KUALA LUMPUR: The care economy is flourishing in Southeast Asia, with Malaysia’s market potential reaching US$25.5 billion. According to Deputy Economy Minister, Datuk Hanifah Hajar Taib, the country’s ageing population has presented an optimistic economic opportunity.
“The global market potential from the ageing population is projected to be US$4.56 trillion by 2025.
“Malaysia can leverage this trend to enhance societal well-being and productivity through new economic sectors such as the caregiver economy,” he said.
Hanifah also noted that Malaysia’s industries could benefit from the growing demand for healthcare services, both domestically and internationally.
This includes opportunities in healthcare and long-term care tourism, medical equipment supplies and advanced medical technologies employing artificial intelligence (AI) and robotics.
Additionally, Hanifah encouraged private companies to develop products and solutions targeting the elderly and the caregiver economy.
— BERNAMA
