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As Australia’s population ages, health and wellness-related industries have been identified by professional services firm Deloitte as part of a ‘future wave’ of economic growth opportunities.

In new research published as part of the Building the Lucky Country series, Positioning for prosperity? Catching the next wave initiative, Deloittes identifies health and wellness (along with tourism) as one of 25 sectoral hotspots (known as the ‘Deloitte Growth 25’ - DG25), with the biggest potential to lift Australia’s growth trajectory over the next 20 years. 

The report predicts that health and wellness will grow at an impressive 4 to 5% per annum over the next 20 years – well above the GDP. 

Many of the domestic growth opportunities that Deloitte identifies result from the collision of health care and ageing. That includes sectors such as residential aged care, retirement living and recreation, community and personal care, and preventative health and wellness, as well as the digital delivery of health.

Deloittes contend that “due to the dispersion of our population, this nation already delivers traditional health care to remote Australia well – think of the Royal Flying Doctor Service – but new manufacturing technologies will combine with new markets to generate new potential for digital and other delivery using new technologies.”

Deloitte Access Economics lead Partner Health Economics and Social Policy Lynne Pezzullo stated “living longer and better is all about prevention and that is where many of the opportunities lie. Preventive health care is aimed at addressing risk factors such as smoking, weight and cholesterol and also intervening early to help Australians with acute and chronic conditions avoid complications.

“The coming wave of retirees will also be large and will have more ambitious expectations of their retirement years than previous generations.

“The time-poor and the elderly will increasingly rely on the private sector to supply nutritious meals and appropriate exercise and fitness regimes.

“The businesses providing complementary medicines and treatments aimed at avoiding and relieving symptoms of disease will play a critical role within the sphere of preventive health and helping older people live active, healthy lives. Growth areas include: vitamins and supplements, naturopathy, acupuncture, remedial massage, tai chi, Pilates and yoga.”

The Deloitte report has identified major opportunities for more traditional health providers, highlighting that biotechnology, pharmaceutical and medical device companies are working hard to find new and better treatments for chronic conditions such as arthritis and Alzheimer’s. Pathology and imaging centres will continue to grow diagnostic services. Allied health professionals from a range of fields will find themselves in high demand.

Pezzullo added “the need for general practitioners, specialist medical, hospital inpatient/outpatient, day surgery, and other acute, sub-acute and primary care services will rise fast. Medi-hotels, hospital-in-the-home services and innovative e-health and telehealth solutions will increase as a way of providing more cost-effective delivery of healthy life years to an aging population.”

The report noted that those businesses that can focus on the rapidly growing health sub-markets across the nation, and particularly among older Australians, will be well placed.

Building the Lucky Country series, Positioning for prosperity? Catching the next wave is the third edition of Deloitte’s Building the Lucky Country series, which focuses on business imperatives for a prosperous Australia. 

Click here to explore the Deloitte DG25 in more detail.

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