{"id":986,"date":"2021-09-15T11:15:25","date_gmt":"2021-09-15T15:15:25","guid":{"rendered":"https:\/\/carebuildersfranchise.com\/?p=986"},"modified":"2021-09-15T11:15:25","modified_gmt":"2021-09-15T15:15:25","slug":"senior-care-business","status":"publish","type":"post","link":"https:\/\/www.carebuildersathome.com\/franchise\/senior-care-business\/","title":{"rendered":"4 Factors Driving Senior Care Business Demand"},"content":{"rendered":"

Home is becoming the center of the health care continuum. Non-medical senior care businesses assist clients, mostly seniors, with activities of daily living such as meal preparation, light cleaning, and companionship.<\/p>\n

The number of senior care businesses is projected to grow at a breathtaking pace by 2026. According to the United States Bureau of Labor Statistics, employment in the sector will grow by 54 percent, adding more than 700,000 jobs, compared to the average employment growth in all industries projected at seven percent.<\/p>\n

There is a confluence of factors behind this driving the expansion of in-home care companies. Here are the top four factors driving senior care business growth.<\/p>\n

The Aging of America <\/strong><\/h2>\n

Some call it the silver tsunami. The number of Americans turning 65 is occurring at a record rate. According to projections from the U.S. Census Bureau, more than 83 million Americans will become senior citizens by 2050, rising from 14 percent of the population to 21 percent.<\/p>\n

Surveys<\/a> suggest nearly 90 percent of the senior population wants to remain at living at home independently and \u201cage in place,\u201d which is bolstering the demand for the services provided by senior care businesses.<\/p>\n

Chronic Conditions<\/strong><\/h2>\n

Approximately 85 percent of older adults have at least one chronic health condition, according to the\u00a0Centers for Disease Control and Prevention. Sixty percent of those people have at least two chronic conditions. Most people with chronic conditions are required to take medication to manage the effects.<\/p>\n

People with chronic conditions often experience a loss of physical function, independence, or general well-being. This is very conducive to in-home care.<\/p>\n

Since older people are less ambulatory, it is easier for them to receive treatment in the home rather than traveling to a care facility. In addition, seniors express a preference for home care; patient ratings of the home healthcare service they have received are extremely high. Some recent studies have shown that patients referred to home healthcare plans have better health outcomes and lower costs compared to inpatient care for post-acute services.<\/p>\n

Pandemic PTSD<\/strong><\/h2>\n

Demand for in-home care was rising before the COVID-19 crisis. However, the poor pandemic performance exhibited by nursing homes and assisted living facilities due to their inability to stem infections and deaths boosted the awareness of the value of in-home care and the desire to age in place.<\/p>\n

Aging Americans have battled with loneliness and isolation long before the pandemic. Nearly one-fourth of adults aged 65 and older are socially isolated, with the problem frequently worsened by transportation barriers, hearing loss, loss of mobility, and lack of family nearby.<\/p>\n

Loneliness and social isolation are found to increase the following health conditions by significant percentages:<\/p>\n