With the increasing aging population in Thailand, the need for elderly care is rising. And they can be grouped into two; short-term and long-term care.
Short-term care focuses on services and support for everyday activities offered within and outside the care facilities. Also, this includes activities for the senior citizens to relax and socialize and health services for those suffering from chronic diseases who need continuous care. Similarly, on the other hand, long-term care emphasizes the residential facilities for the elderly to move into.
All of these facilities usually aim to offer convenience after retirement, particularly to those who would otherwise stay alone. However, the support level may differ based on different needs. For example; the market for the long-term residential facilities consists of the ones who are designed for active or independent adults, remaining in good health and wish to be in a community with others.
Besides, the elderly with chronic diseases need frequent care. Also, short-term care businesses segment the market for those who need medical and daily assistance, like recuperation, and daycare.
Even after placing great importance on family care in Thailand, care services are quite high in demand. The country presently has 840,000 citizens who are aged 65 or more while comprising 9% of the total population. If you see the stats the ratio of elderly people living is accelerating while the birth rates continue to fall. By 2050, the older population is expected to be 18 million.
For this and so many other related reasons, elderly care businesses are likely to prosper. Well, the long-term care businesses can, benefit from foreign retirees and expats. It is seen that elderly tourists, particularly the ones aged 65, consider the country a popular travel destination. Ranked among the top ten countries to retire, Thailand has a low cost of living plus efficient medical services.
Coming to investment, the major spots of the elder communities have been Koh Samui, Hua Hin, and Chiang Mai. So, if you are thinking of investing in Thailand in elderly care, you can consider these areas.
