The healthcare sector remains vital in all modern and developed economies. Western economies are characterized by low birth rates and longer lifespans. This means an aging population and a smaller number of carers.
As the population ages, there is no doubt that there will be an increased demand for caregivers in the future. Meanwhile, the cost of medication and care services is also on the rise.
Currently, over 400,000 UK seniors are in residential care. Almost half of this number pay for the care they receive themselves. The percentage of older people with unmet care needs has risen by 9% in the last two years.
An estimated 900,000 people in need of care are currently forced to fend for themselves. This either because they cannot afford to pay for care services, or cannot find good and reliable caregivers.
It is expected that the number of elderly people needing care will exceed the number of family members able to help them by 2019.
Estimates also suggest that, by 2030, over two million people will no longer receive informal care from their children or family members.
By the same year, an estimated quarter of a million people will require more than 20 hours of care each week.
It is expected that the number of people living past their 85th year will increase by 23% in the coming years. These people rely on care services the most. The number of people requiring care will go over three million by 2030.
Brexit will have an impact on care services as well. Reports suggest that the UK will be short of more than 400,000 carers by 2026. Many people currently employed in the care industry come from Europe.