Hot off the press
Homecare software market set to boom
August 5, 2021
Old age may be deemed one of the least cool sectors to work in when it comes to marketing. Aspects of it are naturally depressing or embarrassing, or – worse still – both. You can’t really put a crowd-pleasing slant on incontinence, for example.
But all the same, ageing is big business.
“Our population is getting older and this is something to celebrate,” says Iona Walton, director at Griffin Media Solutions. “Advances in medicine and healthier lifestyles mean that we live longer, and often manage health conditions on a long-term basis.”
By 2041 the 1960s baby boomers will have aged into their 70s and 80s, and by 2069 there will be an additional 7.5 million people aged 65 years and over in the UK, compared with 2019 figures (Office for National Statistics). This would take the UK’s 65 years and over age group to around 20 million people – 26% of the projected population.
“This means we need things to help us,” Iona highlights. “Home lifts. Walk-in baths. Chairs that ease us to our feet. And we want these to be well-designed and look smart, to add a little flair to our homes instead of their former, rather dreary, counterparts.”
Market research company Fortune Business Insights projects the UK’s home healthcare market is expected to grow by 6.4% between 2019 and 2026.
The global demand for mobility scooters, for example, was £0.93bn in 2018 and is forecasted to reach $2.13bn by 2026… that’s a compound annual growth rate of 7.3% (Trusted Business Insights).
And with products, the world around us needs new systems and software that can deal with the influx of issues that old age presents.
A recent research report says that the global non-clinical homecare software market is expected to grow at a staggering compound annual growth rate of 14.1% from 2019 to 2026. This software includes programs designed to:
- Schedule appointments;
- Coordinate clients and caregivers;
- Document health records and visits;
- Improve efficiency, transparency and adherence to regulation.
This market was estimated at $3,390.2 million in 2019 and is expected to reach $9,476.1 million by 2026.
“Funding Surges For Startups Serving Older Adults” headlines scream from the US. A little quieter here in the UK, canny players are already innovating.
Start-up My Improvement Network’s launch of RITA is a case in point. Reminiscence Interactive Therapy Activities is touch screen solution that has wide-reaching benefits including the reduction of falls, hospital admissions and the need for one-to-one care. Uptake is snowballing with more than 1,000 customers (UK healthcare providers such as care homes) and projected growth of over 300% over the next 12 months.
Another example, Outside Clinic, which offers at-home sight and hearing tests is set to create 75 jobs following a 50% increase in demand for its services since the start of 2021. Even without a pandemic, many older people would much rather book a home visit than deal with the stress and logistics of a high street appointment. Outside Clinic is on course to achieve a record £30m turnover this financial year and aims to turn into a £100m turnover business over the next five years.
The Mobility Furniture Company has recognised the need for remote control technology in the sofa bed arena and has partnered with a leading Italian manufacturing company to introduce a new range for UK consumers as a consequence. The company, which provides rise and recline chairs and adjustable beds, has had a complete overhaul over the last 24 months and has enjoyed substantial growth as result. Over the last year monthly sales figures are up 40% and similar growth is anticipated going forward.
“Design for older people has finally caught up,” Iona says. “Slick, inventive and functional products, technology, systems and software are entering cars, homes, workplaces and hospitals. Demand is high and continues to grow. It may not be cool but ageing is definitely current. And it isn’t going anywhere.”
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