Technology adapts to elders demands in the Silver Economy

The Asia Pacific’s growing silver economy is expected to be worth US$3 trillion by the year 2017. According to the Asia Pacific Silver Economy Business Opportunities Report, a bi-annual publication, the Asia Pacific’s booming silver economy will be driven by the spending power of 1.2 billion ageing baby boomers by 2050. Australia, with its changing demographic patterns ranks second after Hong Kong, across Asia-Pacific countries in terms of silver industry market potential. Singapore, Japan and South Korea followed as the index’s top 5.

Clearly the sectors that will come into the spotlight to service this powerful demographic population, includes the key industries of health care, wellness and retirement income management.

"The changes in the Australian demographic structure are profound, with many cultural and social issues wrapped around the economics of an ageing population.  Yet deploying g and developing the most suitable platforms and technologies for this sector means that ageing and an ageing population is not a crisis, if we prepare, and prepare with vision,"  said Combitel Managing Director Eugene Razbash.

Combitel was one of the companies at Australasia Ageing Investment Forum held in  Melbourne in March.  Combitel joined innovative and sustainable businesses from around the region that aim to enable better delivery of housing, care and allied health services for the aging population.

Razbash says that in terms of implementing technology solutions and adopting new technology platforms for the aged care sector, Australia is a market defined by contrasts. “We see some aged care providers that are very well advanced using both the technology and methods as a way of enhancing services and treatment but we also see some aged care facilities that have not moved on from their formula of service for 40 years.”

Razbash  warns that merely using the latest technology  is not enough.  “Useability and user experience of the technology has to be of high quality. It also has to be intuitive and user friendly for both staff and residents, without complication.  Complex technology solutions can cause great distress to residents. So technology platform selection in important and the age care providers need to do their own useability research for solutions that suits the resident’s needs,” he explains.

The Omniscreen IPTV solution was designed to be as inclusive as possible to all users in the aged population sector. It features clear signage capabilities and multilingual functions which allows a wide range of users to access the services. 

“The growth drivers for technology applications for the aging population is not just health care but also the servicing of lifestyle changes for the elder tribes. Many older people are living alone in apartment style living, are single or widowed and without immediate access to children or family due to location or other factors. Our technologies attempt to assist in keeping individuals lives as supported and connected as possible while maintaining their independence,” Razbash said.