Opinion | The growing demand for elderly products: Supply shortage imminent

By Dr. Kevin Lau

Currently, in Hong Kong, there is approximately one person aged 65 or above for every 4.5 individuals, and one person aged 80 or above for every 20 people. Like many developed countries, Hong Kong is experiencing a significant trend of population aging. It is estimated that in the near future, one-third of the population will be elderly. By 2036, one out of every three individuals will be elderly, accounting for approximately 2.37 million people.

As the aging population continues to grow rapidly, the demand for elderly products in the market will continue to rise. If the market supply cannot keep up, there will be a situation of supply shortage. The demands of the elderly are diverse, and elderly products can generally be divided into three categories: medical equipment, rehabilitation aids, and general elderly goods. Medical equipment includes all products related to health check-ups and treatments. Rehabilitation aids refer to goods that assist the elderly in walking or rehabilitation, some of which are similar to products used by people with disabilities. Elderly goods are specifically designed daily products for the care of senior citizens.

Readers would know that supply shortage indicates a significant demand in the market that has not been met, allowing manufacturers to increase prices. In fact, the elderly are a financially strong and numerous consumer group in society. Therefore, I have always believed that the elderly products industry is a business opportunity with unlimited potential. Currently, the global economic outlook is uncertain, and there is a lack of growth points in economic development. In such a situation, the endless business opportunities in the elderly products industry can become an effective growth point. The business community should target this market and not miss out. Besides seizing business opportunities, they can also fulfill their corporate social responsibility and contribute to society by serving the elderly.

Furthermore, this silver economy "blue ocean" is not unique to Hong Kong. Just by looking north to mainland China, the market for elderly products will expand exponentially. It has been predicted that by 2025, the elderly will account for more than one-third of the total population in the country. More importantly, despite the rapid growth in the elderly population and the subsequent demand for elderly products, the supply in mainland China lags far behind, resulting in typical "supply shortage" conditions. Manufacturers producing elderly products have pointed out that there are over 60,000 types of elderly products worldwide, with over 40,000 available in Japan, but in mainland China, you can only find around 4,000 types. This disparity between supply and demand is evident.

In conclusion, the growing demand for elderly products is a direct consequence of the aging population in Hong Kong, China, and many other countries worldwide. The need for innovative and high-quality products and services for the elderly is on the rise. However, there is an impending supply shortage if manufacturers and businesses do not keep pace with this increasing demand. The elderly products industry presents unlimited potential for growth and profitability, while also allowing businesses to fulfill their social responsibility by serving the needs of the elderly. It is crucial for businesses to recognize the market opportunities in this sector, develop tailored solutions, and contribute to building a society that respects and supports the elderly population.

The author is a specialist in radiology with a Master of Public Health from the University of Hong Kong, and an adviser of Our Hong Kong Foundation.

The views do not necessarily reflect those of DotDotNews.