Health care
1. market for elderly people
Goods and services market for elderly people are expected to explode to 31 trillion won in 2010 and 116 trillion won by 2020, with the South Korean population aging at the world’s fastest speed, according to a report by the Ministry of Commerce, Industry and Energy (MOCIE). The market for the aged stood at 6.4 trillion won in 2002.
2. The cause of increasing ederly population
Korea has become an aging society. People aged 65 or over accounted for 7 percent of the population in 2000, by 2018 their number is expected to be 18 percent. The escalating aging is because people live longer, while the younger generations are having fewer births.
3. New industry(Health care) for elderly people
The demographic change in Korea will create demand for goods and services satisfying the tastes of elderly people in such sectors as health care, leisure, finance and housing. Businesses targeting elderly people are expected to serve one of the nation’s new growth engines. And those businesses are also expected to create new jobs.
4. Korea new road map for elderly people
To systematically cultivate businesses for the aged, the ministry drew up a five-year long roadmap and plans to update it after that period. By this, the ministry plans to inject 245.7 billion won for the next five years by 2010 to enhance an infrastructure to promote such businesses and to develop technology, while cultivating talents and building an industrial cluster for the future promising industry. Korea governement expect the market for elderly people will explode by 2010 when the baby boomer generation, who were born between 1953 and 1964, starts retiring. The roadmap also proposed eight key industries for elderly people _ medical treatment, health care equipment, information, leisure, finance, housing, oriental medicine and agriculture. In addition, the ministry will build a legal frame to provide systematic support to businesses for the aged in cooperation with the Ministry of Health and Welfare within this year.