NSW responds to trends in aged care
Australia’s aged care sector already generates almost $20 billion a year in revenue. That figure is expected to grow at 4.7% a year for the next five years.
There are currently 1,820 aged care businesses in Australia and NSW accounts for 30.1% of these. More aged care businesses will be needed as our population ages. After all, 20% of our society will be over 65 by 2030, compared to just 14% in 2006.
This combination of factors means we’re primed to capitalise on key global and domestic trends in aged care.
NSW helps you give care where it’s needed
All the assistance you need to develop your aged care business is right here.
- The Dementia and Aged Care Services (DACS) research and innovation fund provides grants for research into six key opportunities, as well as seed funding for some projects.
- The UNSW Centre for Healthy Brain Ageing is an international centre of excellence for multidisciplinary research into the ageing brain. It has strong links with teaching hospitals, aged care providers and state and federal government.
- The University of Sydney’s Centre for Education and Research on Ageing (CERA) studies ageing and age-related diseases and shares knowledge of human ageing, so the health and quality of life of older people can be improved.
Current opportunities in the NSW aged care sector
Local and global trends drive the following market opportunities in Sydney and NSW.
- Accommodation. Australia's ageing population need age-appropriate accommodation. Soon, more people will have special residential and personal care needs. There will also likely be more people who have dementia and other chronic disease and comorbidities, including diabetes and obesity.
- Cross-cultural care. As a multicultural society with over 80 languages spoken, NSW is well positioned to respond to aged care needs in a multicultural environment.
- High-end and specialist care. The NSW Government is actively working to create more choice and better quality services for aged care residents. As our diverse and multicultural population grows and ages, there is likely also to be higher demand for culturally appropriate services.
- Independent living. More older people are looking to remain living in their own homes for as long as possible. There will be opportunities for businesses who can make help this possible.
- Refurbishment and upgrades. NSW requires investment to replace and update old aged care facilities that are increasingly unfit for purpose. The average age of facilities in Australia is over 20 years. Many were designed for ‘low care’ purposes and cannot cope with increasingly complex needs. Others have shared rooms and existing facilities and are no longer in demand.
Find your opportunity in Aged Care in Regional NSW.
Find out more about the opportunities within the MedTech sector in Sydney and NSW — speak to the NSW Investment Concierge today.