General Senior Care Industry

The senior care industry has been doing very well in recent years in response to the increasing number of senior citizens with the maturation of the baby boomer generation. As that population reaches age 65, the senior population is estimated to exceed 83 million, which is almost double the approximate number in 2012 and around 20% of the total US population. Almost 10,000 people on average will turn 65 every day for the next 20 years. The senior care industry is growing to meet the demand. Starting in 2018, the American senior care business industry revenue has been growing at an annual rate of 3.3%, and it is expected to continue along this trajectory. The current market size for the franchise sector of this business is around 11 billion, and it employs around 400,000 workers throughout around 11,000 businesses in the U.S. The entire senior care industry is estimated to be worth around 400 billion in the U.S. right now.

Senior Care Industry Trends

With such a large (and constantly growing) market of seniors to tend to, franchises that center around senior services have been rapidly growing and expanding into different areas, such as transition services to keep up with the consumer demand. While there has always been a sufficient amount of senior care franchises, they have traditionally been predominantly focused on day-to-day assistance and companionship. There has been a gap in outlets that assist seniors with more out of the ordinary/ transitional tasks like moving, home and schedule organization, or the conductions of estate sales. In response to this demand and others, senior care franchises are constantly adapting to keep up with the consumers needs.