An aging population of baby boomers is rapidly accelerating the growth of the senior care industry. By 2024, the elderly in-home care market is projected to reach $225 billion, and it will continue to climb, as the youngest members of that generation will not turn 65 until 2030.
If you are considering an investment in a franchise opportunity, the senior care market is a viable, profitable, and stable choice that is poised to deliver significant ROIs. In addition, a senior in-home care business owner can enjoy a rewarding career that makes a significant, positive difference in their community.
The growth of in-home care
Due to a combination of homeownership, technology, and medical advances, more and more seniors and their families are opting for in-home care, as opposed to nursing homes or assisted living facilities. In-home senior care allows aging individuals to stay in their own homes and still receive the care necessary to ensure their physical and mental well-being.
Approximately 67% of current seniors own their own homes, and 80% of them would prefer to stay in that familiar, comfortable environment for as long as possible — which, thanks to continuous advances in medical diagnostics and treatment options, can be quite a long time.
Technology also plays a substantial role in seniors’ ability to maintain their independence. Smart devices, delivery and transportation services, and increased interconnectedness helps ensure they can access help when they need it and gives family members greater peace of mind.
In-home senior care statistics
- There are currently 76 million individuals in the baby boomer generation.
- By 2030, the 80+ population will grow by an estimated 79%.
- According to PRB, the number of Americans aged 65 and older will exceed 98 million by 2060, accounting for 24% of the total population.
- The AARP estimates that, by 2050, 21% of seniors will require additional care due to chronic illnesses.
- From 2020 to 2030, the S. Bureau of Labor Statistics projects strong growth rates of 33% for home health and personal care aide jobs.
- The southern regions of the U.S. are expected to see the most rapid senior care market growth, due to their large elderly populations.
- Life expectancy continues to rise and is poised to reach an all-time high of 85.6 by 2060, resulting in even higher demands for long-term senior care.
In-home care vs. assisted living
The senior care industry, as a whole, will see significant growth over the next several years. However, the in-home market is projected to dominate the sector. While the in-home senior care market is forecasted to reach $225 billion by 2024, the assisted living facility industry is only expected to reach $140.8 billion by 2030.
Clearly, the in-home senior care market shows no signs of letting up and will see continuous, substantial growth for the next few decades as the largest portion of the U.S. population reaches senior status. Therefore, an in-home care business is a solid investment with considerable, robust growth opportunities.
If you are considering starting an in-home care business, Right Hand Senior Care offers affordable franchise opportunities that can put you on the path to a rewarding, stable, fulfilling career. With Right Hand Senior Care, you’ll get all of the tools, training, and support you need for your business to thrive.
So what are you waiting for? Get in touch today and change your future with a Right Hand Senior Care franchise.