Senior Care in the News: 4 Signs It’s Time to Start Your Elderly Home Care Business
Major research findings and 2019 news reports agree: the time is right to start an elderly home care business.
Assistive Technology Spikes Show Seniors Need More Help at Home
A new report by the Consumer Technology Association (CTA) predicted that the market for remote healthcare and smart living technology is expected to reach $30 billion by 2022.
Echoing these findings, a new study Allied Market Research valued the “global disabled & elderly assistive technologies market” at $22.4-billion in 2016 and projected it would reach $37-billion by 2023. Further, the home care end user segment dominated the market, accounting for more than half of the global revenue. Researchers concluded that this dominance was due to the growing need for seniors to “assist daily lifestyle activities.”
Put Simply, Seniors Need More Help at Home
That bodes well for your elderly home care business. In large part, the assistive technology and home care markets overlap. Assistive technology is often used in conjunction with home care services to maximize safety, comfort, and quality of life. The demand for both arises from the same basic need; indeed, many seniors use assistive technology as an intermediary step towards home care assistance. As such, the spike is assistive technology sales can be interpreted as another sign that your target market is growing in size and willing to invest in their successful aging.
Senior-Specific Health Care Spending is up
Fox Business reports that in the second half of 2018, health care was the best performing sector in the S&P 500 index, rising 3.7 percent.
And in senior-specific markets, the numbers are even more staggering. According to Persistence Market Research and Global News Wire, the billion-dollar elder care services market is projected to thrive with a 8.5% compound annual growth rate (CAGR) from 2018-2026.
AARP Reports Show Seniors Want to Age in Place
According to a new AARP study, 90 percent of people age 65 and over would prefer to stay in their own homes as they get older — and not go to a nursing home or assisted living facility. That means more than 90% of the senior population will be seeking elderly home care businesses like ours–and by 2030, 1 in 5 Americans will be over the age of 65.
Elderly Home Care Businesses are Cropping up All over the Country
Statista reports that approximately 2000 senior care facilities opened up from 2006-2015. But all that home care expansion hardly put a dent in the demand for services.
In 2019, opportunities still abound for elderly home care businesses. New franchises are opening every month. A quick Google News search for “elderly home care business opening” yields 26-million hits, with the front page dominated by coverage of big senior care facility proposals and grand-opening celebrations.
But don’t worry: you’re not behind the eight ball. Remember: senior demographics analysts have fixated on the year 2030 as the tipping point for elderly populations. In 2030, 1 in 5 Americans will be over the age of 65, and many of them will be seeking home care. It’s only 2019–there’s still time to get established before we hit this projected peak, and the rapid growth of this sector make for the perfect start-up conditions.
Explore Executive Care’s Elderly Home Care Business Model