Australia’s changing demographics are significantly influencing the demand for and provision of aged care services.
The care-focused part of the retirement living industry is seeing significant change. In particular, the definition between retirement villages and residential care is blurring.
Australia’s ageing population brings with it lots of opportunities. Market growth projections see particular growth in home care and retirement villages.
But challenges remain for providers seeking to achieve growth, as we see increasing market sophistication, competition and conglomeration.
Your organisation’s approach to aged care and retirement living marketing may need to change to reflect the evolving needs of Australians.
If your organisation can differentiate itself from its competitors in a unique way and define a focused marketing pathway it will have a competitive advantage. This positions you to be able to accelerate growth and harness market expansion.
For smaller providers and new market entrants alike, a sharp focus on developing your brand and marketing focus offers great benefits. This sets you up for success in the ongoing change to come.
Aged Care and Retirement Living Market Fast Facts:
- Over the next 40 years, the number of Australians aged 65 and over will more than double — and the number aged 85 and over will more than triple.
- Over the last five years, the number of people aged 65 and over living in permanent residential aged care increased by 3.1% (from 172,000 at 30 June 2017 to 178,000 at 30 June 2022) (AIHW 2023d).
- The market size of the retirement village industry has also grown 3.2% per year, on average, between 2017 and ’22 — a faster increase than the Australian economy overall.[1]
- This change may be partially attributed to growth in the Australian population aged 65 and over, which had increased to 17% of the population in 2022.[2]
- As of 2021, 263,000 Australians live in retirement villages — by 2041, this is forecast to increase to 495,000.[3]
- The home care market has also experienced significant growth — 24% increase, year on year, from 2016 to ’21 — due to due to government policy, as well as consumer preference to remain at home for as long as possible.[4]
- As of June 2021, there were 906 providers delivering home care services in Australia — a significant increase since 2016 (487 providers). [5]
Retirement and aged care marketing consultancy
Offering a breadth of strategic and tactical marketing services, Edmonds Marketing is trusted by long-term clients in Aged Care, Retirement Living and Home Care across Australia.
Our Edmonds Marketing team combines strategic industry counsel with highly skilled aged care marketing consultancy experience. We have supported leading brands across the Australian aged care and retirement living market for many years.
Our background in strategic marketing allows us to help our clients navigate a changing market environment and expand through new market development.
To find out more, visit Aged Care Marketing or read our most recent blogs including:
How to attract and retain the best with a stand-out employee value proposition
Aged care and retirement living: How to stand out in a crowded market
[1] https://www.ibisworld.com/au/market-size/retirement-villages/ [2] https://www.aihw.gov.au/reports/australias-health/profile-of-australias-population [3] https://www.propertycouncil.com.au/advocacy/our-divisions/retirement-living-council [4] https://kpmg.com/au/en/home/insights/2022/09/aged-care-market-analysis.html [5] https://www.gen-agedcaredata.gov.au/Topics/People-using-aged-care