The Home Care market (UK)

UK Age Distribution - Aged 65 and over 1976 - 2046

 

The fastest growing age group

In the UK, by 2024, the over 65 age group is expected to rise to more than 20% of the population... 1

The rapid growth of the ageing demographic is projected to be more than five times the growth of the working population. 1

By 2024 there will be more over 65-year-olds than under 15-year-olds.

An ever-increasing life expectancy is projected to be more than 85 years for a female by 2026.2

An ageing population equals an increase in age-related conditions requiring help on a daily basis.

 

Dementia rates are soaring

In the UK, dementia causes more disability in later life than cancer, cardiovascular health and strokes. One in six over the age of 80 has dementia and the current trend is set to rise from the current level of 850,000 to over one million people living in the UK with dementia by 2025. By 2051, that will double to two million.

Many dementia sufferers remain living at home and even if they have support from family and spouses, they need additional specialist care.

 

Promoting independent living

Government initiatives aim to promote independent living and to encourage people to be cared for in their own home but, in a society where families are not always on hand locally for support, the reliance falls on trusted care solutions to provide this support in familial absence.

 

A demand for services

All the above equates to an increase in demand for services to care for the ageing population and the resulting strain on public sector healthcare services, in turn, increases the demand for private provisions.

To facilitate the explosive growth, the home care market and related services are currently estimated at £5.2 billion and are only going to grow to keep up with the unprecedented demand.4

 

In brief: Why invest in a home care business?

  • The home care market is facing unprecedented growth with a rapidly increasing ageing population.
  • Independent living at home is promoted by the government and the public sector cannot keep up.
  • The care business is non-seasonal, which makes for sustained cash flow and easy financial planning.
  • Home care is considered recession-proof as it is a need and not a luxury.

 

 WANT TO SEE WHAT POTENTIAL EARNINGS YOU COULD MAKE

 

 

References:

  1. https://www.ons.gov.uk/peoplepopulationandcommunity/populationandmigration/populationprojections/compendium/subnationalpopulationprojectionssupplementaryanalysis/2014basedprojections/howthepopulationofenglandisprojectedtoage
  2. https://www.ons.gov.uk/peoplepopulationandcommunity/populationandmigration/populationestimates/articles/overviewoftheukpopulation/july2017
  3. https://www.alzheimers.org.uk/info/20027/news_and_media/541/facts_for_the_media  
  4. http://www.ukhca.co.uk/pdfs/DomiciliaryCareMarketOverview2015.pdf