Senior Care Industry Growth: Fueled by Rapid Population Changes
The senior care industry is growing rapidly thanks to an aging U.S. population and more adults aging at home. Discover what this means for the elderly care industry.
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A Shift Felt Around the World
Due to the enhancements of medical science and technology, people are living longer, healthier lives. And this isn’t just in the U.S., but worldwide. According to the World Health Organization (WHO), individuals aged 60 years and above surpassed the number of children under 5 years of age in 2020. However, the senior population will continue to grow in the coming years. By 2050, the percentage of the global population aged 60 years or older is projected to almost double, increasing from 12% to 22%.
A recent report from Zion Market Research states that the global elderly care services industry was valued at $1.1 trillion in 2022. Estimated to experience a 6.5% compound annual growth rate (CAGR) from now until 2030, the industry will be worth an incredible $1.8 trillion by the end of the forecast period.
With the demand for senior care services steadily climbing, savvy entrepreneurs may see now as the most opportune time to join the industry. There are multiple avenues one could take to capitalize on senior care industry growth – two of the most common being assisted living facilities and in-home care.
The U.S. Assisted Living Facility Market
With the country seeing an increase in senior population, the senior housing industry is also growing. Grand View Research states that the U.S. assisted living facilities market was worth $91.8 billion last year. Their analysis indicates that the market is projected to expand at a CAGR of 5.53% from now until 2030.
While these figures are promising to potential investors, it’s important to note that the cost to start and run an assisted living facility can be quite high. Consider the size of the facility in addition to the operating and maintenance costs. Also, assisted living facilities require a large staff to run efficiently. Owners will need to employ medically licensed professionals, housekeepers, maintenance/repair workers, and administrative assistants.
But there are more affordable opportunities. Those interested in capitalizing on the projected senior care industry growth may want to consider a lower cost business opportunity: in-home care.
Why In-Home Care?
In-home care is an affordable investment option for those looking to join the senior care industry but don’t want the high overhead costs of an assisted living facility. In-home care agencies employ a team of trained caregivers to provide services such as personal care, light housekeeping, companionship, travel to appointments and errands, and cooking and meal preparation.
In addition to helping seniors age in place, in-home care services are also ideal for those recovering from surgery or injury, or those with disabilities – making the target audience wider than assisted living facilities. Plus, with clients being cared for in their homes, there isn’t a need for a large office space. Instead, a reasonable sized office to house supplies for caregivers is suitable.
Invest with Always Best Care
Always Best Care is one of the most trusted senior care service franchises in the industry. We offer an affordable franchise opportunity, with startup costs ranging between $81,025 and $145,900, including our franchise fee of $49,900.
Part of what makes our franchise stand out in a booming industry is the variety of services our franchise locations can provide. At Always Best Care, we offer in-home care, skilled home healthcare, respite care, special care services, and assisted living referral. With many different services available, our franchisees can generate multiple revenue streams to capitalize on their investment.
With Always Best Care, you get the best of both worlds. You don’t have to worry about the high overhead costs of an assisted living facility, but you get to partner with different senior housing providers to find the best fit for your clients. As part of our continuum of care, our franchisees provide exceptional in-home care, and when the time comes, they’re able to help seniors with the next stage.
To learn more about our franchise opportunity, request information today, and one of our development representatives will be in touch.