Rejuvenation Markets in Singapore
Singapore faces a growing crisis due to its aging population. However, it could be primed for a major role in the rejuvenation industry.
Singapore’s population is aging at a rapid rate. By 2050, the population of Singapore will be almost half seniors 65 or older. Despite living longer, the aging population spends more time in sickness. Healthspans have not increased, even though average lifespans are longer. Singaporeans are expected to live an average of 84.8, but the average Singaporean will spend the last 10 and a half year in poor health.
Singapore’s government is increasingly concerned about this issue due to the financial burden it is placing on the budget. The world’s second lowest birth rate combined with an aging population has led to a rapid decline in the ratio of adults working to seniors. In 2007, there was 6.9 adults working for every senior. By 2030, the ratio of working adults to senior citizens will be 2.3.
Singapore’s healthcare spending has more than doubled in less than a decade. From S$4 billion to S$10billion in 2017. Singapore is known as one of the world’s most fiscally conservative nations. The term \”welfare states\” has a negative connotation in Singapore. Singapore, a country without natural resources and a new independent nation since 1965, has a general \”everyman for himself\” zeitgeist. Our highly educated workforce and our strategic geographic location are the main resources that support our knowledge-based economic system.
Source:
https://www.leafscience.org/the-rejuvenation-market-in-singapore/
