Over the next few decades, home care franchisees are going to be even more glad they chose this business.
The home care industry is on the cusp of a major breakthrough. With Baby Boomers (the largest generation of the last century) now reaching their 60s and 70s, the next 30 years will encompass more people in need of senior care. The boom still has another few decades before it peaks, and the home care industry is also poised to grow exponentially to accommodate the increased demand for assistance.
According to the Administration on Aging (AoA), there were 40 million Americans over the age of 65 in 2010. The AoA anticipates this number will grow to 54 million by 2020, 72 million by 2030, and 88.5 million by 2050. The Center for Disease Control describes those 85 and older as “the oldest old”, who will triple “from 6.3 million in 2015 to 17.9 million in 2050, accounting for 4.5% of the total population (U.S. Census Bureau, 2012).”
For the next 20 years, around 10,000 people will turn 65 every day. And with an increasing life expectancy and rising costs of hospital services, the senior care franchise industry needs to continue to grow in order to meet the demand. Compared to the other major generation–millennials–Boomers are spending more, and this aging group will invest more in health care in the coming years. The North American home health care market is estimated to reach $130B by 2017, a nearly 8% increase from 2012.
US Census respondents (90% of adults over 50) say they’d prefer to stay in their own home as long as possible, and that’s no surprise. More retirees are choosing home care over other options due to independence, increased comfort, being closer to family, and maximizing quality of life while experiencing as little disruption as possible. Because of this, more health care professionals and entrepreneurs are finding major opportunities with franchises like Nurse Next Door.
The US home care industry is a fragmented one, with the 50 largest companies responsible for 25% of revenue. It’s one of the reasons Nurse Next Door is a franchised organization–we’ve created a name brand that clients and their families recognize and trust.
Growth in the US senior population makes a home care franchise the top choice for a franchise business, and for business in general. Now is the best time to get in on the home care franchise industry before the biggest generation of seniors peaks!