Smart walking canes that issue fall alerts, wristwatches that monitor glucose levels and blood pressure, and motorised mobile commodes.
These were just some of the products on display at the Innovation and Technology Commission’s Gerontech Living Pavilion at the Home InStyle exhibition, organised by Hong Kong Trade Development Council (HKTDC) in April.
At the same exhibition, visitors could try out a mixed-reality flower arranging exercise to stimulate their hand-eye coordination, while a local NGO organised an empathy workshop for visitors to understand the needs of the elderly.
Products and services for the elderly population are surging as societies across Asia enter an era of super-ageing.
Hong Kong’s Census and Statistics Department predicts that the population aged 65 or above in Hong Kong will increase to 2.67 million in 2043, accounting for 35 per cent of the total population.
As the demographic landscape shifts, exhibitions and conferences are increasingly spotlighting products, experiences and insights tailored to the “silver” demographic.
At HKTDC’s International Optical Fair in November, exhibitors offering products specifically designed for elderly people received a special “Smart Ageing” booth label and classification in the exhibition catalogue.
The label proved so popular that it has now been applied across hktdc.com Sourcing, helping buyers to easily identify products such as antiseptic handrubs, nutritional supplements and elderly care products. More than 2,600 enquiries have been recorded, reflecting the increasing concern for age-related products in procurement.
Government promotion measures
The move reflects a growing recognition of the silver demographic as a significant consumer segment and potential driver of growth across a wide range of industries – from food and lifestyle products to insurance and care services. This burgeoning market has been aptly termed the “silver economy.”
In response to the expanding demand for age-related products and services, the Working Group on Promoting the Silver Economy, chaired by the Deputy Chief Secretary for Administration and involving labour, commerce, industry and finance departments, recently announced 30 measures to advance the silver economy in five major areas: promoting consumption geared towards the elderly, developing industries that cater to the elderly, promoting quality assurance of age-specific products, enhancing financial and security arrangements for the elderly, and unleashing the productivity potential of older adults.
The measures include a new public exhibition dedicated to silver products and services, the introduction of new retail offerings, discounts and concession schemes, and a call for the catering industry to introduce meals suitable for elderly diners.
Another initiative aims to expand the range of products catering to seniors offered on HKTDC’s Design Gallery online shop.
These efforts collectively reflect a strategic approach to harnessing the opportunities presented by the silver economy.
Fairs, conferences turn silver
To bolster the initiative, HKTDC has put a spotlight on silver economy opportunities at its two major health and wellness events held in May – the Hong Kong International Medical and Healthcare Fair and flagship conference the Asia Summit on Global Health (ASGH).
The Medical Fair featured numerous gerontech products and solutions, many participating for the first time. Medmind Technology, affiliated with the Hong Kong Science and Technology Parks, presented an app for cognitive impairment assessment. Users play digital mahjong and other games, during which an AI system assesses their cognitive status and offers personalised brain training. The app aims to prevent and detect early signs of cognitive decline while offering long-term monitoring.
Concurrently, the Asia Summit on Global Health brought together experts in science, policy, investment and operational management to explore the challenges posed by an ageing population and analyse future development trends and investment opportunities.
Speaking at a plenary session, Professor James L. Kirkland, Director of the Cedars-Sinai Centre for Advanced Gerotherapeutics, said geriatrics research is advancing rapidly, with some 34 types of interventions to remove ageing cells now available, including natural products, new chemicals and electrical stimulation, as well as vaccines and immune system activation techniques. Since the development of the first senolytics - drugs that target senescent cells - in 2015, more than 200 drugs have been identified.
Dr Sanja Tomovska, Chief Executive of Quant Biomarkers, pointed out that the scope of the US$30 trillion longevity industry is not limited to geroscience, but encompasses fast-evolving technology applications. She revealed that combining data and AI analysis to detect the risk of Alzheimer's disease in the elderly earlier holds immense potential to reduce pressure on the healthcare system.
Dr. Donald Li, Chairman of the Elderly Commission in Hong Kong, said that the ageing population presents “an opportunity to re-imagine our policies, services and approach to creating an age-inclusive society” and that the government is working on a host of initiatives. These include promoting ageing at home, encouraging businesses to utilise retirees' experience, funding technology development and educating the public to eliminate age discrimination.
With planning already underway for the next Asia Summit on Global Health in 2026, the event promises to unveil an array of new products and innovations, as societies look towards a future that will be increasingly silver.
