◆ In 2019, Korea became an aged society, with 14.9% of the population aged 65 or older, and projections indicate that this rate will rise to 33.9% and 46.5% in 2040 and 2067, respectively. 

◆ Similarly, China, Germany, and Japan will witness the percentage of their elderly population approximating 30% in 2030 and exceeding 35% in 2050. The acceleration of global population aging will naturally lead to the expansion of senior-friendly industries and corresponding markets.

◆ Despite the continued demand for elderly care, the world’s working-age population is set to shrink steadily, thus rapidly expanding the market for senior-friendly products that leverage smart devices and care robots 

◆ Many aging or aged countries are experiencing a “silver tsunami,” as a record number of their baby boomers with financial stability are reaching 65. It is no wonder that the elderly population has emerged as the predominant consumer group, boosting demand for senior products and services. 

◆ These demographic trends, combined with the rapid growth of the smart healthcare market, will contribute significantly to the worldwide senior-friendly market value.   

◆ For example, Korea’s senior-friendly market was valued at KRW 72.8 trillion in 2020, more than double the market value recorded in 2010 (Korea Health Industry Development Institute), and the US silver market is projected to expand from USD 2 trillion in 2020 to USD 3.5 trillion in 2030, exceeding half of its GDP. 

◆ The EU’s silver economy is also expected to grow from USD 3.7 trillion in 2020 to USD 5 trillion in 2030 to become the third largest sector across the overall EU economy.  

◆ To effectively navigate the ongoing silver market expansion, Jeonbuk State should adopt region-specific development strategies to elevate its status as a hub for the silver economy and engage in relevant research and development (R&D) to secure another future growth engine. 

◆ Specifically, it is necessary to create a large-scale industrial complex in Jeonbuk State to revitalize its senior-friendly industries and promote the region as a bridgehead for R&D, production, and exports to target overseas markets, including China. 

◆ Furthermore, the proposed senior-friendly industrial complex can be leveraged to achieve hardware integration encompassing “technology development,” “pilot assessment,” and “commercialization,” thus facilitating the construction of senior-friendly industrial ecosystems and the creation of a focus city for overseas expansion.  

◆ For the proposed industrial complex project, Jeonbuk State should pursue two big goals: product development and workforce development. The roadmap for product development must outline technology development, evaluation certification, and industrial infrastructure for corporate support, while the roadmap for workforce development must address training and educational program development, startup education, and physical infrastructure designed to promote venture businesses.  

◆ In addition, through the establishment of a senior-friendly industrial promotion foundation, the local government of Jeonbuk must implement the following tasks: developing incentive schemes for companies moving into the complex; attracting companies to promote it; managing corporate information and performance; collaborating with related regional and international organizations; and providing comprehensive support for investment attraction projects. 

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