The Home Care Industry is Booming

The Home Care Industry is Booming

If you’ve ever wondered how fast the senior population is growing, consider the fact that every single day for the next 20 years, more than 10,000 people are expected to turn 65.

With more people living longer than ever, it’s no surprise that some market research providers believe the global home health care sector will grow from $180 billion in 2014 to $300 billion in 2020.

Why the Home Care Industry is Growing

The Baby Boomer Generation

In the roughly 20 years between 1946 and 1964, nearly 76 million children were born. Appropriately enough, they were named Baby Boomers because they suddenly found themselves a part of the largest generation in America.

Today, the youngest Baby Boomers are in their mid 50s and the oldest are in their early 70s. Suddenly, the United States was faced with a unique problem — who was going to care for the millions of Americans entering their older years?

The number of people in the United States age 65 and older is expected to increase to 55 million in 2020, 70 million in 2030, and 88.5 million in 2050. That means that in the 24 years between 2006 and 2030, the U.S. population of adults 65 and over will almost double from 37 million to 71 million.

With elder assistance becoming more in-demand than ever before, the home care industry enjoyed tremendous growth that isn’t expected to slow down any time soon.

Longer Lifespans

Back in 1950, the average life expectancy was 68 years old. Today, our life expectancy has jumped to over 78 years old.

Studies show that people continue to live longer than their parents before them. More importantly, our life span is only going up year after year. When you pair longer life spans with an influx of new customers, you get millions of people who will need years (if not decades), of personalized care and assistance.

The Desire to Live at Home

“I want to stay in my home” is a sentiment more and more children are hearing as their parents age. With nursing and assisted living homes beginning to decline in popularity, more people than ever wish to grow old in the home they’ve come to love. In fact, more than 87 percent of adults age 65 and older want to stay in their current home and community.

By offering a variety of in-home care services, we’re in a unique position to create jobs while fulfilling the dreams of many Americans.

Home Helpers®: A Scalable Business Model

Scal-a-ble (adj.): able to be changed in size or scale.

What makes this business recession resistant is that it will always be needed. However, we’ve taken additional steps to ensure our (and your) business is always able to adapt to increased demand.

  • Higher profit margins by accepting private pay clients. By focusing on private pay clients, you’ll be able to develop a strong financial foundation if you should need additional capital in the future.
  • Direct Link® technology is an additional revenue stream. Our Direct Link® monitoring services provide peace of mind to our clients and families through 24/7 monitoring, while also acting as an even greater revenue opportunity.
  • Add skilled home care medical services. As long as you have the proper licensing and meet your state’s requirements, we also allow owners to offer personalized forms of medical services.
  • Ability to expand to additional territories. Interested in multi-unit ownership? After you’ve built a team of strong employees and loyal clients, we encourage franchise owners to consider expanding to new territories.

Become a part of our successful franchise! Reach out to our team today at (808) 670-1072.