Industry Outlook
The aging of the population, combined with the prevalence of two-earner households of the children of the aged, creates a need for services for seniors. This aging of society brings with it new challenges for individuals, families, and entire communities. This phenomenon creates an unprecedented business opportunity.
Revenues for the elder care services industry are expected to grow to $319.5 billion, with home-based services to grow the fastest. Advances will be driven largely by demographic changes in light of increasing life expectancy, which is contributing to the rising number of individuals in the older population segments. Growth is further boosted by the large, post-World War II “baby boomer” generation entering their retirement years. Baby boomers hold $13 trillion assets or roughly 50 percent of United States’ asset base. Baby boomers turn 65 at a rate of 10,000 people every day.
Additionally, the baby boomer generation has begun to reach the age range of elevated risk for Alzheimer’s and other dementias. As the number of older Americans grows rapidly, so too will the numbers of new and existing cases of Alzheimer’s disease. By 2025, the number of people age 65 and older with Alzheimer’s disease is estimated to reach 7.1 million. This generation is now driving the market for senior care.
This is not an offering. An offering can only be made by a prospectus filed first with the Department of Law. Such filing does not constitute approval by the Department of Law.
Fast Growing Industry: Fact Sheet
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COVID-19 accelerated growing popularity of in-home care
- Nursing home occupancy and demand decreasing, due to high amount of Covid-19 cases
- On average, aging parents live 282 miles away from their nearest child
- The number of people over the age of 60 is set to triple to 2 billion by 2050 which is 21% of the population
- The life expectancies for both men and women are increasing; people are living longer
- 46% of women over the age of 75 live alone with no spouse or loved one to aid with daily tasks
- 29% increase in for in-home assistance in 2024
- Baby boomers turn 65 at a rate of 10,000 people every day
- Seniors that need long term care will increase to 15 million by 2050
