Has Senior Care Industry Growth Slowed?
The current rate of senior care industry growth is unprecedented. In fact, some have suggested population growth projections are too good to be true – or if they are, they won’t last long.
But senior care industry growth looks strong and steady for the foreseeable future.
The “Graying of America” isn’t slowing down.
You’ve probably heard by now how America’s population of seniors over 65 is growing faster than any other segment. This trend has been coined the “Graying of America,” and it’s showing no signs of stopping. In fact, by 2056, the 65-plus age group will be larger than the under-18 population.
Don’t bother looking for another industry set to enjoy another 40+ years of record-setting market growth – it doesn’t exist!
Opportunities abound in every state.
The Generations journal noted that even Pennsylvania, the state with the slowest growing senior population, will experience a 45% gain between 2010 and 2030 (Frey, 2010).
With Executive Care’s territory system, you’ll be able to make the most of every local opportunity.
Longer senior lifespans and life expectancies means clients need home care for longer.
“Survivorship rates” have improved consistently over the last few decades (Centers for Disease Control and Prevention, 2013).
In 1972, the average lifespan for Americans aged 65 was 15.2 years. Today, thanks to improved medical treatments and public health strategy, it’s sitting around 20.4 years. Furthermore, approximately one of every four in this group will live to be 90 years old, and one of every ten will live past 95.
Life expectancies at birth are increasing, too. In 2012, this figure reached a record high of 78.8 years, and it’s only grown since.
Predictably, this has caused considerable senior care industry growth. Just imagine how other industries would be affected if their product/service life cycle was inexplicably extended by five years!
Moreover, these increases in senior lifespan and life expectancy are likely to continue as technology gets better and better.
Global care demands offer exciting opportunities for the future.
According to the U.S. Census Bureau, the problems facing the United States aging population can be witnessed as a global phenomenon. In fact, more than 50 countries showed higher senior demographic growth than the US, and this number will increase to 98 by 2050.
Though Executive Care is currently focused on national operations, demand spikes for senior home care services are being experienced around the world, which leaves the door open for international growth if domestic growth matures.
Here and abroad, senior care industry growth is here to stay.
Learn more about the state of senior care industry growth
Visit https://www.executivehomecarefranchise.com for full industry reports, or to book an appointment to speak directly with one of our representatives.
Centers for Disease Control and Prevention. (2013). The state of aging and health in America 2013. Atlanta, GA: Centers for Disease Control and Prevention, US Department of Health and Human Services.
Frey, W. (2010). Baby boomers and the new demographics of America’s seniors. Generations, 34(3), 28-37.
Spitzer, W. J., Neuman, K., & Holden, G. (2004). The coming of age for assisted living care: New options for senior housing and social work practice. Social Work in Health Care, 38(3), 21-45.
U.S. Census Bureau, P23-212, 65+ in the United States: 2010, U.S. Government Printing Office, Washington, DC, 2014, (June 2014)