In 2023, wages and salaries in the Human Health Services sector in the UK reached 68.69 billion pounds sterling. The sector showed a consistent upward trend in wages from 2013 to 2023. From 2013 to 2023, the year-on-year growth varied, with notable increases like 5.53% in 2018, but slowed to 2.23% in 2023. Over the last two years, the average annual growth rate was 2.28%. The 5-year CAGR from 2019 to 2023 stood at 2.57%.
Forecasts from 2024 onwards predict a continued increase, with the sector expected to reach 75.74 billion pounds sterling by 2028. The projected 5-year CAGR from 2024 to 2028 is 1.54%, suggesting a slower but still positive growth trajectory.
Future trends to watch for:
- Impact of economic conditions on wage growth
- Influences of government policies and healthcare funding
- Technological advancements and their effects on job roles and wages
- Potential effects of workforce shortages and recruitment challenges
