decades ahead.
Source: Media Release