Stats Confirm Strong In-Home Care Franchise Opportunities
New data on the state of care services is confirming what those in the in-home care industry have long suspected: that in-home care franchise opportunities remain some of the strongest franchise opportunities around.
A trio of new reports shows that not only are elder care and home health care services experiencing robust growth, but also that this growth is poised to accelerate over the next several years. Even more importantly for those considering in-home care franchise opportunities, these reports have cited home care services as one of the fastest growing segments of this market.
In-Home Care Franchises Poised for Immediate Growth
In-home care franchises have been viewed as strong long-term opportunities for many years due to the large population of Baby Boomers reaching retirement age. While industry insiders long ago forecast big things for elderly care services due to the Baby Boomer wave, it wasn’t until 2011 when the first Baby Boomer hit retirement age that analysts could start to measure their impact.
Data is now confirming what was long-suspected: that from now through 2029, our industry is going to experience a truly outstanding period of growth. Moreover, stats from three new state-of-the-industry reports—by Research and Markets, Zion Research, and Grand View Research—show that this growth is already underway.
According to the data:
- From 2008 to 2013, the US long-term care market—including nursing, assisted living, and home care—expanded from $224 billion to $276 billion, a 4.3% annual growth rate. Of care categories, the fastest growing type of care was home care, with a stunning 7.2% annual growth rate. (Research and Markets)
- The global home health care market—covering services and supplies—is expected to grow at an annual rate of 7.8% from 2014 to 2020, with the US market continuing to dominate. (Grand View Research).
- The US home health care supplies market—a strong indicator of home care services—was worth $190 billion in 2014 and is expected to grow to $300 billion by 2020, at a slightly more than 8% annual growth rate between 2015 and 2020. (Zion Research)
Your In-Home Care Franchise Opportunity
In-home care franchise opportunities are expected to see extraordinary growth through the next 15 years as the Baby Boomer generation continues to hit retirement age. For your in-home care franchise opportunity, contact Visiting Angels today for more information.