11 Senior Care Industry Trends for 2023
The responsibility of caring for seniors as they grow older is one that presents a whole landscape of both challenges and rewarding opportunities for businesses in the senior care industry.
As we look ahead to the rest of 2023, understanding the trends that are playing out in this field can help current and potential business owners prepare for new challenges. They will also be able to take advantage of changes that allow them to address the needs of seniors and their families at this unique moment in time.
If you are the owner of a senior care business or are considering purchasing a franchise in this industry, here are some trends to look out for throughout the remainder of 2023.
Trend #1: An increase in the population of seniors over the age of 85
Senior care services can be a huge help for older adults across the spectrum of the aging process. However, elderly adults 85 years old and older often find this type of care to be particularly essential.
The population of seniors aged 85+ is increasing and will continue to expand over the coming years. In fact, census data projects that by the year 2050, 20% of older adults will be within this age range.
As this demographic grows in size, the need for comprehensive senior home care will grow as well. This provides a huge opportunity for businesses that offer the forms of care seniors in their twilight years need to stay safe and feel at ease.
Trend #2: An upward trend in life expectancy
While a drop in life expectancy occurred in the wake of the pandemic, the overall trajectory of life expectancy in the United States has been rising for a number of years. While a longer life span comes with innumerable joys, few expect to be able to live well into their 80s and 90s without support, and most hope to spend these years in the familiarity of home. To make this version of our loved ones’ golden years possible, home care is typically a must.
Trend #3: More cases of chronic diseases, including memory disorders
As people live longer, the likelihood they will be diagnosed with a chronic condition also increases. Cases of chronic conditions such as obesity, diabetes, osteoporosis, cancer, and dementia are all on the rise.
In fact, dementia diagnoses worldwide rose by 117% percent between 1990 and 2016, and this number is expected to triple by 2050. Support from an in-home caregiver can play a huge role in helping seniors manage the symptoms and risks of these conditions while continuing to go about life on their own terms at home.
Trend #4: A greater desire to continue living at home despite the challenges of aging
Seniors who want to age in place are clearly in the majority. The AARP conducted a study that revealed that 87% of seniors 65 and older want to remain in their current living environment or community.
It does not take much imagination to understand why older adults show a clear preference for living at home. Living in a familiar environment and remaining in control of their daily routines and lifestyle can be essential to retaining a comfortable quality of life and a sense of autonomy.
Of course, there are other factors at play when it comes to this preference. Many Baby Boomers who are now in their senior years have gone through the experience of moving a parent or grandparent into a care facility and would not make the same choice for themselves.
Moreover, the pandemic highlighted many negative aspects of life in nursing homes and senior care centers that will not be quickly forgotten.
Trend #5: Technological innovations make aging in place easier
As technology advances in other fields, innovative minds are finding ways to apply these innovations to the challenges of aging in place. For example, there are now digital pill dispensers that help seniors safely manage their medication intake. New home safety devices offer fall-prevention support and ensure seniors can reach out for help when needed. There are even state-of-the-art interactive robots that offer elderly adults new opportunities for mental and social stimulation and physical activity, creatively helping combat the effects of senior isolation.
As these and more conventional forms of technology become easier to use and more accessible to elderly adults, many of the hurdles that once made aging in place seem out of the question will fall by the wayside. From the increased popularity of Telehealth services to the ubiquity of smart home tools like Alexa and Amazon Echo, technological developments are paving the way to a better experience of living at home for seniors of all ages.
Trend #6: Increased occurrences of multigenerational housing
In only half a century, the number of households across the nation containing more than one adult generation has quadrupled. Forming nearly 20% of the country’s population, members of multigenerational households are often more likely to age in place for longer than those who live on their own.
This household structure provides seniors with the chance to reside in close quarters with their loved ones. It also provides greater access to support and a lower risk of senior isolation. While this shift towards multi-generational living may seem to negate the need for in-home care, this is far from the case. Living with family can provide a safety net for seniors, but it is increasingly unlikely that their full range of needs can be met by these family members.
Trend #7: The arrival of the Sandwich Generation
The rise in life expectancy and multi-generational housing, as well as the delayed age of child-rearing years, has led to the emergence of what is known as the Sandwich Generation. Members of this cohort are adults who are tasked with the responsibility of working, raising their own children, and caring for their elderly parents.
While helping a loved one with their senior care needs can be immensely rewarding, it can also be a huge source of stress, particularly when these family caregivers lack the time for rest and respite due to the demands of their many other family-related duties. With so much on their plates, unpaid family caregivers are more frequently turning to professional home care providers for help, even when their elderly loved ones live at home with them.
Trend #8: The emergence of a demographics-related care gap
The phenomenon of the Sandwich Generation isn’t the only thing affecting seniors’ ability to be cared for by their family members. A growing care gap has also started to emerge due to demographics.
The AARP Public Policy Institute has reported that shrinking family sizes is leading to smaller senior-to-caregiver ratios. According to this report, the ratio of potential caregivers to elderly adults aged 80 and older will be 4:1 by the year 2030. That ratio is expected to further decline to 3:1 within the following two decades. This trend suggests that the high demand for professional senior care services will only continue to rise for many years to come.
Trend #9: A continued staffing shortage for senior care businesses that provide home healthcare services
Family caregivers aren’t the only type of caregivers that are projected to be in short supply for the foreseeable future. An acute shortage of skilled nursing staff is also affecting businesses in the industry that offer home health services.
The pandemic was a major driver in this shortage, but turnover did not stop as the spread of COVID-19 was stifled. Fortunately, potential senior care business owners can sidestep this challenge by opting to offer nonmedical home care services, which can be delivered by caregivers with fewer credentials.
Additionally, partnering with a franchisor that has a positive reputation among caregivers for being a great place to work and offers extensive support with caregiver recruitment can provide a leg up for potential business owners who are concerned about recruiting and retaining caregiving staff.
Trend #10: A rising awareness of elderly care options among consumers
In this day and age, it is easier than ever for consumers to research local businesses and become informed about their options. The internet has brought vital data to our fingertips, including information about the availability of senior home care services.
With only a quick search, concerned families can access ample information about the concept of home care and the types of services available. This rising awareness of the option of home care services has contributed to the demand for this type of care and gives families peace of mind as they know they can find a care solution that does not require their loved ones to move away from home.
With more and more options available, the most successful senior care businesses are those that can stand out from the rest thanks to a stellar reputation as well as a strong marketing strategy. For many potential home care business owners, this makes a partnership with a respected and experienced home care franchisor a no-brainer.
Trend #11: Demand for a more comprehensive and customizable spectrum of care
As families are becoming more educated about the potential of home care, they are turning to this option to meet their needs in a wide range of circumstances. It is, therefore, becoming increasingly important for home care businesses to offer a full spectrum of care that addresses senior care needs both large and small.
Furthermore, such flexibility should offer the chance for families with different budgetary requirements to take advantage of the benefits of home care in a way that fits comfortably into their financial plan.
Home care is no longer only about serving seniors with advanced needs. It is also sought out by those who desire light help and companionship, those with limited disposable income, and those with highly involved family caregivers who need an occasional break.
Take Advantage of Trends in Senior Care as a Senior Helpers Franchisee
If you are interested in joining a thriving industry and helping accommodate the huge demand for senior home care, you may want to consider joining the Senior Helpers family as a franchisee. We offer a turnkey business model that gives franchisees extensive support with the challenges of business ownership.
Plus, thanks to our affordable fees, we provide entrepreneurs with a passion for helping others a low-barrier opportunity to own a business focused on improving the quality of life of some of the most vulnerable individuals in our society.
Whether you have prior experience in a related field or are completely new to the home care industry, you can look forward to starting a successful business with Senior Helpers. Not only will you be able to pave a pathway to financial independence thanks to our proven business model, but you will do so while offering the trusted support families across your community need as their loved ones age into their golden years.
Interested in Owning a Senior Helpers Franchise?
If your interest is piqued, you may be considering getting involved in the senior care industry. You will have the chance to own your own business while supporting one of the most vulnerable sectors of our population. With Senior Helpers, you will become part of a well-known and well-respected brand that will give your franchise ownership journey a jumpstart right off the bat.
Owning a franchise is an amazing way to build the life you’ve dreamed of and experience the benefits of business ownership. Not sure how to get started? We can help.
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