As Asia's population ages at an unprecedented rate, the demand for long-term care services is experiencing a significant surge across the region. Nations like China, Japan, Taiwan, and Singapore are at the forefront of innovation in this sector, adapting to the evolving needs of their aging populations.
The global long-term care market is on track for substantial growth, with projections indicating a staggering worth of US$1,607.8 billion by 2030, driven by a robust compound annual growth rate (CAGR) of 4.7% from 2023 to 2030. In China, the economic costs associated with long-term care are anticipated to skyrocket by 2050. Similarly, Japan's expenditure for the long-term care insurance (LTCI) system reached approximately 12.2 trillion Japanese yen (equivalent to US$112.2 billion) in fiscal year 2020. Despite concerns over budget constraints, Taiwan's long-term care fund is forecasted to surpass NT$80 billion (approximately US$2.8 billion) in 2024. Notably, the long-term care market in Taiwan also reached a valuation of US$20.6 billion in 2022.
One-of-a-kind Long-term Care Exhibition for the Asian region
Recognizing the escalating demand for long-term care solutions, the Long-term Care Exhibition at Cares Expo Taipei 2024, scheduled for September 12-14 at the Nangang International Exhibition Center, is poised to expand. This prominent segment of the expo will continue to spotlight characteristics of care services provided by local government sectors and facilities, offering insights into operational models and technological solutions tailored to care facilities. Exhibits will feature software and hardware solutions designed to optimize long-term care operations, along with consulting services for providers and appropriate products and equipment for care facilities.
Among the exhibitors in 2023, care services comprised the largest sector, accounting for 30 percent. This sector encompassed a wide range of entities such as long-term care facilities, including home, community, and residential nursing care service providers, nursing homes, elderly welfare organizations, specialized clinics, medical institutions, financial services, consultation services, companion services, media services, and various others.
Among the 12,546 visitors in 2023, 25 percent came from long-term care facilities, and 11 percent from medical institutions, making a total of 36 percent representing care service providers. Additionally, 16 percent of the total visitors were software and hardware equipment providers eager to enter the healthcare sector. The exhibition serves as a platform for professionals to exchange ideas, discuss best practices, and explore innovative solutions to address the evolving needs of long-term care recipients.
Homecare Exhibition continues to grow
As the global aging population continues to grow, so does the demand for health services tailored to the elderly, particularly in their homes. Homecare Exhibition at Cares Expo Taipei has been playing a pivotal role in showcasing the latest advancements in homecare solutions since 2023. With a focus on connecting caregivers and the elderly to community resources, this segment features a diverse range of healthcare equipment and services tailored for home environments. Exhibits include nutrition supplements, smart homecare solutions, and in-home medical services, aimed at creating senior-friendly living environments and addressing financial and insurance aspects of home-based care.
Cutting-edge home healthcare solutions featured at Cares Expo Taipei include virtual care and telehealth, monitoring vital health records for patients with chronic diseases, products promoting independent living such as fall detection systems, medical alert devices, and emergency pendants, assistive devices encompassing mobility aids, hearing aids, cognitive aids, and home rehabilitation equipment.
At the core of the Homecare Exhibition is the concept of "aging in place," emphasizing the importance of enabling elderly individuals to remain in their homes for as long as possible while maintaining their independence and quality of life. Through the Homecare Exhibition, Cares Expo Taipei seeks to foster collaboration and knowledge exchange among industry professionals, exhibitors, and attendees, driving innovation and promoting the adoption of best practices in home-based care across Asia.
More about Cares Expo Taipei 2024:
For booth application, please contact Juihui Lin via lin@ankemedia.com, phone +886 2-77296189 ext.110. You may also fill out the online form or scan the following QR code to access the form directly.
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