Understanding the Market for a Senior Care Franchise Opportunity
If you’re considering a senior care franchise opportunity, you probably have some sense of how this industry has grown. Over the last 10 years, home care services have become increasingly popular among older adults and their families.
The question is, what does the market look like now and what can you expect in the years to come?
The Outlook for a Senior Care Franchise Opportunity
When evaluating any franchise opportunity, you need to look at the current demand for the product or service and its projected growth over time.
With a senior care franchise opportunity, the market is determined by three key factors:
- Preferences regarding senior care
- The size of the elderly population
- The need for support among family caregivers
Let’s look at each of these three factors in more detail.
A Widespread Preference for In-Home Care
Americans over the age of 50 have expressed a clear preference for aging in place. Per an AARP report published in 2018 and revised in 2019, approximately 76% of people approaching and over retirement age stated that they wanted to remain in their homes, while only 59% believed this to be possible.
Pursuing a senior care franchise opportunity can make this option much more attainable for older adults in your community. Home care is also more affordable than residential care options, which only enhances the appeal for seniors and families.
The Elderly Population, Today and Tomorrow
As we’ve covered in previous posts, the population of elderly adults has reached an all-time high in this country as the Baby Boomer generation has entered their 60s and 70s.
According to the most recent U.S. census, seniors make up 16.5% of the population nationally. In 2010, they made up just 13%. From decade to decade, the number of elderly people in America increased by 15% between 2000 and 2010, and 34% between 2010 and 2020.
By 2030, every member of the Baby Boomer generation will reach retirement age. While the current elderly population is 54.1 million, it’s expected to reach 88 million by the year 2050. These figures indicate that the demand for senior care will continue to mount for the foreseeable future.
A Nation of Unpaid Caregivers
According to a quantitative caregiving survey published by the AARP in 2020, approximately 1 in 5 adults in the U.S. had provided some form of care for a loved one within the last 12 months. This puts the estimated number of unpaid caregivers in the country at 53 million, compared to 43.5 million in 2015.
Focusing on the elderly population, the report states that 16.8% of the population — 41.8 million people — have been caring for someone over the age of 50 In 2015. This also indicates a significant rise compared to 2015, when 14.3% or 3.2 million people cared for an older adult.
The survey also revealed a rise in care recipients with more extensive needs related to physical or cognitive conditions, with an average of 1.7 conditions in different areas. According to the report, this “suggests that not only are more American adults taking on the role of unpaid caregiver, but they are doing so for adult recipients who may have increasingly complex medical or support needs.”
Given that the elderly population continues to grow and these issues tend to increase with age, it’s clear family caregivers will be in dire need of additional, more specialized support to keep their elderly loved ones comfortable, healthy, and safe.
In-home senior care is a cost-effective option that can complement the efforts of this unpaid workforce and provide the relief they desperately need.
Learn About Franchising Opportunities with Visiting Angels
At Visiting Angels®, we’ve been at the forefront of the senior care industry for more than 20 years. In that time, we’ve seen this industry expand dramatically as the U.S population has aged. Our own network of franchises has grown to more than 600 locations across the country.
Now is the optimal time to invest in a senior care franchise opportunity.
Find out about current opportunities with Visiting Angels by requesting information online or calling 800-365-4189.