Hong Kong’s “silver economy” is projected to reach a value of HK$500 billion by 2034, driven by the city’s rapidly ageing population and evolving elderly care sector, according to Financial Secretary Paul Chan Mo-po. Speaking at an event commemorating the 30th anniversary of the Senior Citizen Home Safety Association (SCHSA), Chan highlighted the growing market potential as spending by individuals aged 60 and above is expected to increase by 47 percent, from approximately HK$340 billion in 2024 to nearly HK$500 billion a decade later.
Chan described the ageing population as both a challenge and an opportunity, framing the development of the silver economy as more than just expanding products and services. He emphasized the importance of providing diverse lifestyle options tailored to seniors with varying needs and capacities. Technological advancements, particularly in artificial intelligence (AI), are playing an increasingly significant role in enhancing elderly care, enabling innovations in medical diagnosis, daily living assistance, and physical support such as patient transfers and household chores through robotic solutions.
The Financial Secretary underscored Hong Kong’s strengths in life and health sciences research, funding availability, talent pool, and start-up ecosystem, all contributing to its potential leadership in this sector. The city is also in the process of establishing an international medical innovation centre aimed at translating research into commercially viable services. Additionally, Chan noted emerging opportunities within the Greater Bay Area, where cross-border healthcare referrals, data sharing, and support mechanisms could create a replicable model benefiting a wider population of seniors.
Secretary for Labour and Welfare Chris Sun Yuk-han pointed out that Hong Kong has become a “super-aged society,” with a median population age of 49 and close to 25 percent of residents aged 65 or older. He highlighted government initiatives, including the HK$2 billion Innovation and Technology Fund for Application in Elderly and Rehabilitation Care, which has increased public awareness and investment in senior-friendly technology. Sun stressed the need to accelerate gerontechnology adoption in the coming five years while also addressing challenges related to cost, data privacy, and legal protections to ensure safe use within homes.
Joyce Ho Mei-yee, tech enablement director at the Hong Kong Council of Social Service, suggested that importing gerontechnology products from mainland China could offer cost-effective solutions, provided they are localized to meet Hong Kong seniors’ linguistic and cultural needs. However, she acknowledged that the adaptation process remains a significant hurdle in widespread adoption.
Former SCHSA chairman Law Chi-kwong, who is also a former welfare minister, reflected on the association’s pioneering emergency alarm system—a response to a 1990 cold spell that claimed 30 elderly lives. The system allows seniors living alone to connect to 24-hour support via an emergency button. Looking ahead, Law envisions this system evolving into intelligent robots capable of autonomous movement and vision, emphasizing a “human-centric” approach in technology design to ensure genuine care remains central to elderly services.