SINGAPORE FIRMS SEE SILVER LINING IN ELDERCARE INDUSTRY

AS Singapore strives towards its Smart Nation vision, it cannot escape the fact that it is also an ageing society.

But rather than view the silver tsunami as a disaster to be averted, industry players say it is a wave that local businesses should catch.

By one estimate, the ageing market sector in the Asia-Pacific is projected to reach US$3.3 trillion by 2020, making it a potential sunrise industry. An increasing number of small and medium sized enterprises (SMEs) are eyeing a slice of the pie as they tap the latest technology trends such as the Internet of Things and data analytics to create innovative eldercare solutions.

Technology may be advancing at a rapid pace, but there still remains a need for caregivers. Many startups have therefore launched mobile apps to deliver homecare services, resulting in a trend known as the "Uber-risation" of caregivers.

One company that is leading the pack here is Caregiver Asia. It offers real-time booking of care services either online or through its app.

Its customers can also book medical professionals to bring loved ones for doctor's appointments, or even specialised medical services such as occupational therapists and physiotherapists.

While CEO Yeo Wan Ling has observed quite a proliferation of businesses in this caregiving space, she believes that the demand will continue to increase.

The company has leveraged technology to improve efficiency and accountability, such as geolocation capabilities for caregivers to clock in and out of services, and securely stored patient medical records on their platform.

But even as robotics and advances in technology provide caregivers with some relief, Ms Yeo said that technology will never truly replace people. "Our view is that the personal touch or human assessment is an integral part in optimising caregiving."

Despite the potential in the eldercare space, the biggest obstacle businesses here face is the slow rate of adoption due to relatively high costs and unfamiliarity.

Industry players say the government, with its economies of scale, can take the lead by funding pilots or trials in hospitals with many of these cutting-edge technologies. This will give consumers confidence to embrace new products and services. A higher pickup rate may drive down costs and companies will be motivated to come up with better, more innovative eldercare solutions.