Singaporean entrepreneur Serene Tan first noticed a gaping hole in Asia's senior care market when she was a college student. The developer of GlydeSafe - an intuitive walking aid for the elderly - observed that firms who provided goods and services for the elderly were lacking a personalized, customer-based approach.
"The silver market is underserved because the local landscape of health care and retail is dominated by a few large players who operate a traditional business model of importing from overseas. This inhibits creativity," Tan, director of Sorgen, which develops GlydeSafe, told CNBC. "If we want to improve the standard of living, we have to identify problems instead of using rehashed solutions."
With funding of $150,000 from private and public enterprise agencies, Tan's elderly-friendly mobility devices were launched across Singapore in 2013 after being tested out in hospitals. The business has sold around 150 devices in the past year and is currently working on plans to expand elsewhere in the region.
As governments across the region grapple with a rapidly aging population, inspired entrepreneurs like Tan are rushing to tap an expanding market.