If for nothing else but its sheer size, the “baby boomer” generation has had an impact on virtually every facet of American life since their 77 million births between 1946 and 1964. As this cohort closes in on, and reaches, retirement age they are widely expected to continue having a huge impact. One of the areas of great impact is the senior care industry, which is likely to experience increased demand as this generation – the largest generation ever born in the U.S. to this point – continues to age and life expectancy increases.
Consider the following:
- The U.S. population 65 or older currently makes up over 12 percent of the total population.
- The senior care industry already brings in over $57 billion in annual revenue domestically.
- The number of seniors in the U.S. is projected to increase every year through at least 2050 from approximately 37 million people to approximately 87 million people.
- About 10,000 people turn 65 daily, and this trend is expected to last for nearly 20 years.
- Over the next 19 years, the number of people aged 85 or older will increase from an estimated 5 million to an estimated 20 million.
- In approximately 20 years, the number of people over 100 is expected to be over 500 thousand.
As these increases occur, senior care franchises will be in a prime position to provide services that many members of this population will need. Franchises within this industry provide skilled medical and non-medical services predominately to seniors, but also cater to any individual who needs their services regardless of age. These services can include any combination of the following:
- Respite care
- Therapy services
- Chronic disease management
- Escorting to doctor’s visits, etc.
- Running errands (e.g. grocery shopping, picking-up prescriptions)
- Grooming assistance
- Bathing and dressing
- Meal preparation and feeding
- Housekeeping and laundry
- Caring for pets and plants
- Medication reminders
- Incontinence care
- Nursing intervention
- And more
Being a senior care franchisee offers the opportunity to build a rewarding business that has benefits professionally and maybe more importantly, personally. Check out our senior care franchise section to learn more about ways for you to make a difference in your community through this dynamic field.
Sources: CareMinders® Franchise Brochure, U.S. Census Bureau (http://quickfacts.census.gov/qfd/states/00000.html), Population Bulletin (http://www.prb.org/pdf09/64.1generations.pdf)