Can you imagine living in a world where the senior care industry didn’t exist?
Medical facilities would be overrun with seniors, and families would be stressed beyond belief trying to find adequate and compassionate care for their loved ones. What would likely be a dystopian-esque world is no reality we’d like to see—or predict we’ll ever see—in anyone’s lifetime.
As we’ve seen in recent years, certain factors will continue to play a significant role in our industry’s growth of senior care franchise locations, including the growth of older populations, shifts in care needs, aging-in-place options, and major health crises.
Let’s talk about them more in-depth.
The Senior Population Continues to Grow
Our target population steadily grows year after year and is looking for affordable, effective, and sustainable assistance. According to the Aging Readiness and Competitiveness (ARC) initiative, 10,000 seniors turn 65 every day, and that number will double over the next few decades. By 2050, 20% of the population will be represented by seniors, so you can imagine the growth the in-home care industry has to contend with to meet the rapid demands in the coming decades. This accelerated change creates an opportunity for public and private health sectors to prepare for the onslaught of older adults retiring and looking for care.
Health Care Needs Continue to Shift
Not only is the home care industry being driven by individuals getting older, but also by a shift in specific health needs. According to the Population Reference Bureau, the demand for senior care will also result from a rise in many Americans living with conditions, such as dementia, Parkinson’s, and Alzheimer’s disease.
In 2021, an estimated 6.2 million Americans age 65 live with Alzheimer’s disease, as reported by the Alzheimer’s Association. And by 2050, approximately 13.8 million people will be living with Alzheimer’s, meaning many families will need resources to help their loved ones live comfortably. Senior care franchisees are poised to meet the growing demands of Americans with specific memory care and physical needs. More and more home care franchise networks with specialties in this field can assist families by helping reduce hospitalization and promoting independence at home. Our franchisees, for example, always present holistic and one-of-a-kind care for families dealing with degenerative and chronic memory conditions.
Aging in Place is Becoming a Popular Alternative
Many adults over 65 choose to live, work, raise families, and retire in the areas they grew up because it’s easy, they’re comfortable, and there’s no need to pick up and go somewhere else. In rural and small towns, especially, older individuals opt to spend their entire lives in their hometowns, which presents a great opportunity for in-home care franchisees to be the best solution.
In 2018, AARP conducted a survey finding that 3 out of 4 adults over 50 want to stay in their homes and communities as they get older. However, some didn’t believe this was possible due to factors like transportation, the cost of living, and no option to call a loved one if they needed help. Home care franchises give older adults an alternative to costly senior communities that thwart their dream of aging where they are.
Health Crises Show the Importance of the Home Care Industry
In early 2020, COVID-19 was a formidable health crisis like nothing we’d seen in over a century. The pandemic changed the face of home care and subsequently upended operations for many franchise brands. The safety of home care services was solidified, as researchers linked nursing homes and other long-term care facilities to the deaths of at least one-third of the 90,000 known coronavirus deaths in America. Fortunately, the pandemic shined a light on the importance of our industry and the necessity for in-home care alternatives for older adults.
During the pandemic, senior care franchise locations were on the frontlines continuing to provide assistance amid stay-at-home orders. This kind of commitment to serving others wasn’t even a question for those in the field. Our franchises continued to safely serve customers and provide care while following the Centers for Disease and Control and Prevention’s (CDC) health guidelines.
Join a Senior Care Franchise Network Dedicated to Your Success
Hopefully, this information has helped you understand the necessity for in-home care franchise locations and piqued your interest enough to contact our team about joining our franchise network. Before you ever sign a franchise agreement, you’ll get the opportunity to speak with professionals and industry experts to get an idea of what life is like as a franchise owner at Homewatch CareGivers.If you’re ready to get started, contact us online or give us a call at (844) 220-0887.