To capitalize qualitative and quantitative changes in Hong Kong Long-Term Care (LTC) market through Innovation and Operational Excellence.
Why Elderly Care in HK?
A Lagging and Fragmented Market
The LTC market in Hong Kong has been heavily driven, both directly and indirectly, by the government's social welfare policies. Compounded by the long-held social stigma, it has been difficult to attract talents and hence been lagging in terms of innovation. The market is also fragmented with the biggest 3 players holding less than 8% of the market share.
Widening Gap between Residential Care Service (RCS) Demand & Supply
Elderly population in Hong Kong is expected to increase over 50% in the coming decade while the subsidized RCS supply is only expected to increase by 25% in the same period. It's expected to have a gap of 14000 RCS spaces by 2030 and the private RCS is expected to fill the gap.
The Wealthiest (also the Most Demanding) Elderly Generation
Thanks to the booming economy during their heyday, the future LTC users, who age between 60 and 75 today, is the wealthiest generation by far. They also demand something different from their preceding generation. In recent years, they have re-defined what retirement means and expect to do so when they become the majority of long-term care users.