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Home Care Industry Growth

Home Care Industry Growth

Home care is one of the fastest-growing industries in America, and among the most promising for new franchise owners!

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The Home Care Industry Is Growing Rapidly

The American home care industry has seen remarkable growth over the past 20+ years. That growth is expected not only to continue in the coming decade, but to actively accelerate within the next few years..

In 2021, the U.S. home care industry was valued at $90.1 billion. By 2028, the industry is expected to grow to $146.6 billion — an increase of $56.5 billion. This represents a compound annual growth rate of 7.2%, and a total increase of 61.4%,

Senior Helpers offers a path to joining this industry and starting your own home care business. As one of the top-rated home care franchise opportunities, we offer a proven, step-by-step path to starting a home care franchise.

What’s more, thanks to ongoing education, world-class training, and proprietary service offerings — like our LIFE™ Profile assessment tool —  we keep our franchise owners on the forefront of this rapidly evolving industry.

U.S. Home Care Industry Projected Growth

$90B

Current value of the U.S. home care industry, as of 2021

62%

Projected industry growth between 2021 and 2028

$147B

Estimated value of the U.S. home care industry by 2028

What’s Driving Demand for Senior Care Services?

It should come as no surprise that the Baby Boomer generation is the number one factor behind the home care industry’s rapid growth. Today, roughly half of all Baby Boomers have reached retirement age. What’s more, older Baby Boomers are reaching the age when many seniors develop long-term care needs.

In addition, American families are increasingly taking steps to help older family members age in place — a strong preference for the vast majority of U.S. seniors. At the same time, government programs are increasingly investing in at-home caregiving, helping seniors remain in their own homes and improving health outcomes.

Here’s a closer look at how these factors are coming together to drive growth in the senior care sector.

American seniors overwhelmingly prefer to age in place

According to an AARP survey, 90% of U.S. seniors would prefer to age in place, rather than move in with their children or relocate to a care facility. In the same survey, 80% of adults over 65 said their existing residence is where they will always live.

Baby Boomers are driving growth in the U.S. senior population

Today, roughly half of all Baby Boomers are over the age of 65. Over the next decade, the remaining Baby Boomers will reach retirement age. As a result, the U.S. senior population is projected to grow from 56.1 million to 73.1 million — a 30% increase — from 2020 to 2030. For the first time in history, 1 in every 5 Americans will be over retirement age by the end of the decade.

Need for senior care services rises rapidly as seniors age.

Between the ages of 65 to 75, only 8% of seniors have severe long-term caregiving needs. Over the age of 85, this number rises to more than 40%. Additionally, 25% to 30% of seniors over the age of 85 suffer, or will suffer, from some form of cognitive decline. Because of this relationship, demand for senior care is driven largely by seniors 75+ years old.

Demand for in-home care among Baby Boomers is increasing

In 2021, the first Baby Boomers reached the age of 75 — the age when seniors’ likelihood of required in-home care starts to rapidly increase. This means that peak demand for in-home care among this generation is only starting. Over the next 10 to 20 years, senior care needs are expected to grow dramatically among the Baby Boomer generation, driving further growth in this sector.

Medicare plans increasingly cover home care services

In addition to population trends, Medicare programs are increasing coverage of at-home care. In 2021, the number of Medicare Advantage plans that covered home care services reached 14%. While this number is still lower than it should be, it is more than double the percentage from 2020. What’s more, this number is projected to rise even further within the next few years, expanding the market for in-home care.

Join an Industry Leader with a Senior Helpers Franchise

At Senior Helpers, we don’t just offer a chance to start a franchise in the home care industry. We also give investors the opportunity to join one of this industry’s most innovative brands.

As the only home care company to offer the LIFE™ Profile program, Senior Helpers stands out from other care providers. This data-driven program is proven to reduce hospitalizations, improve client outcomes, and help seniors remain in their own homes.

Our innovation as a care provider is matched by our forward-thinking approach to caregiver and franchisee education. Through Senior Helpers University and our Center of Excellence, we help our owners and their staff stay on the forefront of the elder care industry.

Contact us today and learn more about how you can join the fast-growing home care industry with a Senior Helpers franchise!

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Home Care Industry: FAQs

The senior care industry’s projected growth makes starting a home care business a lucrative opportunity. However, running a home care agency takes dedication, passion, and a commitment to helping other people. The industry might not be for everyone, but it can be highly rewarding — both financially and personally — for the right kind of person.

While the home care industry is projected to grow rapidly in the next 10 years, this growth is not expected to stop after the Baby Boomer generation. The U.S. senior population will continue growing through at least 2060, when the number of adults over 65 in the U.S. is expected to reach 94.7 million.

Senior Helpers not only ranks among the best franchise opportunities in the home care sector — we’re also one of the most affordable franchise systems available to investors. As a brand, we offer key differentiators to our locations, including our proprietary LIFE™ Profile assessment. We are also one of the top rated brands for caregiver recruitment, helping our franchisees navigate the challenge of recruiting, training, and retaining high-quality caregivers.

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