As the senior population rises, the outlook is good for senior care franchises. Senior care franchises are all about making a difference in the lives of the elderly, and franchisees in this sector will need to be patient, loving, and caring in order to run a successful senior care business.
1. Globally, the senior population (aged 65 years and older) is expected to be 1.5 billion by 2050. By 2040, the U.S. senior population alone will number 81.2 million.
2. Elder care in the United States is estimated to be a $400 billion industry.
3. Top senior care franchises include Caring Transitions, Go Telecare, Home Care Assistance, Home Helpers, Nurse Next Door, Senior Helpers, and Visiting Angels.
4. Seniors around the country are opting to age in place, choosing their own homes over live-in facilities. Only about 3% of senior citizens live in nursing homes. Because of this desire to age in place, there is a projected 26% increase in need for in-home care aides through 2024.
5. Many franchises develop based on the founders' own experience with senior care for a loved one. Senior service franchises have begun diversifying in order to offer a better experience for seniors and their families. In addition to care, franchises in this sector may offer services for move management, home organizing, estate sales, or housing placement.
6. Technology has a huge role to play in today's senior care franchises. Most senior technology is used for monitoring, allowing caretakers to monitor a patient's heart rate, sleep patterns, and more in order to prevent certain crises.
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