Entrepreneurs asking “Why Home Care?” should be asking “Why Not Home Care?” The home health care industry is a
major growth industry, and franchises—with their proven business models—are shaping up to be an excellent opportunity to establish a business of your own. In this edition of our “Thriving through Covid” blog
series, we’re going to look at some eye-opening statistics, as well as the type of home care service businesses available to own and operate.
A Population Rapidly Aging Out
It’s estimated that between now and the year 2030, over 10,000 Baby Boomers will reach the age of 65 each day. And seven in 10 of these people will require some form of long-term care in the remainder of their lives. Thanks to technological advancements and better and better levels of care, elderly individuals have been living longer and more comfortable lives.
According to data compiled by IBISWorld, the home care provider industry is among the most rapidly growing segments of the healthcare market. To serve the 90% of seniors who prefer to age-in-place and not in a facility, home care service demand will continue to rise for the foreseeable future. Revenue in the industry has grown at an annualized rate of 2.2%, reaching nearly $97 billion from 2015-2020. The home care industry employs almost two million caregivers.
Types of Home Care
Home care means care provided in the home, but this can mean both medical and non-medical services. The most common types of home health care include skilled nursing, physical therapy, personal care, homemaking and social services. The highest levels of home health care services provide skilled care for Dementia, Alzheimer’s Disease and in-home hospice.
The home health care market is quite fragmented and it’s estimated that the largest industry companies only service 10% of the total demand. The remainder are serviced by local and regional care providers, as well as multiple franchise opportunities. Entrepreneurs who are looking for an advantageous market with a strong growth outlook should spend some time researching the different business ownership opportunities available to them.
Franchising your way into a successful business ownership opportunity is never a sure thing, but home health care is looking more and more like it’ll be among the safest bets. If it’s an industry you’d like to explore with the help of a qualified franchise consultant, FranNet has a representative in your area ready to assist you in an investigative journey.
“Thriving through Covid” is FranNet’s new series of inspirational articles featuring positive news, business owner profiles, success stories, and educational updates—all of which demonstrate the resilience of the franchising industry. We want you to know that even during this uncertain time, franchising can offer you an alternative path forward—and a new opportunity to achieve success through business ownership.
Check back with FranNet twice weekly for new articles and let us know when you’d like to begin an entrepreneurial journey of your own!