Why In-Home Senior Care Franchises are Poised for Big Growth in 2022
Why In-Home Senior Care Franchises are Poised for Big Growth in 2021
In-home senior care has been growing in popularity for years, and the COVID-19 pandemic has accelerated this trend. Businesswire and ResearchandMarkets.com found that skilled nursing facilities represent 9 percent of COVID-19 cases and 42 percent of all U.S. deaths. By three months into the COVID-19 pandemic, nursing home occupancy rates had declined at 73 percent of facilities and have continued to fall.
But aging and the health issues it brings unfortunately haven’t stopped, so where are families turning for senior care if they aren’t comfortable with a nursing home? The answer is in-home senior care services, a model which is ideal for franchising due to its more controlled home environment and a custom level of management to fit ownership needs.
By 2050, when almost 21 percent of the U.S. population will be over 65, more than 27 million Americans are projected to use senior care services. This rise in the population’s age, combined with the percentage of seniors choosing more affordable options of staying in their home and near their families, will send demand for in-home senior care services skyrocketing. One estimate predicts a 29 percent increase for in-home assistance aides through 2024.
As franchises continue to innovate and evolve, the quality and capabilities of in-home medical care improve as well. Business models typically focus on several service delivery areas for seniors with different needs:
In-home medical franchises: which help with illness recovery and medication delivery
Physical therapy: to assist with surgical recovery or quality of life maintenance
General support: for everything from housekeeping to meal preparation, transportation and errands
Cognitive training: to keep seniors mentally engaged and prevent isolation
Below, we’ve listed some of the top in-home senior care franchises: