In 2024, residents aged 65 years and above made up 18 percent of the total resident population in Singapore. Singapore is currently one of the most rapidly aging societies in Asia, along with Japan. The elderly in Singapore Improvements in healthcare and the standard of living over the years have contributed to an increase in life expectancy in Singapore. This was reflected in the decreasing death rate of elderly residents over the decades. The increase in the share of the elderly population was further compounded by a decreasing total fertility rate, which was well below the 2.1 needed for a balanced population. By 2050, the elderly population in Singapore was forecasted to be a third of its total population. Economic burden of an aging society Singapore thus faces significant economic challenges due to an increasingly elderly population. The number of elderly dependents to the working age population had been steadily increasing. As Singaporeans face the prospect of living longer, more and more elderly had chosen to return to work after retirement. Singapore society still places the responsibility of caring for the elderly on younger family members. However, the burden of care is expected to increase with the years, and whether this model is sustainable remains to be seen.

In 2023, the percentage of the population of Singapore above the age of 65 years was estimated at **** percent. Singapore currently faces a problem of an increasingly aging population coupled with a low fertility rate.

In 2024, there were around 754,000 residents aged 65 years and above in Singapore. Singapore is currently one of the most rapidly aging societies in Asia, along with Japan.

Elderly literacy rate, population 65+ years, both sexes (%) in Singapore was reported at 86.44 % in 2018, according to the World Bank collection of development indicators, compiled from officially recognized sources. Singapore - Elderly literacy rate, population 65+ years, both sexes - actual values, historical data, forecasts and projections were sourced from the World Bank on July of 2025.

Elderly literacy rate, population 65+ years, male (%) in Singapore was reported at 95.49 % in 2018, according to the World Bank collection of development indicators, compiled from officially recognized sources. Singapore - Elderly literacy rate, population 65+ years, male - actual values, historical data, forecasts and projections were sourced from the World Bank on July of 2025.

In 2023, residents aged 65 years and above made up *** percent of the total employed resident population in Singapore. Improvements in healthcare and the standard of living over the years have contributed to an increase in life expectancy in Singapore. As a consequence, Singapore is currently one of the most rapidly aging societies, including an aging workforce, in Asia. Aging workforce The minimum retirement age in Singapore is currently set at 62 years old. Even so, **** percent of residents aged 65 years old were still employed or seeking employment. For many Singaporeans, retirement brings with it an increased economic burden. There is no system of state-funded pensions, and retirees depend largely on their savings. However, a survey on current working age Singaporeans found that few were financially prepared for retirement. Increased financial dependency on elderly breadwinners An increasingly elderly population has also led to the trend of increasing number of households who depend on elderly breadwinners, almost tripling since 2000. The number of elderly single-person households have also increased. To mitigate the economic burden on the elderly, the Singapore government has launched several upskilling programs to ensure that the elderly remain competitive in the workforce. However, beyond extending their employability, few other social safety nets are currently available to ensure a comfortable retirement for the elderly, regardless of income level.

Singapore SG: Age Dependency Ratio: % of Working-Age Population: Old data was reported at 17.923 % in 2017. This records an increase from the previous number of 16.960 % for 2016. Singapore SG: Age Dependency Ratio: % of Working-Age Population: Old data is updated yearly, averaging 7.597 % from Dec 1960 (Median) to 2017, with 58 observations. The data reached an all-time high of 17.923 % in 2017 and a record low of 3.736 % in 1960. Singapore SG: Age Dependency Ratio: % of Working-Age Population: Old data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Singapore – Table SG.World Bank.WDI: Population and Urbanization Statistics. Age dependency ratio, old, is the ratio of older dependents--people older than 64--to the working-age population--those ages 15-64. Data are shown as the proportion of dependents per 100 working-age population.; ; World Bank staff estimates based on age distributions of United Nations Population Division's World Population Prospects: 2017 Revision.; Weighted average;

Elderly literacy rate, population 65+ years, female (%) in Singapore was reported at 78.94 % in 2018, according to the World Bank collection of development indicators, compiled from officially recognized sources. Singapore - Elderly literacy rate, population 65+ years, female - actual values, historical data, forecasts and projections were sourced from the World Bank on July of 2025.

According to Cognitive Market Research, the Global elder care service Market Size will be USD XX Billion in 2023 and is set to achieve a market size of USD XX Billion by the end of 2031 growing at a CAGR of XX% from 2024 to 2031.

• The global elder care market will expand significantly by XX% CAGR between 2024 and 2031. • The home care type segment accounts for the largest market share and is anticipated to a healthy growth over the approaching years. • The pharmaceutical sector holds the largest share and is expected to grow in the coming years as well. • Heart disease application is the market's largest contributor and is anticipated to expand at a CAGR of XX% during the projected period. • The North America region dominated the market and accounted for the highest revenue of XX% in 2022 and it is projected that it will grow at a CAGR of XX% in the future

Market Dynamics: Elder Care Service

Key Drivers-

The rising elderly population and advancements in assistive devices drive the market for elder care services-

The increasing number of retirement communities boosts the market of elder care services globally. The growing demand for home care services is a driving factor for the growth of elder care services. As per WHO, the elderly population is predicted to reach nearly over 1 billion by 2050 across emerging economies and this rise will translate into huge demand for elder care services, thereby enlarging the scope of the market soon. Also, the elderly population is prone to diabetes, arthritis, and renal insufficiency along with other chronic diseases this factor drives the market. For instance- to address these challenges Athulya Senior Care launched a host of cutting-edge facilities, a highly skilled and professionally trained staff, advanced safety and security measures, personalized dietary planning by expert dieticians, and a diverse array of mentally and physically stimulating activities. (source:https://www.athulyaseniorcare.com/news-and-media.php) In recent years, the demand for elder care services is expected to grow as the global population continues to age. Also, technological advancement plays a crucial role in growing the market for elder care services. Elder care service provides technological solutions, such as remote monitoring devices, AI-generated gadgets for emergency assistance, advanced health trackers, and communication platforms, which are increasingly utilized to ensure the well-being and safety of older adults. For instance- SINGAPORE – A new robotics rehabilitation center has just been opened in Bukit Batok, bringing advanced robotics therapy closer to elderly residents. (sopurce:https://www.straitstimes.com/singapore/new-rehabilitation-centre-brings-robotics-therapy-to-the-elderly-in-bukit-batok-community) Hence, with the rapid increase in the aged population, and the growing demand for elder care services with advanced technological advancement fueled the market for elder care services.

Restraint-

Financial Constraints are a major challenge for elder care service

The emerging economies along with the low availability of skilled personnel can inhibit the expansion of the elderly care services market across the globe. Developing countries often struggle with limited healthcare infrastructure, making it challenging to establish specialized elder care services. Affordability issues for families in providing long-term care solutions, including assisted living or nursing home care may challenge the market growth for elder care services. The ongoing assistance and supportive lifestyle provided to senior citizens have many attributes that can contribute to low profit margins. Low refunds are generated by government funds and some insurance companies, which significantly restrains the market's growth. The financial aspects cannot meet the home services' premium quality services, hindering the market's growth. As the medical costs are increasing, the service providers cannot meet the health care cost of the elderly care services. For instance- More than 17 million older adults age 65+ are economically insecure, with incomes below 200% of the federal poverty level. These older adults struggle with rising housing and health care bills, inadequate nutrition, lack of access to transportation, dimini...

As of June 2024, there were approximately 320,490 residents between the ages of 30 to 34 years old in Singapore, making it the largest age group among its resident population. This reflects the increasingly aging population of Singapore, a significant demographical shift that will have long-lasting socio-economic repercussions. Living longer… The improvements in health care and quality of life has led to Singapore having one of the highest life expectancies in the world. Coupled with one of the lowest fertility rate globally, Singapore society faces a crisis of aging. The average age of its resident population is projected to increase to just under 51 years old by 2050. …and working longer The prospect of an aging population is worrying for a country whose most important resource is its people. The current retirement age of 62 would no longer be tenable when close to half the population is expected to be aged 65 years or older by 2050. There is already a trend of elderly workers re-entering the workforce, be it to keep themselves occupied or to support themselves financially. The share of the population who would be working well into old age looks set to increase in the future, as a majority of Singaporeans have indicated that they were not financially prepared for old age.Singapore is well-known for its emphasis on career and shunning welfare policies; however, there is an urgent need to rethink and overhaul its social security and medical care systems to weather the silver tsunami that is set to engulf the island state.

This study compares projections, up to year 2040, of young-old (aged 60-79) and old-old (aged 80+) with functional disability in Singapore with and without accounting for the changing educational composition of the Singaporean elderly. Two multi-state population models, with and without accounting for educational composition respectively, were developed, parameterized with age-gender-(education)-specific transition probabilities (between active, functional disability and death states) estimated from two waves (2009 and 2011) of a nationally representative survey of community-dwelling Singaporeans aged ≥60 years (N=4,990). Probabilistic sensitivity analysis with the bootstrap method was used to obtain the 95% confidence interval of the transition probabilities. Not accounting for educational composition overestimated the young-old with functional disability by 65 percent and underestimated the old-old by 20 percent in 2040. Accounting for educational composition, the proportion of old-old with functional disability increased from 40.8 percent in 2000 to 64.4 percent by 2040; not accounting for educational composition, the proportion in 2040 was 49.4 percent. Since the health profiles, and hence care needs, of the old-old differ from those of the young-old, health care service utilization and expenditure and the demand for formal and informal caregiving will be affected, impacting health and long-term care policy.

Elderly illiterate population, 65+ years, % female in Singapore was reported at 84.04 % in 2018, according to the World Bank collection of development indicators, compiled from officially recognized sources. Singapore - Elderly illiterate population, 65+ years, % female - actual values, historical data, forecasts and projections were sourced from the World Bank on July of 2025.

The median age of the population of Singapore has been increasing since 1965, and is projected to reach 56 years by 2100. The median age is the age that divides a population into two numerically equal groups, such that half the people are younger than this age and half are older. An aging population As Singapore’s median age increases, its fertility rate has decreased. In 2017, Singapore’s fertility rate was 1.16 children per woman of childbearing age, which is below the amount needed to replace the population. Additionally, Singapore is one of the leading countries and territories with the highest life expectancy at birth; an expectancy of 87.63 years. As such, Singapore is faced with adapting to aging population and a growing ratio of old-age dependency. A trend of population aging Many countries are facing this demographic dilemma: the global median age is projected to grow from 29.6 in 2015 to around 41.6 years through the end of the century. Population aging could be one of the most substantial societal transformations of the twenty-first century, affecting most sectors of society, including healthcare, housing, and pensions.

In 2024, residents aged 65 years and above made up 10.5 percent of the total employed resident population in Singapore. Improvements in healthcare and the standard of living over the years have contributed to an increase in life expectancy in Singapore. As a consequence, Singapore is currently one of the most rapidly aging societies, including an aging workforce, in Asia. Aging workforce The minimum retirement age in Singapore is currently set at 63 years old, and would be increased to 64 years in 2026. Even so, 32.5 percent of residents aged 65 years old were still employed or seeking employment. For many Singaporeans, retirement brings with it an increased economic burden. There is no system of state-funded pensions, and retirees depend largely on their savings. However, a survey on current working age Singaporeans found that few were financially prepared for retirement. Increased financial dependency on elderly breadwinners An increasingly elderly population has also led to the trend of increasing number of households who depend on elderly breadwinners, almost tripling since 2000. The number of elderly single-person households have also increased. To mitigate the economic burden on the elderly, the Singapore government has launched several upskilling programs to ensure that the elderly remain competitive in the workforce. However, beyond extending their employability, few other social safety nets are currently available to ensure a comfortable retirement for the elderly, regardless of income level.

Singapore SG: Population: as % of Total: Female: Aged 65 and Above data was reported at 13.802 % in 2017. This records an increase from the previous number of 13.178 % for 2016. Singapore SG: Population: as % of Total: Female: Aged 65 and Above data is updated yearly, averaging 6.128 % from Dec 1960 (Median) to 2017, with 58 observations. The data reached an all-time high of 13.802 % in 2017 and a record low of 2.610 % in 1960. Singapore SG: Population: as % of Total: Female: Aged 65 and Above data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Singapore – Table SG.World Bank: Population and Urbanization Statistics. Female population 65 years of age or older as a percentage of the total female population. Population is based on the de facto definition of population, which counts all residents regardless of legal status or citizenship.; ; World Bank staff estimates based on age/sex distributions of United Nations Population Division's World Population Prospects: 2017 Revision.; Weighted average; Relevance to gender indicator: Knowing how many girls, adolescents and women there are in a population helps a country in determining its provision of services.

In 2024, the old-age dependency ratio in Singapore was at 26.5 residents aged 65 years and older per hundred residents aged 15 to 64 years. In the last ten years, this ratio has increased from 16.2 in 2015. Singapore is facing the challenge of an increasingly aging population and a declining birth rate, leading to a possible continuation of the trend of increasing old-age dependency ratio.

In 2024, there were approximately ****** single-person elderly households in Singapore. This figure has been increasing in the past ten years, as Singapore faces the challenge of an aging population. By 2050, it was projected that more than ** percent of the Singaporean resident population would be aged 65 years and above.

Singapore SG: Labour Force Participation Rate: Modeled ILO Estimate: % of Total Population Aged 15+ data was reported at 68.463 % in 2017. This records a decrease from the previous number of 68.665 % for 2016. Singapore SG: Labour Force Participation Rate: Modeled ILO Estimate: % of Total Population Aged 15+ data is updated yearly, averaging 64.934 % from Dec 1990 (Median) to 2017, with 28 observations. The data reached an all-time high of 68.900 % in 2015 and a record low of 63.134 % in 1990. Singapore SG: Labour Force Participation Rate: Modeled ILO Estimate: % of Total Population Aged 15+ data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Singapore – Table SG.World Bank.WDI: Labour Force. Labor force participation rate is the proportion of the population ages 15 and older that is economically active: all people who supply labor for the production of goods and services during a specified period.; ; International Labour Organization, ILOSTAT database. Data retrieved in September 2018.; Weighted average; Data up to 2016 are estimates while data from 2017 are projections. National estimates are also available in the WDI database. Caution should be used when comparing ILO estimates with national estimates.

By Type of Service: Telemedicine is the leading service type within the digital health market, driven by the convenience it offers for remote consultations. AI-based diagnostics and personalized healthcare services follow closely, as these technologies provide enhanced accuracy and efficiency in treatment. Wearable health devices and remote monitoring solutions are also gaining traction, particularly among the elderly population and chronic disease patients. Singapore Digital Health Market Segmentation What are the Regulations and Initiatives which have Governed the Singapore Digital Health Market:

In 2024, the death rate of residents aged 65 years and above in Singapore was **** per thousand elderly residents. Improvements in healthcare and standard of living over the years have contributed to a decrease in the death rate of the elderly population. As a consequence, Singapore is currently one of the most rapidly aging societies in Asia.