Singapore’s Ageing Population: Demographic Change, Sector Transformation and a Growing M&A Opportunity in the Silver Economy

Singapore’s demographic transition is no longer a distant trend. It is a structural shift that is already reshaping demand patterns, service delivery models and investment priorities across the economy. For business owners, investors and corporate decision-makers, the ageing population is not only a social and economic reality but also an emerging lens through which growth, consolidation and capital allocation can be assessed. 

As of June 2025, 20.7% of citizens are aged 65 and above, up from 13.1% in 2015. By 2030, nearly one in four citizens is projected to be aged 65 and above. Over the same period, the number of citizens aged 80 and above has increased from 91,000 in 2015 to 145,000 in 2025.

The Demographic Shift

An ageing population can place pressure on both economic growth and fiscal sustainability. Singapore’s resident old-age support ratio has declined from 5.7 in 2015 to 3.3 in 2025 and is projected to fall further to 2.7 by 2030, meaning fewer working-age residents support each senior. 

A decline in the working-age population and overall population growth can reduce labour supply and output while also dampening idea generation and innovation, ultimately slowing productivity growth. At the same time, a rising dependency ratio is expected to increase fiscal pressures through higher pension and healthcare costs. 

From Demographic Pressure to Market Opportunity

The same forces that strain the workforce are creating one of Asia’s largest consumer and service markets. The Asia-Pacific Silver Economy is estimated at US$4.6 trillion in 2025, equivalent to approximately S$6.2 trillion, while Singapore’s Silver Economy is estimated at S$97.8 billion. 

Growth is being driven by low fertility rates, rising life expectancy, a shrinking working-age population and the rapid increase in the population aged 65 and above. Older adults continue to contribute to GDP through consumption, continued labour-force participation, and broader innovation and economic activity. 

The economic and social impact is visible in rising demand for healthcare, information technology and entertainment, increased need for retirement solutions, and growing demand for age-friendly infrastructure and tailored financial services.

Policy Support is Strengthening The Investment Case

Policy is shifting care into the community, helping seniors stay in work, and subsidising automation. 

Keeping Seniors in Work

• Retirement age increased from 63 to 64.

• Re-employment age increased from 68 to 69. 

• Part-Time Re-employment Grant of up to S$125,000. 

• Wage offsets of up to 7%. 

Care and Retirement Support

• Home Caregiving Grant of up to S$600 per month. 

• Long-term care subsidies of up to 80% for residential care. 

• Long-term care subsidies of up to 95% for non-residential long-term care. 

• One-off CPF top-up of up to S$1,500.

Digitalisation and Preventive Healthcare

• SMEs Go Digital, and the Productivity Solutions Grant funds up to 50% of tools. 

• Budget 2026 adds a 400% tax deduction for AI investment. 

• From 2027, Synapxe’s ACE-AI will flag high-risk seniors for subsidised yearly screening. 

• Age Well SG is supported by S$3.5 billion. 

Taken together, these measures are helping to de-risk ageing-sector businesses. 

Where Ageing is Reshaping Demand

Demographic demand is broadening across four connected sectors. 

Healthcare and Eldercare

• Nursing homes 

• Home care 

• Rehabilitation 

• Chronic-disease care 

• Palliative care 

Insurance and Wealth 

• Retirement income solutions 

• Health protection 

• Longevity risk management 

• Legacy planning 

AgeTech and Assistive Technology 

• AI-enabled care solutions 

• Robotics 

• Telehealth 

• Remote monitoring 

Assisted Living and Supporting Infrastructure 

• Assisted living models 

• Senior-friendly housing 

• Accessible transport 

The opportunity extends well beyond clinical care into finance, technology and supporting infrastructure. 

Selected Deal Activity Shows Capital is Already Moving

Across eldercare, healthtech and automation, investors are building longevity platforms.  

Eldercare Consolidation 
TPG took Catalist-listed Econ Healthcare private in a S$0.33-per-share scheme at an approximately 20% premium, buying out founder Ong Chu Poh. The business now anchors TPG’s new One Aged Care platform alongside Orange Valley, with 16 homes and more than 2,400 beds across Singapore and Malaysia. 

Eldercare Consolidation 
In another example, iWOW Technology is acquiring 100% of The Gentle Group for S$11.2 million from founder Dr Shen Yiru and impact investors. The transaction adds clinical dysphagia meals for frail elderly consumers and extends iWOW’s platform beyond emergency alert systems into a broader longevity offering with recurring revenue and care data. 

Healthcare and Robotics Consolidation 
In healthcare and robotics, NSX-listed GO-Dx is acquiring a 27.5% stake in Singapore’s White Lingjun from founder Chin Hua Peh in an all-scrip deal worth about S$18.1 million. White Lingjun develops affordable AI-enabled humanoid robots designed to support senior monitoring and care. 

Financial Services are also Being Reshaped

Longevity-linked demand is also driving consolidation in insurance and wealth.  

While demand is strong, transactions involving control and social mandates may face heightened regulatory review.  

What This Means For Dealmakers

Several fragmented, manpower-intensive or capability-driven segments look ripe for further M&A, including nursing homes and assisted living, home and community care, specialist and chronic-care clinics, healthtech and eldertech, and insurance and wealth platforms. 

For clients evaluating where the next wave of opportunities may emerge, the implication is clear. Ageing-linked sectors are becoming more investable as demand deepens, policy support expands, and business models evolve. The next wave of deals is likely to reward scale, capability and data, particularly in segments where operators can respond effectively to rising longevity-related demand. 

From our perspective, Singapore’s ageing population should be viewed not only as a demographic challenge but as a catalyst for strategic decision-making. For owners considering exits, investors assessing platform opportunities, and businesses evaluating expansion, the silver economy is increasingly a space where sector knowledge, execution discipline and careful transaction structuring will matter most. 

How Baker Tilly Supports Silver Economy Transactions

Baker Tilly’s Deal Advisory team supports business owners and finance leaders with:  

• Financial due diligence  

• Business valuation  

• M&A strategy and execution  

We work closely with organisations to assess opportunities, manage transaction risk, and unlock value in growth sectors such as the Singapore Silver Economy.