Home Care – A Market That Will Continue To Grow

By on April 1, 2014

Consider this:

Within just a few decades, the population around the world is advancing as baby boomers reach the 60 year or older marker. What does this mean? At this increasing rate, it means that more baby boomers have to now be taking care of their elderly parents while still maintaining a full time job. The growth is phenomenal and it is going to explode as the years go by. In fact, in another 25 to 40 years, the estimate is more than 2 billion people over the age of 60.

[NEW FREE ONLINE TRAINING WORKSHOP REVEALS... "How To Start and Grow a Profitable Home Care Business In 42 Days or Less!Click here now to claim your spot.] 

                                                                                                       The Reason

home care continues to grow nowThere are a couple of reasons for this continued growth: One, baby boomers are getting older as we speak and living much longer because of their commitment to their health and medical advancement and technology.

Because of this, the life expectancy for the average baby boomer continues to be prolonged. In fact, there are individuals more than 85 years of age who are expected to live even longer by 2050. Of course, 1 in 2 of these individuals will suffer from Alzheimer’s or dementia, which makes home care even more important.

These days, there are fewer family members to take care of the number of elderly people who are adamant about living in the same homes that they have resided in, despite their aches, pains and chronic diseases, but realistically, it is difficult to do so without home care assistance.

Because of the increased longevity of seniors, the population seems to be expanding and many want to stay independent of nursing homes. To accomplish this, home care service is on the rise. The decline in birth rates, shift in demographics, changing structure in families and not much government funding has opened up the opportunity for entrepreneurs with a vision who want to take advantage of this market.

There is no question as was previously mentioned that in the next 25 years, the over 60 Americans will triple and seniors are going to be enjoying a longer and fuller lifestyle than their parents before them. However, many of them will still need the help each day. This is where you would come in. You have an awesome chance to capitalize on the necessity for in home care and 24 hour attention for the elderly. There are so many baby boomers seeking alternatives for their elderly parents in place of the nursing home option.

Take A Look At These Alarming Statistics:

In the year 2003, $38.3 billion was spent on home care in America alone. Can you imagine what it is like now in 2014 and beyond? You can earn some of that wealth by providing the well-needed home care service that will impact and improve the lives of so many individuals. The same way the baby boomers submerged the maternity wards and stirred up school constructing in the 1950s to 1970s, the same way the elderly boom is shaping the existing years and years to come. According to the Alzheimer’s Association, it is estimated that Alzheimer’s disease have affected 4.5 million Americans and this could increase by 16 million over the next 40 years. Currently, families are paying about $20,000 each year on elderly care and this number is going to increase.

Ongoing Business For Decades

Home care now is labeled as “an essential service.” It is as important as any living essentials that you cannot possibly do without. The demand for home care is increasingly growing. According to U.S. Bureau of Labor Statistics, between 2014 and 2020, home care jobs are set to experience the quickest growth compared to all other occupations. Even during the recession, home care jobs are still in demand – no layoffs or down time. It is expected to rise to more than 70 percent over the next 10 years, from more than 860,000 jobs in 2010 to more than 1.4 million jobs by 2020. The senior population is in sync with this growth and the existing health care system is not prepared to deal with this shift.

Why Consider A Home Care Business?

When you consider a home care business, you are positioning yourself for success and not only that, but helping people to transition from one area of their life to the next. You will be participating in a healthcare boom that is the greatest in history. If you are already in the healthcare field, you understand the dynamics and may have seen it firsthand. However, if you are not, you can hire people who are available to provide the care that the elderly need. All you need to do, is to know how to run the home care business and it is pretty much like running any other business.

Technology Resistant

The home care industry shows a strong gain over other business models. There are not many industries that are showing as much unwavering growth over the recent decade with remarkable growth potential for the coming years. Modern medicine has made the elderly live longer and therefore, need senior home care with a better quality of life as they age.

Home care is resistant also to the recession as much as technology. In the high tech world today, the home care business model is not generally dependent on technology. This kind of care cannot be given over the Internet. It cannot be downloaded as a mobile app nor can you use it like email. The most important asset about this business is the people who need the care and those who provide it. It is a one-on-one interaction where care is the primary factor. The inherent demand is one more factor that has driven the home care segment, as the elderly consider this provision as a critical part of their existence for daily living.

Even though, the home care industry is not dependent on technology, there also has been an increase in mobile home care devices – from GPS devices to monitoring systems to mobile sensors to help patients with leading a more liberated life.

Conclusion

Look:

The growing influence of all these forces is stimulating the heightened growth levels within the home care industry. If you have a home care business or want to get into this industry, be reassured that this year is the right time to advance your business in order to reap the rewards that unquestionably will be at your disposal. The time is NOW so take action today!

To learn more about how you can start your own home care business, click here to register for our next FREE educational internet seminar. It will cover everything you need to know from A to Z, and is more valuable than seminars that others charge you thousands for. Spots are limited so don’t delay!

 

 

 

email

Comments

comments

About Pam Witt

Pam Witt is a licensed RN and has more than 32 years of experience in the caregiving, home care, home health and healthcare industries. She has more than 10 years of successful marketing experience with one of the largest healthcare software companies in the world. Pam’s philosophy is that “life is a gift” and it should not be wasted. Pam’s main objective through the NAPHC and ProfessionalHomeCare.org is to make a positive impact in the home care, home health and home hospice industry by providing the best information and training available.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>