Elderly Healthcare in Asia Pacific Will Cost US$20 Trillion over the Next 15 Years
August 24 2016 - 7:30PM
Business Wire
Elderly healthcare in the Asia Pacific region will cost more
than US$20 trillion between 2015 and 2030, according to a new
report released today by Marsh & McLennan Companies (NYSE:MMC),
a global professional services firm offering clients advice and
solutions in risk, strategy, and people, and its newly launched
Asia Pacific Risk Center (APRC). The center is MMC’s inaugural risk
research institute in the region and is supported by the Singapore
Economic Development Board (EDB).
The APRC’s report, Advancing into the Golden Years — Cost of
Healthcare for Asia Pacific’s Elderly, forecasts a steep rise in
elderly healthcare costs and calls for urgent action from
governments, insurers, healthcare providers, corporates, and
citizens.
Commenting on the findings of the center’s first report, Wolfram
Hedrich, Executive Director, APRC said: “The Asia Pacific region is
ageing at a faster rate than any other region in the world. Key
stakeholders, including governments, insurers, and individuals, are
not fully prepared from a financing, infrastructure, and workforce
perspective for the escalating costs of caring for more than 200
million additional elderly citizens in the region.”
Pressing need for action on healthcare for the elderly in
Asia Pacific
Although Asia Pacific is a diverse region, by 2030 it is
anticipated that there will be a 71 percent increase in the number
of elderly people aged 65 and above, compared to a 55 percent
increase in North America and a 31 percent increase in Europe
during the same timeframe.
Annual elderly healthcare expenditure is expected to reach
US$2.5 trillion by 2030 in Asia Pacific, five times more than what
it cost in 2015. Cumulatively, between 2015 and 2030, elderly
healthcare is forecast to cost US$20 trillion, representing half of
all healthcare expenditure in the region during that period.
The region will also face a shortage of an estimated 18.2
million professional long-term caregivers by 2030. Significant
investment in both infrastructure and human capital will be
required to meet the demand.
The report conveys a pressing need for action, and highlights
global best practices and innovative approaches to elderly
healthcare — such as the need for radical changes to public policy
and healthcare business models — to which key stakeholders in Asia
Pacific should pay particular attention.
To read the report, please click here.
About Marsh & McLennan Companies
MARSH & McLENNAN COMPANIES (NYSE: MMC) is a global
professional services firm offering clients advice and solutions in
the areas of risk, strategy and people. Marsh is a leader in
insurance broking and risk management; Guy Carpenter is a leader in
providing risk and reinsurance intermediary services; Mercer is a
leader in talent, health, retirement and investment consulting; and
Oliver Wyman is a leader in management consulting. With annual
revenue of $13 billion and approximately 60,000 colleagues
worldwide, Marsh & McLennan Companies provides analysis, advice
and transactional capabilities to clients in more than 130
countries. The Company is committed to being a responsible
corporate citizen and making a positive impact in the communities
in which it operates. Visit www.mmc.com for more information and
follow us on LinkedIn and Twitter @MMC_Global.
About the Asia Pacific Risk Center (APRC)
The Asia Pacific Risk Center is Marsh & McLennan Companies’
research institute dedicated to analyzing the key risks facing
industries, governments, and societies in Asia, and identifying
practical ways to build resilience and realize opportunity. The
APRC helps decision makers address these risks through research and
insight that combine MMC’s rigorous analytical approach to risk
management with leading thinking from renowned research
partners.
About BRINK Asia
BRINK Asia (www.brinknews.com/asia) is a digital platform made
possible by Marsh & McLennan Companies and managed by Atlantic
Media Strategies, the digital consultancy of The Atlantic. BRINK
Asia delivers practical and timely insights to top executives and
policy leaders in the Asia Pacific region and worldwide. It
combines knowledge and expertise from across MMC with other leading
experts on risk and resilience. BRINK Asia informs global decision
makers on current and emerging risks relevant to the Asian market.
BRINK Asia is part of the global BRINK digital platform
(www.brinknews.com).
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160824006132/en/
Marsh & McLennan CompaniesLaura Schooler,
+1-212-345-0370laura.schooler@mmc.comorOliver
WymanFrancine Minadeo,
+1-212-345-6417Francine.minadeo@oliverwyman.com
Marsh and McLennan Compa... (NYSE:MMC)
Historical Stock Chart
From Aug 2024 to Sep 2024
Marsh and McLennan Compa... (NYSE:MMC)
Historical Stock Chart
From Sep 2023 to Sep 2024