The Senior Care Market & Business Opportunity
The in-home care industry has the potential to be a booming business opportunity for the foreseeable future. Worldwide, the aging population is expected to continue to grow faster than any other age group. That means a significant increase in demand for solutions like in-home care that can help aging adults maintain good health and remain engaged members of society.
How High-tech Can Scale Care
With new technology that professionalizes the care workforce, owners can attract more Care Professionals and help solve for the increasing demand for home care. The Honor Care Platform combines local care, centralized operations, and advanced technology to not only standardize care and streamline operations, but also provide desirable jobs to Care Pros and the highest standard of care to older adults. This tech allows owners to expand beyond the current capabilities of care to meet the growing needs of tomorrow’s clients.
Here are a few more stats that paint a picture of business opportunity and the 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 dozen years, 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."