Senior Care Industry Forecast 2018: Top Senior Care Businesses to Start
The market for products and services directed at senior care is thriving, and experts are predicting unprecedented market growth in 2018. According to a new BCC Research report, which estimated the senior care industry at $320-billion in 2013, market value will increase to $436.6-billion by 2018, representing a five-year compound annual growth rate of 6.4%!
This senior care industry forecast explains why so many entrepreneurs are eyeing opportunities in their area.
Today’s post expands on the BCC Research report, spotlighting the top-3 senior care businesses to start in 2018 in hopes of informing your investment decision. Read on to learn which senior care businesses are hot and how to get started!
Senior Care Industry Forecast 2018 – Top Businesses Opportunities
1- Senior housekeeping services- Maintaining personal and environmental cleanliness is critical for healthy aging and mental wellness. Unfortunately, personal neglect is common among aging seniors. As America’s over-80 population grows in 2018, so too does the demand for trusted senior housekeeping services.
In addition to improving conditions of living, qualified housekeeping services can detect early signs of dementia that often appear as household neglect. The general public knows this, and has started to employ housekeeping caretakers in great numbers as both cleaning helpers and watchdogs.
Finally, homemaking services are widely considered the optimal “introductory service” to get aging parents on-board with the idea of home care.
Executive Care offers homemaking services as part of its comprehensive care model, giving owners the chance to offer clients practical assistance with routine household tasks, while also providing a trained, experience set of eyes to monitor their overall health and wellbeing.
2- Senior transportation services- Driving remains the primary mode is travel in the US, and this is no different for the growing senior population. However, declines in functional health are often associated with driving cessation (Antin et al., 2017, p. 237-238). Nevertheless, seniors still depend on travel mobility to make important medical appointments. Unfortunately, most members of Gen X are already spread thin caring for two generations simultaneously, and struggle to make the time to chauffeur their loved ones around.
Executive Care identified this care need and acted upon it, developing a partnership with the Lyft ridesharing company to coordinate safe, reliable transportation for seniors in need. These transportation services are often combined with companionship or other caretaking packages, and represent a major opportunity for senior care companies in 2018.
Senior Care Industry Forecast 2018 – Why Work with Executive Care?
Unlike other senior care franchises, Executive Care’s peerless systems, training, and support channels give owners the ability to offer a comprehensive care service suite, which includes today’s top opportunities and many more. In this way, our system maximizes revenue streams and gives owners the greatest opportunity to make a difference in their community.
To learn more about our franchise opportunity and in-demand care services, please visit http://www.executivehomecarefranchise.com.
Antin, J. F., Guo, F., Fang, Y., Dingus, T. A., Hankey, J. M., & Perez, M. A. (2017).The influence of functional health on seniors’ driving risk. Journal of Transport & Health, 6, 237-244.
Macmillan, D., & Shaw, P. (1966).Senile breakdown in standards of personal and environmental cleanliness. British Medical Journal, 2(5521), 1032.