Industry watchers say the problem largely boils down to insufficient understanding of the technology needs of the elderly, alack of innovation and reluctant investors who aren't convinced about the prospects given the divergent aging demographic in Asia.
According to Kim Walker, CEO of Singapore-based Silver Group, a consultancy that helps businesses and governments in Asia understand the needs of older consumers, the engineering and marketing of smartphones are often off the mark.
(Read more: Asia Caught Off Guard by Its Aging Population)
"Most companies get it wrong - they think they've got to create a silver phone or a special 50 credit card," Silver Group's Walker said. "As soon as people are being identified by the phone they use, the tech they use or the cards they use and they're being identified as an old person, they're going to reject it."
Walker said that obstacles were acknowledged by the likes of Apple, which designed more 'age friendly' products – such as the iPad– and then marketed beyond the 'youth' demographic, to consumers aged from "one to 100".
"It's a huge market [in Asia] but you can get it spectacularly wrong if you don't understand the psychology of these people," he said.
Businesses coy on aging
By most accounts, companies producing gadgets focused on senior consumers have more difficulty convincing tech investors who remain uncertain about business opportunities relating to an aging population.
(Read more: The aging in Asia face a new decade like no other)
Brisbane-based Hugh Geiger, CEO of Ollo Mobile, a firm which specializes in wearable 3G devices for the elderly and children,said he's had advanced discussions with SingTel about possibly bringing Ollo Mobile to Singapore as well as a host of other network providers in Southeast Asia, but the response has been mixed.
"There's this perception that the elderly are poor and less engaged… that's certainly the feedback we've had in Southeast Asia,"he said.
According to Shiv Putcha, principal analyst for Ovum Telecoms, potential investors question the differences in purchasing power of the elderly across the region.
"At one end you've got countries like Japan and Australia which are rapidly aging, and then you've got the emerging markets which are growing younger by the day," Putcha said.
"There's a tremendous variety across the region in people's ability to pay," he added.