Home Care: A Growing Market

The in-home care industry is still in its infancy. Within the last couple of decades, the population of the United States aged 65 and older has started to increase at rates never before seen. That growth will not only continue, it will explode.

There are two reasons for this. First, Baby Boomers – the largest section of the U.S. population – are getting older. And people aren't just growing older. They're living longer thanks to an increased commitment to health and wellness, as well as the advancement of medicine. As a result, the average life expectancy continues to lengthen. Since 1960, the average life expectancy has increased by nine years for men and seven years for women. 

This increased life expectancy will lead to a larger population of seniors, many of whom will need assistance in order to remain independent.

"Since many aging adults are realizing that treatment can be more effective in familiar settings, the desire to age in place [at home] and live independently for as long as possible has created a dynamic home care industry, including a variety of providers."
— recent MetLife study on aging

Life Expectancy


According to the National Vital Statistics Reports from the U.S. National Center for Health Statistics, the total life expectancy for a man in 1960 was 66.6 years. For women, it was 73.1 years. In 2010, the average life expectancy for a man is 75.7 and 80.8. for a woman. 

 

Home Healthcare Needs


According to the Agency for Healthcare Research and Quality (AHRQ), the rate of patients who needed home healthcare doubled– from two million to four million people – between 1997 and 2006. 

 

Home Healthcare Job Growth


According to the U.S. Bureau of Labor Statistics, the personal care aide/home care aide is the second fastest-growing job category in the nation. This will remain true until 2016. Based on figures compiled in 2006, home care aides will increase from 767,000 in 2006 to 1.15 million in 2016.

 

Long-term Care Needs


According to the National Institute on Aging and the U.S. Census Bureau in 2005:

  • 10.9% of Americans aged 65-74 needed long-term care assistance
  • 21.8% of Americans aged 75-84 needed long-term care assistance
  • 48.8% of Americans aged 85 and older needed long-term care assistance
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It was important to me to affiliate myself with a brand that had already achieved strong brand recognition and credibility. I was interested in the franchising model, and Right at Home had a good one. I wanted to be local to Memphis and close to home, and I was eager to connect with a brand that had unlimited growth possibilities.

Bill Love
Right at Home Franchisee
Memphis, TN

Bill Love