Ageing population means opportunities for aged care

A new report predicts the aged care industry will benefit from rapid demographic shifts over coming decades.

Health and aged care providers are likely to benefit as a result of the projected demographic shift in Australia, according to a new report.

The inaugural Business & Population Monitor developed by PKF and Access Economics found that the ratio of over 65s to 15-64 year-olds in Australia will almost double within 30 years.

In the light of these changes, the report forecasts increased investment in aged care and retirement accommodation.

Support industries that provide IT solutions and devices to aged care are also set to benefit, said PKF’s National Chairman, Chris Allen.

“New technologies and medical procedures provide clear areas of opportunity for businesses operating in these sectors,” Mr Allen said.

“Significant investments in health care technology are required to meet the demands of the aged, who wish to maintain quality of life into their senior years and are generally prepared to pay to get it.”

The report also pushed the case for retaining mature-aged workers as the average age of consumers is set to increase.

“Having mature-aged staff sell to mature-aged customers may put your business at an advantage, particularly if you’re selling products such as health and travel services, book clubs, niche magazines and leisure,” said Mr Allen.

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