Growth Expectations for the Senior Care Franchise Industry
With a large aging population, the senior care franchise industry isn’t expected to slow in growth any time soon. More and more baby boomers are reaching an age where they can benefit from senior care through in-home treatment or specialized housing and the industry is answering the call.
The U.S. Census Bureau estimates state that by 2050 there will be 83.7 million people over the age of 65 in the United States. With so many seniors in search of housing and assisted care, the industry must keep up with the rising demand. According to a study by Grand View Health, the global geriatric care services market is expected to reach $1.2 billion by 2022, which is just five years away. And, by some estimates, the compound annual growth rate of the senior car industry is forecasted at 8%.
People are living longer, and as a result, requiring more personal care and healthcare creating a wealth of opportunity in the senior care franchise industry. Whether seniors opt to take advantage of an organized housing community or are able to stay in their own homes, there are a variety of ways for entrepreneurs to enter the senior care franchise industry.
Home health care, whether medical or non, is a large part of senior care. Some seniors are healthy enough to have an occasional home health aide visit on a specified schedule, while others need round-the-clock care. And yet others simply need some occasional companionship and help with daily tasks like grocery shopping and home maintenance. Any of these services are a perfect fit for a senior care franchise.
In fact, with ever-advancing technology, seniors are more frequently choosing to stay in their own homes. This presents the opportunity for specific services through any number of senior care franchises. With the increased demand, the competition to differentiation one senior care franchise from the next can be challenging. A focus on quality, specified care is key in this industry.
According to the U.S. Department of Health and Human Services, 7 out of 10 people over the age of 65 require some form of long-term care. This growing demand is putting a strain on an overwhelmed system. Finding qualified staff trained in elderly care can also be a challenge and the demand is only increasing. Between 2007 and 2010, the senior care industry added more than 84,000 jobs. According to a study by Argentum, to keep up with demand the industry must add an additional 1.2 million employees by 2025.
The senior care franchise industry has no indication of slowing down within the foreseeable future. To continue growing and improving, those involved in the industry must focus on operational excellence, quality care, and workforce development.