The Senior Care Market & Business Opportunity
What Does The Senior Care Market Look Like?
Worldwide, the senior population is rapidly growing and is expected to continue to grow faster than any other age group. By 2050, the number of people aged 60 years or older will more than double what it is today, according to the United Nations Population Fund and HelpAge International. That means a significant increase in demand for solutions like in-home care that can help aging adults maintain good health and live longer as engaged members of society. The increase in demand also makes in-home senior care franchises one of the fastest growing business opportunities in the franchise industry.
Here are few more stats that paint a picture, not just of business opportunity, but of an opportunity for us to fulfill a real need in the lives of seniors and their families.
- Nearly 90 percent of people over age 65 want to stay in their home for as long as possible, and 80 percent believe their current residence is where they will always live. - AARP Public Policy Institute and National Conference of State Legislatures
- The aging of baby boomers means that within just a couple decades, older people are projected to outnumber children for the first time in U.S. history. By 2034, there will be 77.0 million people 65 years and older compared to 76.5 million under the age of 18. - Jonathan Vespa, a demographer with the U.S. Census Bureau.
- Baby boomers are the wealthiest generation controlling 70% of the disposable income in the U.S. And they account for 41.6 percent of consumer spending.- U.S. News and Moody’s
- Over the next 20 years, Canada’s senior population – those age 65 and older – is expected to grow by 68%. As of 2020, Canada had nearly 7 million persons 65 years and older. - Canadian Institute of Health Information
- Spouses and adult children provide most of the care that enables older people to live independently and avoid costly nursing homes. But declines in marriage, increases in divorce, and lower fertility mean that more baby boomers will reach age 65 without a spouse or adult child to rely on for care. - Emily M. Agree of Johns Hopkins University
Hear from our owners
"Home Instead is a respected, highly regarded name in the field, and a lot of opportunity comes with being a part of a well-known brand."