Home Health Care Industry: Why Now is the Best Time to Join the Home Care Market
When you think about investing in a franchise, the first opportunity you think of might not be within the home healthcare industry. However, the market is proving to be lucrative on a global scale. In fact, a recent report shows the home health care market was worth an incredible $336 billion in 2021 and will increase at a compound annual growth rate (CAGR) of 7.93% from now until 2030.
And with the U.S. population aging, the market is expected to grow over the coming decades. Start preparing for the future of the home health care industry now so you can make a strong franchise investment that will grow alongside the market.
Home Health Care Industry Overview
The home care market is vast and includes many sub-categories of care. Determining the type of services you’d like to offer clients will help you in choosing the right investment opportunity.
- Non-medical home care: These agencies focus on assisting the elderly or those with disabilities to maintain a comfortable lifestyle in their own homes. Non-medical home care franchises offer various services such as meal preparation, light housekeeping, medication reminders or administering of prescriptions, errand assistance, and companionship.
- Home healthcare: These franchises offer more specialized care provided by nurses. This type of service is often used on a short-term basis (i.e. following surgery) but can also be employed for those with chronic conditions. Some home healthcare franchises may also have non-medical services available to clients.
- Home health therapy: This type of home health care is led by specialized therapists. The main services provided are physical, occupational, and speech therapy. However, these groups do occasionally offer other types of focused therapies.
- Hospice/palliative care: Another form of home healthcare, these services are reserved for those who are terminally ill. Those started on hospice care by order of a physician give up the right to emergency life saving care. The primary objective of palliative care is to keep the patient comfortable for the remainder of their life.
- Equipment franchises: These franchises empower seniors and disabled individuals with the ability to move around their homes easily. Equipment focused companies provide mobility aid products such as canes, crutches, walkers, wheelchairs, power scooters, and more.
- Adult day healthcare: An alternative to nursing homes, these day centers allow seniors the ability to take part in social activities, interact with others, and enjoy meals while still being able to return to their own home at the end of the day.
- Assisted living referral: These franchises assist families in identifying the most suitable assisted living facilities for their loved ones who require constant care and support. This is a service that Always Best Care facilitates. In addition to non-medical and home health care, we offer our franchisees an opportunity to build a third revenue stream through our assisted living referral service.
All of these types of home health care businesses require varying levels of education and certification. Before choosing your investment path, be sure to understand all that is required of you and your staff in order to provide top-notch care.
Why Invest in the Home Health Care Industry?
In addition to the multiple types of business opportunities to explore, the home health care market shows promise as an investment for a number of reasons.
- Recession-resistant: Now more than ever, investors are looking at the vitality of brands and their ability to weather economic storms. Home care services are considered essential. Therefore, it’s unlikely that clients will cancel or furlough their services when times get tough.
- Growing U.S. market: Mimicking the global market, the U.S. home healthcare industry has a positive growth forecast from now until 2029. Valued at $88.5 billion in 2021, the market is estimated to increase at a CAGR of 7.2% from now until 2029 – topping at a value of $153.19 billion by the end of the forecast period.
- Aging population: People are living longer, which is driving the demand for in-home care services. 10,000 baby boomers turn 65 every day in the U.S. The older generation adamantly wants to age in place. Forbes predicts that 67 million individuals over the age of 60 are in need or will need care. Experts estimate the number of seniors who will need long-term care by 2050 will grow to 15 million.
- Assisted living services are growing in demand: For those who are unable to remain at home, their loved ones are likely looking into the option of assisted living facilities. According to a study, the U.S. assisted living facilities market was worth $87.4 billion in 2021. Experts believe the market will see a 5.48% CAGR through 2030.
At Always Best Care, part of what makes our franchise opportunity unique from the rest of the industry, is our Continuum of Care. With our business model and the services our caregivers provide, we’re able to help our clients through every life stage – providing them the comfort and support they need and our franchisees with a viable investment opportunity.
Franchise with Always Best Care
According to our home health care industry analysis, the market is primed for investment. With the right franchise opportunity, you could capitalize on a booming industry while providing those in your community with the essential care they need to remain at home.
And since all of our services are carried out within our clients’ homes, there isn’t need for a large office space for you and your team to work from – thereby reducing your initial startup costs. At Always Best Care, our home care franchise cost ranges between $74,500 and $125,400, which includes our $49,900 franchise fee. However, we are proud members of both MinorityFran and VetFran and offer qualified candidates 5% off an already competitively priced franchise fee.
Those interested in joining the in-home care industry with our brand are required to have a net worth of $200,000 and at least $100,000 in cash.
For almost two decades, our franchise locations have been providing exceptional care to the members of their communities, and we’re just getting started. We have over 200 locations across the nation with plenty of territory to expand in the U.S. and Canada.
To learn more about our home care market franchise opportunity, fill out our contact form, and one of our sales representatives will be in touch.