One of the long-term investment themes we highlighted in our recently released second-half 2024 outlook is healthcare. Investing in healthcare in today’s market combines exposure to two key drivers – structural demand growth and disruptive innovation.

The leading factor driving structural demand is growth in the elderly population. Those over 65 spend on average three times more on healthcare than the working age population, according to a study including Australia, Canada, the UK and US. The UN sees the number of people aged over 65 growing by 30 per cent to 2030 as life expectancy grows. This is four times faster than the global population.