It’s the start of a new year. And if you’re thinking about investing in a franchise business in 2018, take a close look at the home care industry because it is on the verge of a major breakthrough. With Baby Boomers about to reach their 60s and 70s, the next 30 years will be incredibly viable ones for senior home health care businesses.
According to the Administration on Aging (AoA), there were 40 million Americans over the age of 65 in 2010. This number is likely to grow to 54 million by 2020, 72 million by 2030, and 88.5 million by 2050. The Center for Disease Control describes those 85 and older as “the oldest old” and this population will triple “from 6.3 million in 2015 to 17.9 million in 2050, accounting for 4.5% of the total population (U.S. Census Bureau, 2012).”
Become a Nurse Next Door Franchise Partner before the senior population peaks.
For the next 20 years, around 10,000 people will turn 65 every day. And with an increasing life expectancy and rising costs of hospital services, the senior care franchise industry needs to continue to grow in order to meet the growing demand. Compared to the other major generations like millennial, the Boomers are spending more and will invest more and more in health care throughout the coming years.
The North American home health care market is estimated to reach $130B by 2017, almost an 8% increase from 2012. US Census respondents (90% of adults over 50) say they’d prefer to stay in their own home as long as possible, and that’s not surprising. More retirees are choosing home care over other options due to their desire to maintain their independence, continue their home comforts, remain closer to family and friends, and to preserve their quality of life with as little disruption as possible. As a result, entrepreneurs are turning toward home health care as a lucrative and stable business opportunity.
The US home care industry is a fragmented one, with the 50 largest companies responsible for 25% of revenue. This is one reason Nurse Next Door is a franchised organization. We’ve built a name brand and people-focused culture that clients and their families trust.
The patterns of growth in the US senior population make owning a home health care franchise the top choice for a franchise business and for business in general.
To learn about the nation’s fastest-growing home care system, visit our website at nursenextdoorfranchise.co.uk