Driven by an aging population and increasing demand for services, the senior care industry is seeing remarkable growth – presenting a significant opportunity for savvy entrepreneurs. If you’re looking to build a successful business in a rapidly growing sector, discover the factors driving its expansion and how you can capitalize on this opportunity.

Factors Contributing to the Growth of the Senior Care Industry

A lucrative industry, senior care services are in consistent demand. The global market for elderly care services was valued at an impressive $1,025.43 billion in 2023. Experiencing a compound annual growth rate (CAGR) of 7.5% from now until 2032, the market is expected to reach a value of $1,965.99 billion by the end of the forecast period.

But what’s causing the industry to see such strong growth? There are a few contributing factors:

  • Aging population: On a global scale, the population of those aged 65 and older is growing at an impressive rate. Research shows that by 2050, the percentage of people aged 65 and older is projected to rise from 10% to 16% – doubling the number of children under the age of five.
  • Longer life expectancy: Due to significant advances in healthcare, seniors are living longer. While this is a positive shift, it also means there’s a growing need for ongoing care to support their health, well-being, and quality of life in their later years.
  • Preference to age in place: Seniors have an overwhelming desire to age in place as they grow older. Contributing to the demand for quality in-home care services, aging in place allows seniors to maintain a sense of autonomy, while avoiding the adjustment of moving into a care facility.
  • Increased demand across multiple segments: In-home care isn’t just for seniors. Other demographics benefit greatly from these services. Individuals with disabilities, veterans, and those recovering from illness or surgery add to the rising need for in-home care services.

Trends in the Senior Care Industry

As an investor, it’s essential to stay informed about the latest developments in the senior care market. Here are some key insights to watch:

  • Growth in non-medical home care: Including services such as companionship, personal care, meal preparation, and even transportation, non-medical care is an ideal choice for seniors who want to maintain their independence. This type of care is popular due to its ability to provide personalized, compassionate support without the need for skilled medical professionals.
  • Integration of technology: For families of senior loved ones, technological advancements provide peace of mind. With virtual care platforms, wellness programs, and smart home devices, seniors are able to stay connected with their caregivers and families.
  • Personalized care services: No two people are the same, and their care plans shouldn’t be, either. Offering personalized care services that cater to the unique needs of individuals is a growing demand for many families. Tailoring care services allows for a more focused approach, ensuring each person receives the best care possible.

Franchise with CareBuilders at Home

CareBuilders at Home, a leader in the home care industry, offers non-medical, personal, and companion care services to those who need extra help at home. From seniors and disabled individuals to new moms and veterans, our customized care plans are designed to meet each person’s specific needs.

But our care goes beyond our clients. Our brand offers one-of-a-kind back-office support to all our franchise partners. Complete with payroll and billing, insurance, and tax assistance, we strive to treat our team like family. We even provide caregivers with medical, dental, and vision insurance, 401k accounts with matching, tuition reimbursement, and life and accident insurance – giving owners a competitive advantage during recruitment.

Our franchise opportunity is affordable, with investment costs starting at $115,200*. To learn more about join the rewarding senior care market, request information today.

*Please see Item 7 of our FDD for a full breakdown of startup costs.